00:01
Okay, question two is saying that suppose you are a american citizen and now you have to calculate how much tax do you have to pay.
00:10
Okay, we assume that you are earning $30 ,000 u .s.
00:17
Dollars per year.
00:19
So your income is, sorry, pain here.
00:24
So your income is 30 ,000.
00:32
So we first calculate your state income tax.
00:36
So your state income tax is going to be 30 ,000 times 4%, which is 1 ,200.
00:53
Okay, what about your federal payroll tax? it is 15 % of your labor earnings.
01:03
So this is your labor earnings.
01:05
So you times 30 ,000 times 15%, which is 4 ,500.
01:28
Okay, so the most complicated thing we have to calculate here is the federal income tax.
01:37
Because to calculate this federal income tax, we have to look at table two.
01:42
So table two indicates the marginal tax rate.
01:47
Of each bracket of income.
01:50
So we first see that, okay, 30 ,000 falls into this category.
01:57
So it falls into the second category here.
02:06
So it means that this is the amount you earn, right? so the first $9 ,075 you will be taxed for 10%.
02:18
So to calculate your better income tax, it should be 9 ,075.
02:31
So the income in this first bracket, tax rate is 10%.
02:37
So you have to pay this amount of tax...