Warm Up: Come to class Federal tax Activity-Compare 2019 to 2020 Federal Tax Calculation Example: Determine tax, take-home income, and effective tax rate for $200,000 # Range Money in Bracket Tax rate Tax Paid 1 $0-$9,875 $9,875 10% $987.50 2 $9,876- 40,125 $30,249 12% $3,629.88 3 $40,126-85,525 $45,399 22% $9,987.78 4 $85,526-163,300 $77,774 24% $18,665.76 5 $163,301-207,350 $36.699/ $44,049 32% $11.743.68 Total Tax Paid: $45,014.60 Cumulative Tax rate: 22.5% $45,014.60/$200,000
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