Using the Table Below, Assume a Single Person Has a Taxable

question 4

Short Answer

Using the Table below, assume a single person has a taxable income of $40,000.
$$\begin{array}{l}\underline{\text { Taxable Income }} \quad\underline{ \text { Tax Rate}}\\\begin{array} { l l } 0 - \$ 7,300 & 10 \% \\\$ 7,300 - \$ 29,700 & 15 \% \\\$ 29,700 - \$ 40,000 & 25 \%\end{array}\end{array}$$ (a) How much tax will be owed? (You will need to refer to the Table plus make your own calculations).
(b) What is the person's average tax rate?
(c) What is the person's marginal tax rate?

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Definitions:

Plasmogamy

The fusion of the cytoplasm from two distinct fungal or algal cells, typically as part of sexual reproduction, preceding the fusion of nuclei.

Karyogamy

The fusion of two haploid nuclei; follows fusion (plasmogamy) of cells from two sexually compatible mating types.

Lichens

A symbiotic association between a fungus and an algae or cyanobacteria, living together to form a single, distinct organism that often appears as leafy or crusty growths on rocks and trees.

Basidiomycetes

a class of fungi characterized by producing spores on club-shaped structures called basidia, includes mushrooms and rusts.