Name: Class Period: Date Marginal and Average Tax Rates Worksheet 10.29.6 Taxable Income Taxes Up to $9,52 Over $9,525 but not over $38.700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over 10% of taxable income $952.50 plus 12% of excess over $9,525 $4,453 50 plus 22% ofthe excess over $38,700 $14,089.50 plus 24% ofthe excess over S82500 32.089.50 plus 32% of the excess over $157,500 $200,000 $45,689.50 plus 35% of the excess over $200,000 Over $200,000 but not over $500,000 $150,689.50 plus 37% of the excess over $500,000 Over $500,000 Use the tax table above to calculate the marginal and avcrage tax rates for each of the incomes listed. Taxable Income Tax Rate Av Marginal Tax Rate $3,000 10,000 S20 $40,000 $50,000 S75,000 S90, 0,000 1,000 193 Chapter 10: Taxes: The Price of a Functioning Government Name Class Period Calculating Taxes Worksheet 10.29.5 Use the table below to calculate the taxes each of the problems below. Show your work for each problem. 2018 Federal Tax Brackets Standard Deductions: Single Married $24,000 12% 22% 24% 32% 35% $9.526 to $38.700 38,701 to $82.500 $82,501 to $157.goo S 157.501 to $200,000 $200,001 to $500,000 $19.051 to $77.400 $77.401 to $165,000 $165.001 to $315.000 $315,001 to $400,000 $400,001 to $600,000 over $60o,000 12.000 Sam makes $28,000 per year where he will make $36,000 per year but will have to work will he pay in taxes on his new giving $20,000 to charity. The will she pay in taxes if she Chapter 10: Taxes: The Price of a Functioning Government 191 Class Period_ Name: Date A Piece of the Pie Worksheet 10.28.3 Use the paycheck stub (Figure 28.2) on page 337 to calculate the percentage of the paycheck deducted for the various taxes. To find the total pay, add up the amount of the check and add the deductions to that amount Percentage Tax Amount Deducted (Amount Deducted Tetal Pay) Medicare Social Security Federal Tax State Tax 1. How much was this employee's total (gross) pay? 2. What was the total amount of the deductions? 3. Create a pie chart representing the amount of each deduction as well as the employee's take-home pay 176 2014 BFW/Worth Publishers Explorations in Economics