Table 155 Table 155 Shows the Income Tax Brackets and Tax Rates for \text

question 5

Essay

Table 15.5
$\begin{array}{|c|c|}\hline \text { Income Tax Bracket } & \text { Tax Rate } \\\hline \text { on the first } \$ 6,000 \text { of taxable income } & 10 \% \\\hline \text { on the next } \$ 14,000 \text { of taxable income } & 15 \% \\\hline \text { on the next } \$ 24,500 \text { of taxable income } & 25 \% \\\hline \text { on the next } \$ 30,500 \text { of taxable income } & 30 \% \\\hline\end{array}$
Table 15.5 shows the income tax brackets and tax rates for single taxpayers in Bauxhall.
-Refer to Table 15.5.A tax exemption is granted for the first $10,000 earned per year.Suppose you earn $75,000.
a.What is the amount of taxes you will pay?
b.What is your average tax rate?
c.What is your marginal tax rate?

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