Problem 2: Use the IRS tax brackets for 2021 and assume your taxable income is $50,000 (5 points) a) Compute the amount of tax you will have to pay for 2021 (assuming no deduction) b) Compute the average tax rate c) What is the marginal tax rate? 2021 federal income tax brackets (for taxes due in April 2022) Single filers 10% of taxable income Tax rate Taxable income bracket Tax owed 10% $0 to $9,950 12% $9,951 to $40,525 22% $40,526 to $86,375 24% $86,376 to $164,925 32% 35% 37% $164,926 to $209,425 $209,426 to $523,600 $523,601 or more $995 plus 12% of the amount over $9,950 $4,664 plus 22% of the amount over $40,525 $14,751 plus 24% of the amount over $86,375 $33,603 plus 32% of the amount over $164,925 $47,843 plus 35% of the amount over $209,425 $157,804.25 plus 37% of the amount over $523,600