Taxable income: Effective tax rate: Estimated federal taxes due: $37,800 8.68% $4,342 Step 2: Now calculate Benny's effective tax rate on your own and compare it to Nerd Wallet's calculation that you found above. Use Benny's taxable income (found above) and the information found here to help you calculate and fill in the boxes below (you may round to the nearest dollar). Indicate the range, the amount of Benny's taxable income in each bracket and the amount of tax due per bracket. The first line has been completed for you, and the tax due calculation is: (high end of the range - low end of the range) x tax bracket percentage. For example: ($9,700 - $0) 0.10 = $970.00. If the taxable income for the bracket falls within the range, you would calculate from the taxable income amount in the range - low end of the range x tax bracket percentage. Rate Range Benny's Taxable Income per Bracket $9,700 Federal Income Tax Due $970 | 10% $0-$9,700 Total Indicate Benny's highest federal tax bracket rate here: Taxable income: Effective tax rate: Estimated federal taxes due: $37,800 8.68% $4,342 Step 2: Now calculate Benny's effective tax rate on your own and compare it to Nerd Wallet's calculation that you found above. Use Benny's taxable income (found above) and the information found here to help you calculate and fill in the boxes below (you may round to the nearest dollar). Indicate the range, the amount of Benny's taxable income in each bracket and the amount of tax due per bracket. The first line has been completed for you, and the tax due calculation is: (high end of the range - low end of the range) x tax bracket percentage. For example: ($9,700 - $0) 0.10 = $970.00. If the taxable income for the bracket falls within the range, you would calculate from the taxable income amount in the range - low end of the range x tax bracket percentage. Rate Range Benny's Taxable Income per Bracket $9,700 Federal Income Tax Due $970 | 10% $0-$9,700 Total Indicate Benny's highest federal tax bracket rate here