Use the Federal Income Tax levels to calculate the amount of tax owed and the tax rates:Federal Income Tax Table for 2020: Single FilersTax RateTaxable Income Bracket10%$0 to $9,87512%$9,876 to $40,12522%$40,126 to $85,52524%$85,526 to $163,30032%$163,301 to $207,35035%$207,351 to $518,40037%$518,401 or moreOASDI (Social Security) is 6.2% for incomes up to $137,700.Medicare is 1.45% with no income limit.An individual earns $62,900 per year.What is their marginal tax rate?(Enter your answer as a whole number and do not include the percent sign. Example: 10% is entered as 10)

A Single person filing Federal tax return has a gross income of $ 62,900. The marginal tax rate of…

Answered: An individual earns $62,900 per year.…

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An individual earns $62,900 per year. What is their marginal tax rate?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Use the Federal Income Tax levels to calculate the amount of tax owed and the tax rates:
Federal Income Tax Table for 2020: Single Filers
Tax Rate
Taxable Income Bracket
10%
$0 to $9,875
12%
$9,876 to $40,125
22%
$40,126 to $85,525
24%
$85,526 to $163,300
32%
$163,301 to $207,350
35%
$207,351 to $518,400
37%
$518,401 or more
OASDI (Social Security) is 6.2% for incomes up to $137,700.
Medicare is 1.45% with no income limit.
An individual earns $62,900 per year.
What is their marginal tax rate?
(Enter your answer as a whole number and do not include the percent sign. Example: 10% is entered as 10)

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