iven your avatar's annual salary $48,050 how much will your avatar pay in federal income tax for 2020? The 2020 Single Filer Tax Brackets are below for your reference. Please note. YOU may have a family, but your avatar is single. So, your avatar pays the single filer tax rate.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Given your avatar's annual salary $48,050 how much will your avatar pay in federal income tax for 2020? The 2020 Single Filer Tax Brackets are below for your reference. Please note. YOU may have a family, but your avatar is single. So, your avatar pays the single filer tax rate. In the image. 

If Taxable Income is Between:
0-$9,875
$9,876 - $40,125
$40,126-$85,525
$85,526 - $163,300
$163,301 - $207,350
$207,351 - $518,400
$518,401 and above
The Tax Due is:
10% of Taxable Income
$987.50 +12% of the Amount Over
$9,875
$4,617.50 + 22% of the Amount Over
$40,125
$14,605.50 +24% of the Amount Over
$85,525
$33,271.50 +32% of the Amount Over
$163,300
$47,367.50 +35% of the Amount Over
$207,350
$156,235 + 37% of the Amount Over
$518,400
Transcribed Image Text:If Taxable Income is Between: 0-$9,875 $9,876 - $40,125 $40,126-$85,525 $85,526 - $163,300 $163,301 - $207,350 $207,351 - $518,400 $518,401 and above The Tax Due is: 10% of Taxable Income $987.50 +12% of the Amount Over $9,875 $4,617.50 + 22% of the Amount Over $40,125 $14,605.50 +24% of the Amount Over $85,525 $33,271.50 +32% of the Amount Over $163,300 $47,367.50 +35% of the Amount Over $207,350 $156,235 + 37% of the Amount Over $518,400
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