I need the other side of the chart for regressive tax **Proposed Regressive Tax Plan**This table outlines the tax calculation for a regressive tax plan with different income brackets. The columns show how to calculate the tax for specific income levels: $95,000 and $25,000.**Income Brackets and Taxes**- **40% on income up to $25,000:** - Tax for $95,000: $10,000 - Tax for $25,000: [calculation needed]- **30% on income between $25,000 and $34,000:** - Tax for $95,000: $2,700- **25% on income between $34,000 and $44,000:** - Tax for $95,000: $2,500- **20% on income between $44,000 and $80,000:** - Tax for $95,000: $7,200- **10% on taxable income over $80,000:** - Tax for $95,000: $1,500**Total Tax Paid (sum of all rows):** - For $95,000: $23,900The table allows you to enter your own calculations for a $25,000 income. To complete it, calculate the tax for each bracket and sum the amounts to find the total tax paid.

Tax is imposed by the government to earn revenue for spending in an economy. Taxes can be classified…

40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 $10,000 $2,700 $2,500 $7,200 $1,500 TOTAL TAX PAID (sum of all $23,900 rows): 4 $ $ $ 60 CA 31

40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 $10,000 $2,700 $2,500 $7,200 $1,500 TOTAL TAX PAID (sum of all $23,900 rows): 4 $ $ $ 60 CA 31

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

I need the other side of the chart for regressive tax

**Proposed Regressive Tax Plan**

This table outlines the tax calculation for a regressive tax plan with different income brackets. The columns show how to calculate the tax for specific income levels: $95,000 and $25,000.

**Income Brackets and Taxes**

- **40% on income up to $25,000:**
- Tax for $95,000: $10,000
- Tax for $25,000: [calculation needed]

- **30% on income between $25,000 and $34,000:**
- Tax for $95,000: $2,700

- **25% on income between $34,000 and $44,000:**
- Tax for $95,000: $2,500

- **20% on income between $44,000 and $80,000:**
- Tax for $95,000: $7,200

- **10% on taxable income over $80,000:**
- Tax for $95,000: $1,500

**Total Tax Paid (sum of all rows):**
- For $95,000: $23,900

The table allows you to enter your own calculations for a $25,000 income. To complete it, calculate the tax for each bracket and sum the amounts to find the total tax paid.

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