Refer to the following table to answer the next two question…
Refer to the following table to answer the next two questions. 2021 Federal Income Tax Brackets Taxable Income Tax Rate $0–$9,950 10% $9,951–$40,525 12% $40,526–$86,375 22% $83,376–$164,925 24% $164,926–$209,425 32% $209,426–$523,600 35% Over $523,600 37% Using the table, what is the effective tax rate for someone who makes $120,000 per year?