Assume your income for the year was $ 50,000. Using the tax data from the taxes PPT slide, calculate your federal income taxes if you take the standard deduction for a single person. You are also told you have $25,000 of student debt and you paid $1,000 in student loan interest. (Make the calculation yourself, do not use a tax program) Show the following::

1. Dollar amount of Federal Income tax due and the average tax due as percent of your total gross income,

2. What is your marginal federal tax rate (tax bracket).

3. If youre not self-employed, calculate the dollars of FICA and Medicare tax to be

4. Take all the dollars calculated above and find the total federal taxes as % of gross

income ($ income tax + $ FICA and $ Medicare divided by gross income) paid.