Using the Table Below,assume a Single Person Has a Taxable

Essay

Using the Table below,assume a single person has a taxable income of $40,000. $$\begin{array}{l} \underline {\text { Taxable Income }}& \underline { \text { Tax Rate } }\\0-\$ 7,300 & 10 \% \\\$ 7,300-\$ 29,700 & 15 \% \\\$ 29,700-\$ 40,000 & 25 \%\end{array}$$ (a)How much tax will be owed? (You will need to refer to the Table plus make your own calculations).
(b)What is the person's average tax rate?
(c)What is the person's marginal tax rate?