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Please help Question 05 - Federal Income Taxes: The below table shows the income tax brackets or marginal tax rates for a single individual paying

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Question 05 - Federal Income Taxes: The below table shows the income tax "brackets" or marginal tax rates for a single individual paying federal government income tax in 2020. You will reconcile your taxes for 2020 on April 15th of 2021. There are seven tax brackets ranging from 10% up to 37%. The standard deduction is $12,400. Tax Brackets & Rates - Individuals Taxable Income Between Tax Due $9,875 10% $9,876 $40,125 $988 plus 12% of the amount over $9,875 $40,126 - $85,525 $4,617 plus 22% of the amount over $40,125 $85,526 - $163,300 $14,605 plus 24% of the amount over $85,525 $163,301 - $207,350 $33,271 plus 32% of the amount over $163,300 $207,351 - $518,400 $47,367 plus 35% of the amount over $207,350 $518,400 and Over $156,234 plus 37% of the amount over $518,400 Remember you don't pay any federal tax on the first $12,400 earned! If you make less than $12,400 and have taxes withheld in your paycheck, be sure to file by April 15th to get a full refund. Fill in the table below for four different incomes - the second row is already filled out. Following the directions in the Tax Due column of the above table to calculate the taxes owed. Your average tax rate is just the total owed divided by the earned income. For example, in the second row, if your earned income was $24,400 in 2020, your taxable income would be $12,000 after subtracting off the standard deduction. You would reference the second row in the table above and be in the 12% tax bracket. You would pay $988 + 0.12(12,000 - 9,875) = $988 + 0.12($2,125) = $1,243. Much of your income was taxed at zero or 10%; it is only the last $2,125 that was taxed at the "marginal rate" of 12%. Your average tax rate is $1,243 / $24,000 = 5.1% Earned Income Taxable Income Marginal Tax Rate Tax Due Average Tax Rate $17,400 $5,000 $24,400 $12,000 12% $1,243.00 5.1% $62,400 $50,000 22% $112,400 $100,000 16.1% As a check, you should get an average tax rate of something just under 3% for the 1" row. As a check, you should get something over $18,xxx for taxes owed on $100,000 (last row)

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