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A man earned $29000 in wages and made $2900 in tax-deferred contributions to a retirement fund. Heis single and takes the standard deduction. Answer parts

A man earned $29000 in wages and made $2900 in tax-deferred contributions to a retirement fund. Heis single and takes the standard deduction. Answer parts (a) through (c)

Tax Rate

Single

Head of Household

10%

up to

$8925

up to $12,750

15%

up to $36,250

up to $48,600

25%

up to $87,850

up to $125,450

28%

up to $183,250

up to $203,150

Standard Deduction

$6100

$8950

Exemptions (per person)

$3900

$3900

a. Calculate his FICA taxes. Let FICA tax rates be 7.65 % on the first $ 113700 of income from wages, and 1.45 % on any income from wages in excess of $ 113 700.

His total FICA tax is

(Round up to the nearest dollar.)

b. Calculate his total tax bill, including marginal taxes.His total tax bill is

(Round up to the nearest dollar.)

c. Calculate the overall tax rate on his gross income, including both FICA and income taxes.His overall tax rate is %.

(Round to one decimal place as needed.)

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