1. Assume you are offered a job with a salary of $42,000 and a bonus of 7.5% based on your performance during the year. a. If you receive your full bonus at the end of the year, what is your total (gross or before tax) pay for the year? b. Assume you are filing under single status. Using the income tax table provided below, answer the following questions. ANNUAL Payroll Period (a) SINGLE person (including head of household) If the adjusted wage amount is: The amount of income tax to withhold is: Over But Not Over SO $3,950 $0 $3,950 $13,900 $0 + 10% of excess over $3,950 $13,900 $44,475 $995.00 plus 12% of excess over $13,900 $44,475 $90,325 $4,664.00 plus 22% of excess over $44,475 $90,325 $168,875 $14,751.00 plus 24% of excess over $90,325 $168,875 $213,375 $33,603.00 plus 32% of excess over $168,875 $213,375 $527,550 $47,843.00 plus 35% of excess over $213,375 $527,550 $157,804.25 plus 37% of excess over S527,550 i. What your marginal tax rate? ii. What is your average (effective) tax rate? First determine the actual tax withheld from your income. Ignore payroll and state taxes. Use the income calculated in part 1.a. iii. Why do the two tax rates vary? Explain why the US tax code is structured in this manner. Do you agree with this structure? Why or why not? iv. Calculate your take home pay using the pay in part 1.a. and the taxes calculated in part I.b.ii. (ignore employment taxes)