2. Taxes paid for a given income level Suppose that Maria is preparing to file her taxes. She is single and currently lives in San Francisco. Maria earned $70,000 in taxable income in 2022. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2022. On Annual Taxable Income... The Tax Rate Is... (Percent) Up to $10,275 10.0 From $10,275 to $41,775 12.0 From $41,775 to $89,075 22.0 From $89,075 to $170,050 24.0 From $170,050 to $215,950 32.0 From $215,950 to $539,900 Over $539,900 35.0 37.0 Based on the IRS table, Maria calculates that her marginal tax rate is 22% when her annual taxable income is $70,000. Maria calculates that she owes in income taxes for 2022. Maria then calculates that her average tax rate is , based on the annual income level and the amount of taxes she owes for 2022. After figuring out what she owes in taxes in 2022, Maria decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $1,000 of taxable income from the federal government. The maximum amount that Maria is willing to pay to learn this strategy and reduce her taxable income by $1,000 is (Hint: Sheltering some income means finding a legal way to avoid being charged income tax on that income. For example, someone who has $50,000 in taxable income and shelters $10,000 pays income tax on only $40,000.) ed on the IRS table, Maria calculates that her marginal tax rate is 22%, when her annual taxable income is $70,000. 10% ia calculates that she owes in income taxes for 12% ia then calculates that her average tax rate is . based on the income level and the amount of taxes she owes for 2022. 22% er figuring out what she owes in taxes in 2022, Maria decides to as 24% countant for tax advice. The accountant claims that he has found y to shelter $1,000 of taxable income from the federal government 32% (Hint: Shel e maximum amount that Maria is willing to pay to learn this strated 35% educe her taxable income by $1,000 is me income means finding a legal way to avoid being charged income tax on that income. For example, someone who has $50,000 in taxable From $89,075 to $170,050 24.0 From $170,050 to $215,950 32.0 From $215,950 to $539,900 35.0 Over $539,900 37.0 Based on the IRS table, Maria calculates that her marginal tax rate is 22% Maria calculates that she owes in income taxes for 2022. Maria then calculates that her a $4,807.50 e is , based on the annua $7,237.00 After figuring out what she owe way to shelter $1,000 of taxabl $9,989.50 022, Maria decides to ask an ac the federal government. $11,017.00 The maximum amount that Ma some income means finding a l $15,400.00 pay to learn this strategy and re oid being charged income tax on and shelters $10.000 pays income tax on only $40.000.) $539,900 3 13% 16% 18% the IRS table, Maria calculates that her I tax rate is 22% when he 21% ulates that she owes e taxes for 2022. 22% calculates that her average tax rate is , based on the annual income lev ring out what she owes in taxes in 2022, Maria decides to ask an accountant for elter $1,000 of taxable income from the federal government. mum amount that Maria is willing to pay to learn this strategy and reduce her ta ome means finding a legal way to avoid being charged income tax on that income ters $10,000 pays income tax on only $40,000.) 2. $0 nnual income level and the amount of taxes or 2022. $160 an accountant for tax advice. The accountant $220 et he has found a le and reduce her taxable income by $1,000 is $1,000 . (Hint: Shelteri e tax on that income. For example, someone who has $50,000 in taxable inco