Assignment title: Information


Kris is single and works as a researcher for a think tank in Washington, DC. Assume for 2014 his taxable income after his personal exemption and the standard deduction was $102,850 and that he will take no other deductions. Use the following table of the tax brackets for 2014 to answer the following questions. 2014 Federal Tax Brackets Rate Single Filers 10% $0 to $9,075 15% $9,075 to $36,900 25% $36,900 to $89,350 28% $89,350 to $186,350 33% $186,350 to $405,100 35% $405,100 to 406,750 39.6% $406,750+ a. What was Kris' marginal tax rate for 2014? Briefly explain. Kris's marginal tax rate % b. Calculate the amount of income tax that Kris owed for 2014. Show your work. Round your answer to the nearest penny.