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Workers in the U.S. pay several types of taxes on income including state taxes, FICA taxes and federal income tax. Your federal income tax rate is based on the amount of money you make. Income is broken into levels called tax brackets (or pockets). The table below shows the tax brackets for 2021 for a single person.

Recall that taxable income is the gross income minus any allowable deductions. For the purposes of this problem, we assume that the only deduction taken is the standard deduction for a single person which in 2021 is $12,550.

Taxable IncomeTax Rate for this Bracket
$0 – $9,950 10%
$9,951– $40,525 12%
$40,526 – $86,375 22%
$86,376 – $164,925 24%
$164,926 – $209,425 32%
$209,426 – $523,600 35%
$523,601 or more 37%
  1. What tax rate does everyone pay on the first $9,950 of their taxable income?
    %

  2. Calculate the income tax for a person whose gross salary is $47,500. Be sure to first subtract the standard deduction!
    $

  3. Calculate the income tax for a person whose gross salary is $92,000. Be sure to first subtract the standard deduction!
    $

  4. Find the effective tax rate for the person in part (c). Round to the nearest tenth of a percent.
    %