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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