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I just need help on G & H, thank you Security tax rate is 6.2% up to an income limit of $142,800 while the Medicare
I just need help on G & H, thank you
Security tax rate is 6.2% up to an income limit of $142,800 while the Medicare tax rate is 1.45% on all Income earned: Tax brackets Income taxed MTR Taxes paid 0 9,875 10% 9,875 40,125 12% 40,125 85,525 9875 30,250 45,400 64, 475 150,ooo 22% a87.5 3630 9988 15,474 30,079.5 85,525 163,300 24% Total: a) (4 points) Total federal income taxes paid Please show all your work: 30,079.5 24% b) (1 point) This taxpayer's federal MTR is c) (1 point) does this person pay 24% of his taxable income in federal taxes? NO d) (1 point) This person pays 20.053 percent of his taxable income in federal taxes (ATR). (show work). (30,079.5/150.000)* 100 - 20.0531. e) (1 point) The tax rate of 22% applies to 45,400 dollars of this person's income. f) (2 points) Federal income taxes are an example of direct taxes because it is directly collected from the person (please clearly jus your answer with numeric examples) on which the tax is levied B) (5 points) This tax payer pays (please show your work), in Social Security taxes with a SS MTR of and a SS ATR of (show work) The Social Security tax paid by this tax payer is because (justify the tax system that applies). n) (5 points) This tax payer pays in Medicare taxes (please show work) with a Medicare MTR of and a Medicare ATR of (show work). The Medicare tax paid by this tax payer is because (justify the tax system that applies) Step by Step Solution
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