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Please help me question number four and five thank you so much!!! 5) U.S. Federal Income Tax (4 points) Salaries for economics majors vary widely

Please help me question number four and five thank you so much!!!

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5) U.S. Federal Income Tax (4 points) Salaries for economics majors vary widely but are said to average roughly $75,000 per year. Suppose a student graduated in 2021 and spent all of 2022 working at a job that pays this average rate. They filed federal income taxes last month as a single individual. 2022 Federal Income Tax Brackets Single Tax Bracket Marginal Tax Since these are marginal rates, we will need to Rate calculate the tax owed for each bracket and 50 to $10,275. 10% then add them all up. For example, someone earning $12k per year would have a marginal $10,276 to $41,775 12% rate of 12%. They would owe 10% on the first $41,776 to $89,075 22% $10,275 they earn and then 12% on the remaining income ($12,000 - $10,275). $89,076 to $170,050 24% $170,051 to $215,950 32% For a shortcut (or to double check your answers), the website NerdWallet has a more $215,951 to $539,900 detailed chart with a "tax owed" column that $539,901 or more 37% gives instructions on how to calculate. Based on the brackets above, determine the marginal and average tax rates for our economics graduate earning the average salary. a. What is the recent graduate's marginal tax rate? b. How much will this graduate pay in federal income taxes? Note that this won't be fully accurate because we aren't factoring in deductions or exemptions. c. What is the recent graduate's average tax rate? 4) Tax Rates (4 points) When Rashad earns $50,000, he pays $5,000 in taxes. When his income rises to $75,000, he pays $9,000 in taxes. a. Calculate Rashad's average tax rate when his income is $50,000. Calculate Rashad's average tax rate when his income is $75,000. b. What is Rashad's marginal tax rate when his income increases from $50,000 to $75,000? Recall that marginal tax rate is the rate you pay on an additional dollar of income. You can calculate the marginal tax rate as the change in taxes paid divided by the change in income. c. Based on the rates you calculated above, would you describe the tax system where Rashad lives as progressive, regressive, or proportional? How do you know

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