Sam has a gross income of $94,400, files her taxes as Single, and qualifies for a standard deduction of $12,400 and also earned a $250 tax credit for an energy efficient water heater last year. Are the answers for her marginal and effective tax rates correct in the following calculations below? Tax Schedule (as pictured below) Single Sam's Tax rates Tax Rate Gross Income $94,400 10% Up to $13,600 10% on $13,600 12% $13,600 to $51,800 12% on $38,200 22% $51,801 to $82,500 24% 32% 35% 37% $500,001 or more Sam's taxes Taxes Owed $1360.00 $4,584.00 $82,501 to $157,500 $157,501 to $200,000 $200,001 to $500,000 22% on $30,200 Total Amount Owed Credits Final Tax Liability Gross Income Deductions Credits Marginal Tax Rate $6,644.00 $12,588.00 $250.00 $12,338.00 $94,400.00 $12,400.00 $250.00 22% Effective Tax Rate 13.10% Tax Schedule Gross Income: $ 94,400.00 Tax Rate Amount Taxes Owed Deductions: 10% 12% 22% $ 13,600.00 $ 1,360.00 $ 38,200.00 $ 4,584.00 $ 30,200.00 $ 6,644.00 Credits: Tax rate Single 10% Up to $13,600 12% $13,601 to $51,800 22% $51.801 to $82.500 24% $82.501 to $157,500 32% $157,501 to $200,000 Total Amount: Credits: 35% 37% $200,001 to $500,000 $500,001 or more Final Tax Liability: Effective Tax Rate: Marginal Tax Rate $12,588.00 $ 250.00 $12,338.00 13.10% 22% $ 12,400.00 $ 250.00