Proposed Regressive Plan Calculate the tax for $95,000. For example, $10.000x40%-$4.000 in tax. Calculate the tax for $25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 2500 Show your work!! 2500 10% on income up to $25,000 20% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 1800 2500 30% on income between $44,000 and $80,000 40% on taxable income over $80,000 TOTAL TAX PAID (sum of all 23000 00801 6000 25000 rows): Part II: Reflection Questions Directions: Use the information from your charts to answer these questions 27. What are the main differences between the flat. regressive, and progressive tax plans? 28. Under which plan would a person earning $25.000 pay the most in taxes? 29. Under which plan would a person earning $95.000 pay the most in taxes? 30. Under which plan would a person earning $25,000 pay the least in taxes? 31. Under which plan would a person earning $95.000 pay the least in taxes? 32. Of the three types of tax plans (proportional regressive. progressive) which is most fair to someone earning $25.000 per year? 33. Of the three types of tax plans (proportional regressive. progressive) which is most fair to someone earning 595.000 per year?

Proposed Regressive Plan Calculate the tax for $95,000. For example, $10.000x40%-$4.000 in tax. Calculate the tax for $25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 2500 Show your work!! 2500 10% on income up to $25,000 20% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 1800 2500 30% on income between $44,000 and $80,000 40% on taxable income over $80,000 TOTAL TAX PAID (sum of all 23000 00801 6000 25000 rows): Part II: Reflection Questions Directions: Use the information from your charts to answer these questions 27. What are the main differences between the flat. regressive, and progressive tax plans? 28. Under which plan would a person earning $25.000 pay the most in taxes? 29. Under which plan would a person earning $95.000 pay the most in taxes? 30. Under which plan would a person earning $25,000 pay the least in taxes? 31. Under which plan would a person earning $95.000 pay the least in taxes? 32. Of the three types of tax plans (proportional regressive. progressive) which is most fair to someone earning $25.000 per year? 33. Of the three types of tax plans (proportional regressive. progressive) which is most fair to someone earning 595.000 per year?

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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