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Suppose you earn $40,000 per year and pay taxes based on marginal tax rates. The first...

Suppose you earn $40,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 10 percent, ranges from $0 to $20,000. The second tax bracket, which taxes at 25 percent, ranges from $20,001 to $80,000. How much do you pay in total taxes?

Instructions: Round your answer to the nearest dollar.

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