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- Why are sales taxes considered regressive?What is the effect of a tax on interest income?In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. How much extra will you owe in payroll taxes if you take the new job? For taxable income over... ... but not ... the marginal tax rate is: over... $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $2,200 $1,100 O $455 O S310
- You decide to work part-time at a local clothing store. The job pays $8.50 per hour and you work 16 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 4% for state taxes. SUB PARTS TO BE SOLVED. How much is withheld per week for state taxes? What is your weekly net pay? What percentage of your gross pay is withheld for taxes? Round to the nearest tenth of a percent.How do sales taxes typically apply in a business environment?Types of taxes
