Assume that Turkey has s a tax rate of 15% on the first 15,000 TRY of taxable income, then 25% on the next 20,000 TRY, then 35% on the next 30,000 TRY, and a tax rate of 40% for all taxable income above 65,000 TRY. Suppose that Turkey provides a 4,000 TRY exemption per child. Hasan has 2 children, and he earns 82,000 TRY in a year. a) Calculate total tax payments of Hasan. b) Calculate average tax rate for Hasan.
Assume that Turkey has s a tax rate of 15% on the first 15,000 TRY of taxable income, then 25% on the next 20,000 TRY, then 35% on the next 30,000 TRY, and a tax rate of 40% for all taxable income above 65,000 TRY. Suppose that Turkey provides a 4,000 TRY exemption per child. Hasan has 2 children, and he earns 82,000 TRY in a year. a) Calculate total tax payments of Hasan. b) Calculate average tax rate for Hasan.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Assume that Turkey has s a tax rate of 15% on the first 15,000 TRY of taxable income, then 25% on the next 20,000 TRY, then 35% on the next 30,000 TRY, and a tax rate of 40% for all taxable income above 65,000 TRY. Suppose that Turkey provides a 4,000 TRY exemption per child.
Hasan has 2 children, and he earns 82,000 TRY in a year.
a) Calculate total tax payments of Hasan.
b) Calculate average tax rate for Hasan.
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