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- (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?1. Assume that you have 100,000 TL annual income which is subject to a progressive taxation. Calculate your annual tax according to the information given below. Tax brackets Tax Rate 0-9,400TL 15 % 9,400-25,000 25 % 25,000-35,000 35 % 35,000 and above 45 %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. %24
- 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.If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%Income 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)
- 15. If you're single and your 2022 income is going to be $60,000 and you take the standard deduction, what would be your marginal federal tax rate? a) 0 b) 12% c) 22% d) None of the aboveWhat is the alternative minimum tax (AMT) rate for individuals? 1 %. 7%. 12.3%. 20%.1. Suppose you currently earn taxable income of $100,000 per year. You are subject to an MTR of 50 percent. Currently, your ATR is 35 percent. Calculate your annual tax. Calculate the extra tax that you would pay per year if your annual income increased to $110,000. What is your ATR when your annual income is $110,000?
- Suppose there is a 10% tax on the first $20,000 of taxable income, a 20% tax on taxable income above $20,000 until $35,000, and a 30% tax on all taxable income above $35,000. There is a $10,000 exemption per person in a family. What is the marginal tax rate for a single mother making $45,000 who has three children? a)20% b)10% c)30% d)40%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 incomeProblem 4 Suppose tax = 0%. Consider an EITC program in which the maximum credit is $4000. An individual who has earned income between $10,000 and $15,000 receives the maximum credit (i.e.- someone who has earned income of $10,000 will have total income of $14,000 because of the tax credit). An individual who has earned income of $19,000 has total income of $19,250. What is the implicit tax rate that the individual who has earned income of $19,000 faces? (Express your answer as a percentage. Don't enter a percentage sign. Round your final answer to four decimal places if necessary. For example, if the tax rate is 99.9%, enter your answer as 99.9.)