1) Calculate the tax liability of a single taxpayer who has a gross income of $44,500. (Hint use Table 4-2, and DO NOT forget to subtract the value of the standard deduction and one exemption) 2) What would be the marginal tax rate for a single person who has a taxable income of $42,410, $48,750, $58,250 and $92,000 (Hint use table 4-2) This will be a percentage. Take the percentage directly from the table Jable 4-2 Tax Rate Schedules DO IT IN CLASS Single Individuals If taxable income is over- The tax is- But not over- $ 9,275 10% of the taxable income $927.50 plus 15% of the amount over $9,275 37,650 $ 9,276 $5,183.75 plus 25% of the amount over $37,650 $ 91,150 $ 37,651 $18,558.75 plus 28% of the amount over $91,150 $190,150 $ 91,151 $46,278.75 plus 33% of the amount over $190,150 $413,350 $190,151 $119,934.75 plus 35% of the amount over $413,350 $415,050 $413,351 $120,529.75 plus 39.6 % of the amount over $415,050 No limit Over $415,050 Married Couples Filing Jointly If taxable income is over- The tax is- But not over- 10% of the taxable income $ 18,550 $ 0 $1855 plus 15% of the amount over $18,550 $ 75,300 $ 18,551 $10,367.50 plus 25% of the amount over $75,300 $29,517.50 plus 28% of the amount over $151,900 $51,791.50 plus 33% of the amount over $231,450 $151,900 $ 75,301 $231,450 $151,901 $413,350 $231,451 $111,818,50 plus 35% of the amount over $413,350 $130,578.50 plus 39.6 % of the amount over $466,950 $466,950 $413,351 No limit Over $466,950