Jurisdiction M imposes an individual income tax based on the following schedule. RateIncome bracket5%$-0- to $50,000+ 8%$50,001 to $200,000+ 12%$200,001 and above Ms. Owen has $314,000 taxable income. Compute the tax on this income.
A. $37,680
B. $28,180
C. $29,680
D. None of the choices are correct.
Answer: B
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