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In 2012, to help pay for college, you worked part-time at a local restaurant, earning $20,000 in wages and tips. Use the following information to
In 2012, to help pay for college, you worked part-time at a local restaurant, earning $20,000 in wages and tips. Use the following information to calculte your income tax. orpeople whoare not self-employed,the 2012 FICA tax rates were as follows: 2012 Marginal Tax Rates, Standard Deductions, and Exempti 5.65% on the first $110,000 from wages and tips 1.45% on income in excess of $110,000 Tax Rate 10% 15% Single up to $8700 $8701 to 35,350 Standard Deduction $5950 Exemptions $3800 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions on Calculate your income tax. Assume you are single with no dependents, have no adjustments or tax credit, and you take the standard deduction. The income tax is $
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