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In Your Current Job, You Earn $92,000

Question 95

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In your current job, you earn $92,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $10,000. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. Assuming no state and local taxes, when federal income taxes and payroll taxes are deducted, how much of the $10,000 do you get?
 For taxable  income over  but not  over  the marginal  tax rate is: $0$9,70010%$9,700$39,47512%$39,475$84,20022%$84,200$160,72524%$160,725$204,10032%$204,100$510,30035%$510,30037%\begin{array} { c c c } \hline \begin{array} { l } \text { For taxable } \\\text { income over } \ldots\end{array} & \begin{array} { c } \ldots \text { but not } \\\text { over } \ldots\end{array} & \begin{array} { c } \ldots \text { the marginal } \\\text { tax rate is: }\end{array} \\\hline \$ 0 & \$ 9,700 & 10 \% \\\$ 9,700 & \$ 39,475 & 12 \% \\\$ 39,475 & \$ 84,200 & 22 \% \\\$ 84,200 & \$ 160,725 & 24 \% \\\$ 160,725 & \$ 204,100 & 32 \% \\\$ 204,100 & \$ 510,300 & 35 \% \\\$ 510,300 & - & 37 \% \\\hline\end{array}

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