Part 1: The table below describes how income taxes are determined for a single person. Based on the formula in the third column, determine the income tax for an individual who is considering the impact of getting a raise in salary. We want to describe what will happen to their income tax if they get a raise from $40,000 to $41,000. . What will be their income tax (tax owed) if they are earning $40,000 ? . What will be their income tax (tax owed) if they are earning $41,000 ? . What will be the percentage paid in income tax (tax owed divided by $40,000) if they earn $40,000? . What will be the percentage paid in income tax (tax owed divided by $41,000) if they earn $41,000? How significant is the tax impact of the $1,000 income increase on the individuals standard of living? Describe the impact in words, not just the numbers. Marginal Tax Earnings/Income Tax owed rate 10% $0 to $9,950 10% of income 12% $9,951 to $40,525 $995 plus 12% of the amount over $9,950 22% $40,526 to $86,375 $4,664 plus 22% of the amount over $40,525 24% $86,376 to $164,925 $14,751 plus 24% of the amount over $86,375 32% $164,926 - $209,425 $33,603 plus 32% of the amount over $164.925 35% $209,426 - $523,600 $47,843 plus 35% of the amount over $209,425 37% $523,601 and more $157,804 plus 37% of the amount over $523,600 3141503 DOC