Assume the following tax rates.

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If your client personally as an unmarried individual makes $$90,000,$ what is your client's top marginal tax rate and how much does your client pay in taxes?

Hint: There is a slide that shows how to do this problem and you did it in the Connect homework.

Use the below table if you wish to copy the data into Excel.

Bottom of Tax Bracket $($$$)$ Top of Tax Bracket $($$$)$ Tax Rate $(\%)$

$$0$ $$9,95010\%$

$$9,950$ $$40,52512\%$

$$40,525$ $$86,37522\%$

$$86,375$ $$164,92524\%$

$$164,925$ $$209,42532\%$

$$209,425$ $$523,60035\%$

$$523,600$ Musk Money $37\%$

Group of answer choices

$37\%$ is your CLIENT'S top marginal tax rate and the client pays $$33,300$ in taxes

$22\%$ is your CLIENT'S top marginal tax rate and the client pays $$6,749$ in taxes

$24\%$ is your CLIENT'S top marginal tax rate and the client pays $$21,600$ in taxes

$37\%$ is your CLIENT'S top marginal tax rate, and the client pays $$15,621$ in taxes

$24\%$ is your CLIENT'S top marginal tax rate, and the client pays $$15,621$ in taxesCorporate Tax Rates

After the passage of the Tax Cuts and Jobs Act of $2017,$ the federal corporate tax rate in the United States became a flat $21$ percent.

However, tax rates on other forms of business such as proprietorships, partnerships, and LLCs did not become flat. To illustrate some

important points about taxes for such entities, we take a look at personal tax rates in Table $2\mathrm{.}3.$ As shown, in $2021,$ there are seven tax

brackets, ranging from $10$ percent to a high of $37$ percent, down from $39\mathrm{.}6$ percent in $2017.$

TABLE $2\mathrm{.}3$ PERSONAL TAX RATES FOR $2021($UNMARRIED INDIVIDUALS$)$