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In the United States, individuals pay taxes on their taxable income. The amount of tax payable depends on the amourt of taxable income the person has generated during a calendar year. The tax table below shows the federal income taxes payable for 2021 . The tax rates range from 1096 to 37% based on income levess. Lower tax rates apply to lower levels of income. As income levels increase, so does the tax rate for the additional income amounts. In addition, different tax rates apply depending on the person's status. The five filing statuses are single, married filing jointly, married faling separately. head of household, and qualifying widow(er) with dependent child. The table below shows the federal tax rates that apply to persons who are single. Foc the first 59,950 of taxable incorne, the single person would pay 10% in taxes. For example, if they made $5,000, they would pay $500 in taxes. For any income over $9,950, the person would pay a base amount of tax PLUS an additional anount calculated by a marginal tax rate. Use the table above to calculate the following three questions. An example has been completed for you. Example Based on the table, how much federal tax will a single person who earns $45,000 pay? Arswer: 45,648 - The person is in the 940.525586,375 tax bracket - 514.751 is payable for the first $40,525 - $45,000$40,525=$4,475 remaining - Sn85 are payable in addition for the $4,475 in income above 540.525 (22\% tax rate: 94,4750.22=$005 ) 54,664+5004=$5.649 tokal payablo in taxes Based on the table, how much federal tax will a single person who earns $96,375 pay? $14,751 $7,064 $17,151 $33,603

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