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Marissa just got hired at a new job for an annual salary of $112,200. After a $6,200 deduction for childcare expanses, her taxable income will be $106,000. Use the marginal tax rates shown in the table to calculate how much she will owe in federal income taxes if she has no other income and no additional deductions. 2022 Federal Tax Rate Schedule For taxable income over... $0 $50,197 $100,392 $155,625 $221,708 a. Marissa will pay $ ...but not over... $50,197 $100,392 $155,625 $221,708 23358.175 ...the marginal tax rate is: 15% 20.5% 26% 29% 33% in income taxes...

Marissa just got hired at a new job for an annual salary of $112,200. After a $6,200 deduction for childcare expanses, her taxable income will be $106,000. Use the marginal tax rates shown in the table to calculate how much she will owe in federal income taxes if she has no other income and no additional deductions. 2022 Federal Tax Rate Schedule For taxable income over... $0 $50,197 $100,392 $155,625 $221,708 a. Marissa will pay $ ...but not over... $50,197 $100,392 $155,625 $221,708 23358.175 ...the marginal tax rate is: 15% 20.5% 26% 29% 33% in income taxes...

Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Design Of The Tax System
Section: Chapter Questions
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Government Spending, Taxes, and Fiscal Policy - End of Chapter Problem Marissa just got hired at a new job for an annual salary of $112,200. After a $6,200 deduction for childcare expanses, her taxable income will be $106,000. Use the marginal tax rates shown in the table to calculate how much she will owe in federal income taxes if she has no other income and no additional deductions. 2022 Federal Tax Rate Schedule For taxable income over... $0 $50,197 $100,392 $155,625 $221,708 a. Marissa pay $ ...but not over... $50,197 $100,392 $155,625 $221,708 23358.175 Incorrect ...the marginal tax rate is: 15% 20.5% 26% 29% 33% in income taxes.
Transcribed Image Text:Government Spending, Taxes, and Fiscal Policy - End of Chapter Problem Marissa just got hired at a new job for an annual salary of $112,200. After a $6,200 deduction for childcare expanses, her taxable income will be $106,000. Use the marginal tax rates shown in the table to calculate how much she will owe in federal income taxes if she has no other income and no additional deductions. 2022 Federal Tax Rate Schedule For taxable income over... $0 $50,197 $100,392 $155,625 $221,708 a. Marissa pay $ ...but not over... $50,197 $100,392 $155,625 $221,708 23358.175 Incorrect ...the marginal tax rate is: 15% 20.5% 26% 29% 33% in income taxes.
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