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Use the Federal Income Tax levels to calculate the amount of taxowed and the tax...

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Economics

Use the Federal Income Tax levels to calculate the amount of taxowed and the tax rates: Federal Income Tax Table for 2020: SingleFilers \table[[Tax Rate,Taxable Income Bracket],[10%,$0 to$9,875],[12%,$9,876 to $40,125],[22%,$40,126 to$85,525],[24%,$85,526 to $163,300],[32%,$163,301 to$207,350],[35%,$207,351 to $518,400],[37%,$518,401 or more]] OASDI(Social Security) is

6.2%

for incomes up to

$137,700

. Medicare is

1.45%

with no income limit. An individual earns

$93,000

per year. What is their total average tax rate? (Their averagetax rate based on their total taxes paid) Round to two decimalplaces and do not include the percent sign. Example:

10.32%

is entered as 10.32

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