M A DO THE MATH 1. Calculate Tax Liability. What would be the tax liability for a single taxpayer who has a gross income of $50,050? (Hint: Use Table 4-3, and don't forget to subtract the value of a standard deduction and one exemption.) $5,000; p itemized Calculate tax liabil -LI A Jable 4-2 Tax Rate Schedules Single Individuals If taxable income is over- DO IT IN CLASS But not over- The tax is- $ 9,275 10% of the taxable income 9,276 $ 37,650 $927.50 plus 15% of the amount over $9,275 $ 37,651 $ 91,150 $5,183.75 plus 25% of the amount over $37,650 $18,558.75 plus 28 % of the amount over $91,150 $46,278.75 plus 33 % of the amount over $190,150 $119,934.75 plus 35% of the amount over $413,350 $ 91,151 $190,150 $190,151 $413,350 $413,351 $415,050 Over $415,050 No limit $120,529.75 plus 39.6 % of the amount over $415,050 Married Couples Filing Jointly If taxable income is over- The tax is- But not over- $18,550 10% of the taxable income $ 0 $ 75,300 $1855 plus 15% of the amount over $18,550 $ 18,551 $ 75,301 $151,900 $10,367.50 plus 25% of the amount over $75,300 $29,517.50 plus 28% of the amount over $151,900 $51,791.50 plus 33% of the amount over $231,450 $231,450 $151,901 $413,350 $231,451 $111,818,50 plus 35% of the amount over $413,350 $130,578.50 plus 39.6% of the amount over $466,950 $466,950 $413,351 No limit Over $466,950 2. Marginal Tax Rate. What would be the marginal tax rate for a single person who has a taxable income of (a) $31,560, (b) $58,150, (c) $66,450, and (d) $100,580? (Hint: Use Table 4-2.) 5