Warren Buffet, a wealthy American billionaire made news when he announced that the tax rate he pays is less than his secretary. Due to tax loopholes, he is able to legally reduce his overall tax bill and thus decrease his overall tax rate. To determine an individual's "true tax rate," divide the amount they pay by their earnings. Cesar runs his own business and his adjusted gross income was $102,000 last year. He has already paid $16,000 this year and is expecting to owe more. He will be filing as an individual. How much will he owe? What is this "true tax rate"? Cesar Task: Calculate his income tax. Tripiti and her husband are surgeons and they have an adjusted gross income of $454,000. They will be filing jointly and have already paid $120,000 in taxes. Will they owe more money or receive a refund? What is their "true tax" rate? Tripiti Task: Calculate her and her husband's income tax. Matt and his wife are filing their taxes jointly this year. They have an adjusted gross income of $49,500. They have already paid $6,600 in taxes this year. Will they owe more or will they get a refund? What is their true tax rate? Matt Task: Calculate his and his wife's income tax