M ezto.mheducation.com/ext/map/index.html con contexternal litowser-SANOPOS Homework Check my work For tax purposes. "gross income is all the money a person receives in a given year from any source. But income taxes me levied on "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deduction. To see how they work, suppose you made $60,000 last year in wages, $10,000 from investments, and were given 55.000 as a gift by your grandmother. Also assume that you are a single parent with one small child living with you Instructions: Enter your answers as whole numbers a. What is your gross income? 75,000 Gifts of up to $12,000 per year from any person are not counted as taxable income. Also, the personal exemption allows you to educe your taxable income by $3,650 for each member of your household. Given these exemptions, what is your taxable income? s 62.700 pter 20 Homework browser-anchuraht 2532 med Saved e. Apply the tax rates shown in the table below to your taxable income. Federal Personal Income Tax Rates, 2013 (1) (2) (3) (4) Total Taxable Marginal Tax Rate, Total Tax on Average Tax Rate Income Highest Income in on Highest Income Bracket in Bracket, % (3) + (1) $1-$17,850 10 $ 1,785 10 $17,851-$72,500 15 9,983 14 $72,501-$146,400 25 28,458 19 $146,401-$223,050 28 49,920 22 $223,051-$398,350 33 107,769 27 $398,351-$450,000 35 125,847 28 $450,001 and above 39.6 C . exto mheducation.com/exmap/index.html con contexternal browserschurtham Se Chapter 20 Homework 07 $398,351-$450,000 $450,001 and above 35 39.6 125,847 28 12.5 points eBook How much federal income tax will you owe? Print References What is the marginal tax rate that applies to your last dollar of taxable income? s 15 percent BRS 5 of 8 ** ezto mheducation.com/ext/map/index.html con contextemat browser och M hapter 20 Homework um 5 1. As the parent of a dependent child, you qualify for the government's $1,000 per-child tax credit Like all tax credins, this $1.000 credit "pays" for $1,000 of whatever amount of tax you owe Given this credit, how much money will you actually have to pay in thes? SOK Using that actual amount, what is your average tax rate relative to your taxable income in part d? Instructions: For the following parts, round your answers to 2 decimal places. percent What about your average tax rate relative to your gross income? percent ORI earch M ezto.mheducation.com/ext/map/index.html con contexternal litowser-SANOPOS Homework Check my work For tax purposes. "gross income is all the money a person receives in a given year from any source. But income taxes me levied on "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deduction. To see how they work, suppose you made $60,000 last year in wages, $10,000 from investments, and were given 55.000 as a gift by your grandmother. Also assume that you are a single parent with one small child living with you Instructions: Enter your answers as whole numbers a. What is your gross income? 75,000 Gifts of up to $12,000 per year from any person are not counted as taxable income. Also, the personal exemption allows you to educe your taxable income by $3,650 for each member of your household. Given these exemptions, what is your taxable income? s 62.700 pter 20 Homework browser-anchuraht 2532 med Saved e. Apply the tax rates shown in the table below to your taxable income. Federal Personal Income Tax Rates, 2013 (1) (2) (3) (4) Total Taxable Marginal Tax Rate, Total Tax on Average Tax Rate Income Highest Income in on Highest Income Bracket in Bracket, % (3) + (1) $1-$17,850 10 $ 1,785 10 $17,851-$72,500 15 9,983 14 $72,501-$146,400 25 28,458 19 $146,401-$223,050 28 49,920 22 $223,051-$398,350 33 107,769 27 $398,351-$450,000 35 125,847 28 $450,001 and above 39.6 C . exto mheducation.com/exmap/index.html con contexternal browserschurtham Se Chapter 20 Homework 07 $398,351-$450,000 $450,001 and above 35 39.6 125,847 28 12.5 points eBook How much federal income tax will you owe? Print References What is the marginal tax rate that applies to your last dollar of taxable income? s 15 percent BRS 5 of 8 ** ezto mheducation.com/ext/map/index.html con contextemat browser och M hapter 20 Homework um 5 1. As the parent of a dependent child, you qualify for the government's $1,000 per-child tax credit Like all tax credins, this $1.000 credit "pays" for $1,000 of whatever amount of tax you owe Given this credit, how much money will you actually have to pay in thes? SOK Using that actual amount, what is your average tax rate relative to your taxable income in part d? Instructions: For the following parts, round your answers to 2 decimal places. percent What about your average tax rate relative to your gross income? percent ORI earch