An unmarried individual, filing single, with a taxable...

An unmarried individual, filing single, with a taxable income more than $47,150 but not more than $100,525 would fall into the following tax rate: Select one: a. 22\% of taxable income b. $1,160 plus 12\% of the excess over $47,150 c. 12\% of taxable income d. $5,426 plus 22\% of the excess over $47,150

Here is the 2015 tax table for a single filer. Tax rate Taxable income 10% Up to $9,225 15% $9,226 to $37,450 25% $37,451 to $90,750 28% $90,751 to $189,300 33% $189,301 to $411,500 35% $411,501 to $413,200 39.6% $413,201 or higher So, for example, if your income was $12,000, then you would have paid 10% of $9,225 plus 15% of your income over $9,225. That is $922.50 plus 15% of $2,775, for a total liability of $1,338.75. (a) What was the tax liability of a single taxpayer with a taxable income of $29,000 in 2015? $ (b) Your marginal tax rate is the highest tax rate to which your income is subject. In 2015, for what range of taxable incomes was a single taxpayer's marginal tax rate 15%? $0 to $9,226 $0 to $37,450 $9,226 to $37,450 $9,226 to $90,750 $37,451 to $90,750 (c) In 2015, you had a taxable income of $29,000. You had the opportunity to earn an additional $8,000 by working at night. How much of that $8,000 would you have paid in taxes? $ How much would you have kept?

Shu N.

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