Once we subtract out either the Standard Deduction or Itemized Deduction amount, we get down to Taxable Income. Our income tax is then calculated on that Taxable Income. Look at the 2022 Tax Tables of the IRS Publication 17 Your Federal Income Tax for 2022 tax year (or one of the class handouts), for a Single Taxpayer with $20,000 in Taxable Income. Then look at the same Tax Tables to find the tax owed for $21,000 in Taxable Income. Based on those observations, we can see that this person is in the ______ % marginal tax bracket in other words, how much additional tax would this person be paying if their Taxable Income rose by $1,000?

a. 10%

b. 12%

c. 22%

d. 24%

e. 32%