4. Assume the marginal tax rate is 12% for the first $40,000 of taxable income, 28% for taxable income from $40,001 to $100,000, and 30% for taxable income above $100,000. If Mr. Smith had taxable income of $120,000, how much tax does he owe?
In question 4, what is Mr. Smith’s nominal tax rate?
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