In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of new job working for a different employer. Your salary would go up by $5,000. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. How much extra will you owe in payroll taxes if you take the new jo For taxable ... but not ... the marginal tax rate is: income over... over... $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $2,200 $1,100 O $455 $310
In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of new job working for a different employer. Your salary would go up by $5,000. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. How much extra will you owe in payroll taxes if you take the new jo For taxable ... but not ... the marginal tax rate is: income over... over... $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $2,200 $1,100 O $455 $310
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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