Students are encouraged to show all their work. Samuel Muno…
Students are encouraged to show all their work. Samuel Munoz is single and has gross income of $55,000. He needs your help determining the amount federal income taxes that he will owe in 2024. Gross Income $55,000 adjustments $0 Itemized Deduction $9,500 Standard Deduction $14,600 Tax Withholding $5,500 2024 Federal Income Tax Brackets Tax Rate For Single Filers 10% $0 to $11,600 12% $11,600 to $47,150 22% $47,150 to $100,525 24% $100,525 to $191,950 32% $191,950 to $243,725 35% $243,725 to $609,350 37% $609,350 or more Determine the marginal tax rate. Calculate the dollar amount of taxes that Samuel owes. Determine his average tax rate.
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