I am trying to figure out how I can start this problem. I would greatly appreciate some assistance in how I can start approaching this problem 5) Complete this table for both the plansGroupABCDEFABCDIncome perhouseholdThe third proposal we'll consider is a progressive tax, where lower income groups are taxed at alower percent rate, and higher income groups are taxed at a higher percent rate. For simplicity,we're going to assume that a household is taxed at the same rate on all their income.E$12,000$29,000$50,000$79,000$129,000$295,0006) Set progressive tax rates for each income group to bring in enough money. There is no oneright answer here - just make sure you bring in enough money!Group Income perIncome taxTax rate(%)householdTotal taxcollected for allhouseholdsperhouseholdFFlat Tax PlanIncome taxperhousehold$12,000$29,000$50,000$79,000$129,000$295,000Income aftertaxesModified Flat Tax PlanIncome tax per Income afterhouseholdtaxesIncome aftertaxes perhouseholdThis better totalto $800,0007) Which plan seems the most fair to you? Which plan seems the least fair to you? Why? Imagine the country is made up of 100 households. The federal government needs to collect$800,000 in income taxes to be able to function. The population consists of 6 groups:Group A: 20 households that earn $12,000 eachGroup B: 20 households that earn $29,000 eachGroup C: 20 households that earn $50,000 eachGroup D: 20 households that earn $79,000 eachGroup E: 15 households that earn $129,000 eachGroup F: 5 households that earn $295,000 eachThis scenario is roughly proportional to the actual United States population and tax needs. Weare going to determine new income tax rates.The first proposal we'll consider is a flat tax- one where every income group is taxed at thesame percentage tax rate.1) Determine the total income for the population (all 100 people together)2) Determine what flat tax rate would be necessary to collect enough money.The second proposal we'll consider is a modified flat-tax plan, where everyone only pays taxeson any income over $20,000. So, everyone in group A will pay no taxes. Everyone in groupwill pay taxes only on $9,000.3) Determine the total taxable income for the whole population4) Determine what flat tax rate would be necessary to collect enough money in this modifiedsystem

Please fallow the answer below Imagine the country is made up of 100 households. The federal…

5) Complete this table for both the plans Group Income per household A B C D E F A B C The third proposal we'll consider is a progressive tax, where lower income groups are taxed at a lower percent rate, and higher income groups are taxed at a higher percent rate. For simplicity, we're going to assume that a household is taxed at the same rate on all their income. D $12,000 $29,000 $50,000 $79,000 $129,000 $295,000 6) Set progressive tax rates for each income group to bring in enough money. There is no one right answer here - just make sure you bring in enough money! Tax rate Income tax Group Income per household (%) per household Total tax collected for all households E F Flat Tax Plan Income tax per household $12,000 $29,000 $50,000 $79,000 $129,000 $295,000 Income after taxes Modified Flat Tax Plan Income tax per Income after household taxes This better total to $800,000 Income after taxes per household 7) Which plan seems the most fair to you? Which plan seems the least fair to you? Why?

5) Complete this table for both the plans Group Income per household A B C D E F A B C The third proposal we'll consider is a progressive tax, where lower income groups are taxed at a lower percent rate, and higher income groups are taxed at a higher percent rate. For simplicity, we're going to assume that a household is taxed at the same rate on all their income. D $12,000 $29,000 $50,000 $79,000 $129,000 $295,000 6) Set progressive tax rates for each income group to bring in enough money. There is no one right answer here - just make sure you bring in enough money! Tax rate Income tax Group Income per household (%) per household Total tax collected for all households E F Flat Tax Plan Income tax per household $12,000 $29,000 $50,000 $79,000 $129,000 $295,000 Income after taxes Modified Flat Tax Plan Income tax per Income after household taxes This better total to $800,000 Income after taxes per household 7) Which plan seems the most fair to you? Which plan seems the least fair to you? Why?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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