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Answer the following questions using the following (old) U.S. marginal income tax rates for a single individual. If Jaime earns $10,000 from a job that
Answer the following questions using the following (old) U.S. marginal income tax rates for a single individual. If Jaime earns $10,000 from a job that he works after school and during the summer, how much federal income tax does he owe given the table above? What is Jaimes marginal tax rate, that is on the highest dollar? What is Jaimes average tax rate? Suppose the personal exemption for Jaime is $3,700. How much federal tax would he owe? How does this change Jaimes marginal tax rate? Average tax rate? How much taxes does he now owe?
From: To: Taxed at Marginal Rate of: $0 $8,500 10% $8,501 $34,500 15% $34,501 $83,600 25% $83,601 $174,400 28% $174,401 $379,150 33% $379,151+ 35%Step by Step Solution
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