Referring back to Problem Set II, question 7 (table below), suppose one lives in California and are self-employed. One reports a taxable income of $105,000. Estimate one's total income taxes, including federal, state, Social Security, and Medicare. What percent of your taxable income goes to these four taxes? Federal Tax Income Table Income Bracket Marginal Tax Rate $0.00 - $8,925 10% $8,926 - $36,250 15% $36,251 - $87,850 25% $87,851 - $183,250 28% $183,251 - $398,350 33% $398,351 - $400,000 35% $400,001 + 39.6% California State Income Tax Table Income Bracket Marginal Tax Rate $0 - $7,124 1.25% $7,125 - $16,890 2.25% $16,891 - $26,657 4.25% $26,658 - $37,005 6.25% $37,006 - $46,766 8.25% $46,767 - $1,000,000 9.55% $1,000,000+ 10.55% 47.98% 51.35% 44.28% O 50.20%