Assume your income for the year was $ 70,000.  Using the tax data from my PPT, calculate your federal income taxes if you take the standard deduction for a single person of $12,500.  You are also told you have $30,000 of student debt and paid $2,000 in student loan interest.  (Do not use a tax program)

Calculate::  

1. Dollar amount of Federal Income tax due
2. Federal income tax as percent of total gross income,
3. What is your the marginal federal tax rate (tax bracket).
4. If you are not self-employed, what is the dollar amount of FICA & Medicare tax to be paid.
5. With the dollars above, what is the total tax paid as % of gross income (1+4)/gross income