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Chase Cutter has a marginal tax rate of 33 percent, a state income tax rate of 3.5 percent, and a city income tax rate of 0.5 percent. The tax for Social Security and Medicare is 7.65 percent. What would be the effective marginal tax rate on your last dollar of earnings?
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- Suppose you earn $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $30,000. The second tax bracket, which taxes at 25 percent, ranges from $30,001 to $120,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. %24Assume your gross pay per pay period is $4,900 and you are in the 33 percent tax bracket. Calculate your net pay and spendable income if you save $490 per pay period in a tax-sheltered annuity. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) Net Pay & Spendable Income Net pay Spendable incomeIncome Tax rates will be changed to the following Marginal Tax Rates given by: T(I) = 40*I2/ I2+1000 T is the tax rate given as a percentage I is the income of the person in THOUSANDS of dollars What is the Person who makes $20,000 top marginal tax rate? (round the nearest hundredth of a percent)
- If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000 taxable income, then the marginal tax rate on the additional $10,000 of income is A.- 15 percent, and the average tax rate is 30 percent at the $60,000 income level. B.- 30 percent, and the average tax rate is about 13 percent at the $60,000 income level. C.- 30 percent, but average tax rates cannot be determined from the information given. D.- 30 percent, and the average tax rate is 20 percent at the $50,000 income level.Consider a tax system where the first $40,000 of income is tax free, the next $40,000 is taxed at 10%, and all income above $80,000 is taxed at 20%. 1. Graph the total tax as a function of income. Be sure to label carefully. Тах Income 2. Graph the ATR(average) and MTR(marginal) rate. Label carefully. MTR, ATR 0.40 0.20 0.00 Income 3. Calculate the tax for individuals that earn: $20,000 Tax = ATR = %, MTR = $40,000 Tax = ATR = MTR = $60,000 Tax = ATR = MTR = $80,000 Tax = ATR = MTR = $100,000 Tax = ATR = MTR =Assume your gross pay per pay period is $1,700 and you are in the 25 percent tax bracket. Calculate your net pay and spendable income if you save $170 per pay period after paying income tax on $1,700. (Do not round intermediate calculations.) Net Pay & Spendable Income Net pay Spendable income
- Round your answer to the nearest penny. Input dollars and cents. 1. Frankie earned $28,700 last year. If Social Security tax is $6.20 tax per $100 earned, then how much Social Security did they pay last year? 2. Fannie earned $38,700 last year. If Medicare tax is $1.45 tax per $100 earned, then how much Medicare tax did they pay last year? 3. Last year Peta had an annual income of $23,500. They paid $1,457 in Social Security Tax, $340.75 in Medicare Tax, and $2,622.50 in Income Tax. What was Peta's net annual income? 4. Last year Nuvua had a net annual income of $30,516. What was their net monthly income last year?(5) Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning $100,000 annually, calculate the following (Show your Calculations): a) Total Tax Due? b) Marginal Tax Rate? c) Effective Tax Rate?How did you get $12,974.50 for the Marginal tax rate part?
- 4.An individual made $85,000 for the year. Using the tax given , answer the following questions: A.What is this person's marginal tax rate? B.How much tax does this person owe? C.What is the effective tax rate?A tax credit of $100 for a person in a 24 percent tax bracket would reduce a person's taxes owed by: Group of answer choices $10. $28. $76. $100. $24.You decide to work part-time at a local supermarket. The job pays $10.50 per hour and you work 20 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 7.65% for FICA taxes, and 3% for state taxes. Complete parts (a) through (f) below. a. What is your weekly gross pay? The weekly gross pay is $ (Round to the nearest cent as needed.) b. How much is withheld per week for federal taxes? The federal taxes are (Round to the nearest cent as needed.) c. How much is withheld per week for FICA taxes? The FICA taxes are $ (Round to the nearest cent as needed.) d. How much is withheld per week for state taxes? H