I managed to get some but am stuck on how I get the others.

Chapter 20. Homework 0 Em 7 to WINE F'rInt Reformer: For tax purposes. \"gross Income\" Is all the money a person receives In a given year from any source. But Income taxes are levied on \"taxable Income' rather than gross Income The difference between the two Is the result of many exemptlons and deouctlons. To see how they work. suppose you made $50.00!) last year In wages, earned $10000 Worn Investments, and recelved a $5,000 gm from your grand mother Also assume Ihat you are a single parent wlth one small child llvlng with you. Instrunlons: Enter your answers as a whole number a What Lsyour gross Income? $ 75000 o. Gifts of up to $15,000 per year from any person are not counted as taxable Income Also, the personal exemprrm allows you to reduce your taxable Income by $4,050 for each member of your household. Given these exemptions. what Is your taxable Income? $ 61900 c. Next. assume you paid $700 In Interest on your student loans last year. put $2.000 Into a health savings account rHSA). and deposited $4000 Into an Inde ual retireme rIt account (IRA). These exoendltures are all tax exempt: meanlng that any money spent on them reduces taxable Income dollarefordollar. Knowlng that [act now what Is your Iaxalole Income? $ 55200 d. Next, you can either take the sorcalled standard deduction or apply for Itemized deductions {thch Involve a lot of tedious paperwork]. You opt for the sta ndard deduction that allows you as your head of household to exempt another $18350 from your taxable Income. Taking that deduction Into account what Is your laxaole Income? $36850 e. Apply the lax rates shown In the table below to your laxaole Income. Help Save It Em Submit A Chapter 20. Homework i Saved Help 7 Total Taxable Income Marginal Tax Rate " - $19,480 19% $19, 401 1 - $78,958 12% $78, 951 - 1 $168, 480 22% 10 $168, 401 $321, 450 243 points $321, 451 $408, 280 32% $408, 201 $612,350 35% $612, 351 and above 37% eBook Print How much federal Income tax will you owe? References Instructions: Enter your answer rounded to 2 decimal places. $1 What marginal tax rate applies to your last dollar of taxable Income? 12 percent f. As the parent of a dependent child, you qualify for the government's $2,000 per-child "tax credit." Like all tax credits, this $2,000 credit "pays" for $2,000 of the tax you owe. Given this credit, how much money will you actually have to pay In taxes? Instructions: Enter your answer rounded to 2 decimal places. $ Using that actual amount, what is your average tax rate relative to your taxable Income in part d? Instructions: Enter your answer rounded to 1 decimal place. | percent Mc Graw IMG-3914JPG IMG-3910JPG IMG-3906JPG IMG-3907 JPG A IMG-3908JPGC ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fgvltec.blackboard.com%252Fwebapps%252Fblackbo. Chapter 20. Homework Saved Help Save & C 7 $612, 351 and above 37% How much federal Income tax will you owe? Instructions: Enter your answer rounded to 2 decimal places. 10 points $ eBook What marginal tax rate applies to your last dollar of taxable Income? Print 12 percent References f. As the parent of a dependent child, you qualify for the government's $2,000 per-child "tax credit." Like all tax credits, this $2,000 credit "pays" for $2,000 of the tax you owe. Given this credit, how much money will you actually have to pay In taxes? Instructions: Enter your answer rounded to 2 decimal places. $ Using that actual amount, what is your average tax rate relative to your taxable Income in part d? Instructions: Enter your answer rounded to 1 decimal place. percent What is your average tax rate relative to your gross income? Instructions: Enter your answer rounded to 1 decimal place. percent Mc Graw Hill IMG-3914JPG IMG-3910JPG IMG-3906JPG IMG-3907 JPG IMG-3908JPG