2. Marginal Tax Rate. What would be the marginal tax rate for a single person who has a taxable income of A marginal tax rate is the rate at which tax is incurred on an additional dollar of income. In the United States, the federal marginal tax rate for an individual will increase as income rises. This method of taxation, referred to as progressive taxation, aims to tax individuals based upon their earnings, with low-income earners being taxed at a lower rate than higher income earners. Under a marginal tax rate, taxpayers are divided into tax brackets, which determine the rate applied to the taxable income of the tax filer. As income increases, what is earned will be taxed at a higher rate than the first dollar earned. In other words, the first dollar earned will be taxed at the rate for the lowest tax bracket, the last dollar earned will be taxed at the rate of the highest bracket for that total income, and all the money in between is taxed at the rate for the range it falls into Taxable income Marginal tax rate (single) (a) $31.560 (b) $58,150 d $66,450 (d) $100,580 3. Determine Tax Liability. Find the tax liabilities based on the taxable income of the following people: Please include tax liability calculation review example in problem #1 Taxable income a) $92.225 married filing jointly b) $74,170 married filing jointly (d) $27.880 single (d) $56,060 single Tax (use 2019 Tax Rate Schedules to calculate tax liability)