Solve the Problem $15 \%$ Marginal Rate Affects Income Starting At $\$ 8925$

question 61

Multiple Choice

Solve the problem. Refer to the table if necessary. 2013 Marginal Tax Rates, Standard Deductions, and Exemptlons**


- Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the $15 \%$ marginal rate affects income starting at $\$ 8925$ , which is where the $10 \%$ rate leaves off, and continuing up to $\$ 36,250$ .
" This table ignores the effects of (i) exemption and deduction phase-outs that apply to high-income taxpayers and (ii) the alternative minimum tax (AMT) that affects many middle- and high-income taxpayers.
-Mark earned $40,208 from wages as a mechanic and made $1539 in interest. Calculate his FICA tax.

• A)$3060.52
• B)$3075.91
• C)$3098.23
• D)$3193.65

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Definitions:

Parathyroid Hormone

A substance secreted by the parathyroid glands responsible for controlling blood calcium concentrations and bone metabolism.

Synergistically

In cooperation such that the result or effect is greater than the sum of individual effects.

Digestive Tract

A series of hollow organs joined in a long, twisting tube from the mouth to the anus where digestion and nutrient absorption occurs.

Bone

A hard, dense connective tissue that forms the structural elements of the skeleton in vertebrates.