Apply the tax rates shown in the table below to your taxable income Instructions: For the following parts, round your answers to 1 decimal place. How much Federal income tax will you owe? $ What is the marginal tax rate that applies to your last dollar of taxable income? percent f. As the parent of a dependent child, you qualify for the government's $1,000 per-child "tax credit." Like all tax credits, this $1,000 credit "pays" for $1,000 of whatever amount of tax you owe. Given this credit, how much money will you actually have to pay in taxes? $ Using that actual amount, what is your average tax rate relative to your taxable income? percent. What about your average tax rate relative to your gross income? percent Apply the tax rates shown in the table below to your taxable income Instructions: For the following parts, round your answers to 1 decimal place. How much Federal income tax will you owe? $ What is the marginal tax rate that applies to your last dollar of taxable income? percent f. As the parent of a dependent child, you qualify for the government's $1,000 per-child "tax credit." Like all tax credits, this $1,000 credit "pays" for $1,000 of whatever amount of tax you owe. Given this credit, how much money will you actually have to pay in taxes? $ Using that actual amount, what is your average tax rate relative to your taxable income? percent. What about your average tax rate relative to your gross income? percent