The 2011 federal income tax rate for a single individual is

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The 2011 federal income tax rate for a single individual is 10% of the taxable income amount over $0; 15% of the amount over $8,350; 25% of the amount over $33,950; 28% of the amount over $82,250; 33% of the amount over $171,550; and 35% of the amount over $372,950. Suppose you are filing as a single individual with a taxable income of $165,878 in 2011 and the expected inflation rate is 2.8% i 2012. To ensure that your purchasing power from income does not decrease, your employer gives you a 3%raise for the year 2012. Calculate your 2012 after tax real income using 2011 tax rates. Are you better off or worse off in 2012?

Reference no: EM13598288

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