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1. (15 points) Taxes. Suppose Jamie's gross income is $100,000 per year. They make use of the standard deduction which is $13,850 and are filing
1. (15 points) Taxes. Suppose Jamie's gross income is $100,000 per year. They make use of the standard deduction which is $13,850 and are filing as a single individual facing the following tax schedule 0 to 10,000 @ 10% $10,001 to $44,725. @ 12% $44,726 to $95,375. @ 22% $95,376 to $182,100. @ 24% a. What are their marginal and average tax rates? b. If they contribute $5000 to charity how would their marginal and average tax rates change? c. Suppose now Jamie had a child and could claim $2000 per child under the Child Tax Credit and this was refundable. How would their tax liability change
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