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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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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.
Transcribed Image Text:**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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