In a simplified model for taxes a person will pay 10 on the

Last updated: 9/16/2023

In a simplified model for taxes a person will pay 10 on the first 40 000 earned 20 on the next 50 000 earned 40 on the rest For instance a person earning 30 000 will pay 3 000 in taxes and a person earning 100 000 will pay 10 x 40 000 20 x 50 000 40 x 10 000 18 000 dollars in taxes 1 If a person has an income of x 0 write down the function T describing the amount of money that they pay for taxes Explain and simplify the formulas as much as possible Do not use the sign 2 2 Write down the function M1 describing the net income of a person income minus taxes as a function of their gross income x Explain and simplify the formulas as much as possible 3 Draw the graph of M1 for x between 0 and 120 000 You can do it by hand or copy from a graphing calculator 4 A common misconception about taxes is that earning more money can make you fall into another tax bracket and you will then earn less money Explain why this is wrong Your answer should be We see that the function M1 is which means