An individual is subject to federal mtr of 31 and a state, Financial Management

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An individual is subject to federal mtr of 31 and a state

An individual is subject to federal MTR of 31% and a state MTR of 9%. He also pays a 7.65% FICA tax rate on labor earnings. He itemizes deductions, and deducts his state income taxes when calculating federal income taxes. Suppose the individual earns an additional $100.

a. How much additional in FICA taxes will he pay?

b. How much additional in state income taxes will he pay?

c. How much additional in federal income taxes will he pay?

d. What is his total MTR on labor earnings?

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Financial Management: An individual is subject to federal mtr of 31 and a state

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Financial Management: An individual is subject to federal mtr of 31 and a state

Reference No:- TGS01720604

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