Discuss each of the three different tax rates or ways to measure tax rates (LO 1-3). State what each rate is intended to measure and explain how each one is calculated. What is each measure useful for? Provide an example of a scenario in either business or individual tax where one or more of these measures would give you valuable information on making a decision. (Example: on my individual Federal tax return I calculate that my average tax rate is 20%. My Federal income tax being withheld from my paycheck is 16%. Is this a problem?)
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