Tax paid 3. Assuming that you are single and earn a taxable income of 556,000 in 2021 Income brackets Income taxed MTR 0-$9.950 10% $9,950 $40.525 12% $40,525-586,375 22x $86,375 - $164,925 24% $164.925 - $209,425 32 a) (2) How much will you pay in federal income taxes given the following tax rate schedule (Show your work above) b) (1) What will be your MTR? c) (2) What will be your ATR? (Show your work) Why? d) (2) What type of tax system is the federal income tax? e) (2) How much will you have to pay in Social Security taxes if all income up to 5142,800 will be taxed at 6.25? (Show your work) d) (2) What type of tax system is the federal income tax? Why? e) (2) How much will you have to pay in Social Security taxes it all income up to $142,800 will be taved at 6.2%? (Show your work) 1) (1) What will be your MTR for ss taxes? ) (1) What will be your ATR for SS taxes? tax system h) (1) 55 taxes are an example of 1) (2) How much will you have to pay in Medicare taxes if all income earned is taxed at 1.45%? (Show your work) 11 1) (1) What will be your MTR for Medicare taxes? k) (1) What will be your ATR for Medicare taxes? 1) (1) Medicare taxes are an example of tax system m) (2) How much would you pay in s and Medicare taxes you were self-employed and paid yourself the taxable income of $56,000? 4. Consider an economy with a population of 300 million. If 150 million are fully employed, 2 million are frictionally unemployed, 4 million lost their job due to job automations, 1 million kept trying to find a job but were turned down so many times, they are no longer searching for a job, 20 million lost their jobs due to the economic downturn caused by the COVID Pandemic, a. (2) what is the current unemployment rate in this economy? (Show your work) b. (2) what is the full employment unemployment rate in this economy? (Show your work)