Multiple Choice
Given the following tax table, how much tax should you pay on a taxable income of \$40,000?
\(\begin{tabular}{|c|c|}\)
\(\hline\)
Taxable Income & Tax Rate \\
\(\hline\)
Up to \$10,000 & 10\% \\
\$10,001 - \$30,000 & 15\% \\
\$30,001 - \$50,000 & 20\% \\
Above \$50,000 & 25\% \\
\(\hline\)
\(\end{tabular}\)


