You recently switched jobs and your new job is going to pay you $96,000 per year. You expect to earn a 5% bonus in addition to your salary. Your new company offers a 401k plan and you plan to contribute 10% to your 401k. You are preparing your spending plan for the year and need to answer the following questions in order to complete your plan. Use the tax tables below to help answer the questions. a. What is your gross income with your salary and bonus? What is your marginal tax rate with this pay? b. What is your taxable income if you make a 10% annual 401k contribution? What is your marginal tax rate with this taxable income? c. What is your federal tax liability if you receive the pay, bonus, and make the 401k contribution? The standard deduction for a single taxpayer is $12,950. d. What is your effective (average) federal income tax rate? If the amount of wages is: Over $0 $5,250 $16,250 $49,975 $100,625 $187,350 $236,500 $583,375 But Not Over $5,250 $16,250 $49,975 $100,625 $187,350 $236,500 $583,375 The amount of income tax to withhold is: $0 $0 + 10% of excess over $5,250 $1,100 +12% of excess over $16,250 $5,147+ 22% of excess over $49,975 $16,290 +24% of excess over $100,625 $37,104 + 32% of excess over $187,350 $52,832 +35% of excess over $236,500 $174,238.25 + 37% of excess over $583,375

You recently switched jobs and your new job is going to pay you $96,000 per year. You expect to earn a 5% bonus in addition to your salary. Your new conpany offers a 401k plan and you plan to contribute 10% to your 401K You are preparing your spending plan for the year and need to answer the following questions in order to complete your plan Use the tax tables below to help answer the questions. a. What is your gross income with your wlary and bonus? What is your marginal tax rate with this pay? b. What is your taxable income if you make a 10K annual 401k contribution? What is your marginal tax rate with this taxable income? c. What is your federal tas liabirity if you receive the pay, bonus, and make the 401k contribution? The standard deduction for a sinele taxpayer is 512.950 . d. What is your effective (nerage) federal income tax rate