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