How do I solve for the effective tax rate, estimated federal taxes, and estimated owed amount. I have no idea I'd what I have done is correct. Please help??

Unit 2 Project: 4E - Income Taxes Name : Haven Davis The following activity was modified from the NGPF - Next Gen Personal Finance activity bank Everyone has to pay taxes, but how much you pay depends on a lot of factors, In this activity, explore how salary and tax shelter contributions can have a big impact on how much you pay in taxes rackets 2023 Part 1: Taxes and Salary Married filing Married filling Heed of The biggest variable in the amount of taxes you pay is how much you make. Click the blue hyperlink to use Tax Rate Single jointly eparately Nerdwallet's Federal Income Tax Calculator to compare the two individuals below and see how their tax burdens differ due to a large difference in salary. (If the link does not open, you can copy and paste this url: 10%% $0 to $11,000 SO to $22.000 50 to $11000. SO to $15,700 https://www.nerdwallet.com/taxes/tax-calculator SILOO! to $22.001 to SILOOT to $15,701 to 17% Meet Marcel $44,725. $89.450 $44.725 Meet Stephanie Marcel is in his first job after Stephanie has been working at $44,726 to $89,451 to $44,726 to $59.851 10 college, working at City Center 22% City Center Bank for 5 years. She $95,375. $190,750 $95,375. Bank as a teller. O-O is now an assistant manager. He is not married, nor does he $95.376 to She is not married, nor does she $95.376 to $190,751 to $95,351 to 24% have any dependents. $182.100. $364,200 $182.100 $182300 have any dependents. He will be 23 on Jan 1 of the . She will be 28 on Jan 1 of the current year. $182.101 to $364.201 to $182101 to $182301 10 current year. 32% $231,250 $462,500 $231,250 $231,250. Marcel's wages (regularly Stephanie's wages (regularly taxed income) is $35,000. taxed income) is $50,000. $231,251 to $462,501 to $251,251 to $251,251 to 35% $578,125. $693.750. $346,875. $578100. Neither has withheld any money towards federal or state taxes, and has no unemployment income Neither is being claimed as a dependent by their parents or anyone else $578,126 or $693,751 or $346.876 or $578,101 or 37% . Neither contributes to a 401(k) or IRA more. more more. more. Both will use the standard deduction 1 - Most people have money withheld from each paycheck to avoid paying a huge bill at the end of every year. We're assuming no withholdings to illustrate the total amount in taxes paid throughout the year. Standard deduction for 2023 "Note - For this activity, we are only calculating Marcel and Stephanie's federal taxes. Texas does not issue a state income tax. Filing status 2023 standard deduction Fill in the tables below based on the information calculated by the Nerdwallet's Federal Income Tax Calculator: Single $13,850. Marcel's Taxes 35,000-13,85 0 2. Stephanie's Taxes 50, 000 -13,850 Married, filing separately $13,850. Taxable Income 21, 150 Taxable Income 36 , 150 Effective Tax Rate 6.62-1. Effective Tax Rate 8.24-1. Married, filing jointly; qualified widow/er $27,700. Estimated Federal Taxes Estimated Federal Taxes Head of household $20,800. Estimated Taxes Withheld SO Estimated Taxes Withheld SO Estimated Amount Owed Estimated Amount Owed 101419 x0. 12= 12,178. 88 12 .1. 0 -12 ( 21 , 16 0 - 11, 000 ) = 1,2 18 0 . 12 ( 36 , 150 - 11 , 0 0 0 ) = 3,018 1100 + 1,210 = 2,318 110 0 + 3, 0 18 = 4, 118 2,318 *100= 6.623% 35,000 4ill8 X 100 50,000 - 8.24 %