Many of the following problems can be modeled with a linear equation. Analyze them and identify what quantities the variables x and y represent. The information provided in the problems is adequate to determine a point and a slope or two points on the line.
The IRS Form 1040 for 2010 shows that the income tax on a taxable income in the $34,001 to $82,400 range is $3927.50 plus 25% of the taxable income over $34,001. (This is for a single person.) Let x be the taxable income and y the tax paid. Write the linear equation relating taxable income and tax in that income range.
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