Marginal Tax Rates Assignment

In 2016, to help pay for college, you worked part-time at a local restaurant, earning $30,000 in wages and tips. Use the following information to complete parts (a) through (c) below. For people who are not self-employed, the 2016 FICA tax rates were as follows: 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Single 7.65% on the first $118,500 from wages and tips 1.45% on income in excess of $118,500 Tax Rate 10% up to $9275 15% $9276 to $37,650 Taxpayers are not permitted to subtract Standard Deduction $6300 deductions adjustments, exam when determining FICA taxes. Exemptions (per person) $4050 a. Calculate your FICA taxes.

The FICA taxes are S (Type an integer or a decimal. Round to two decimal places as needed.) b. Calculate your income tax. Assume you are single with no dependents, have no adjustments or tax credit, and you take the standard deduction. The income tax is S (Type an integer or a decimal. Round to two decimal places as needed.) c. Including both FICA and income tax, what percentage of your gross income are your federal taxes? Federal taxes are %. (Type an integer or a decimal. Round to one decimal place as needed.) .