The median salarj..r for an economist according to Glassdoor is approximately $1 14,0131]. Let's go through the same process to see what a career economist's income taxes would look like. :1. What is the career economist's marginal tax rate? e. Hon.r much will this economist earn in federal income taxes [again without exemptions}? i. What is the career economist's average tax rate? g. Co mpare the recent graduate's tax rates with the career economist's. How do their marginal tax rates compare? How do their average tax rates com pare? What does this tell us ah out a progressive tax system? 5) U.S. Federal Income Tax (8 points) Salaries for economics majors vary widely but are said to average roughly $70,000 per year. Suppose a student graduated in 2022 and has spent all of 2023 working at a job that pays this average rate. They will file federal income taxes next April as a single individual. 2023 Federal Income Tax Brackets Single Tax Bracket Marginal Tax Since these are marginal rates, we will need to Rate calculate the tax owed for each bracket and $0 to $11,000 10% then add them all up. For example, someone earning $12,500 per year would have a $11,001 to $44,725 12% marginal rate of 12%. They would owe 10% on $44,726 to $95,375 22% the first $11,000 they earn and then 12% on the remaining income ($12,500 - $11,000). $95,376 to $182,100 24% $182,101 to $231,250 32% For a shortcut (or to double check your answers), the website NerdWallet has a more $231,251 to $578,125 35% detailed chart with a "tax owed" column that $578,126 or more 37% gives instructions on how to calculate. Based on the brackets above, determine the marginal and average tax rates for our economics graduate earning the average salary. a. What is the recent graduate's marginal tax rate? b. How much will this graduate pay in federal income taxes? Note that this won't be fully accurate because we aren't factoring in deductions or exemptions. c. What is the recent graduate's average tax rate