Question: Show all work and formulas Using the following Tax Table, calculate the actual marginal tax rate for John whose gross income is $120,000 but he

Show all work and formulas

Using the following Tax Table, calculate the actual marginal tax rate for John whose gross income is $120,000 but he has an exemption of $7,200, and total deductions of $10,800.

Income	Tax Rate
0 - 9,275	10%
9,275 - 37,650	15%
37,650 - 91,150	25%
91,150 - 190,150	28%

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