Calculate the income tax payable by a resident taxpayer in Country Y with a taxable income of $25,000 based on the following tax brackets: Taxable Income Range Tax Rate $0 to $16,000 $16,001 to $40,000 $40,001 to $100,000 $100,001 to $160,000 Nil 17% on income over $16,000 $4,080 plus 30% on income over $40,000 $22,080 plus 35% on income over $100,000

Calculate the income tax payable by a resident taxpayer in Country Y with a taxable income of $25,000 based on the following tax brackets: Taxable Income Range Tax Rate $0 to $16,000 $16,001 to $40,000 $40,001 to $100,000 $100,001 to $160,000 Nil 17% on income over $16,000 $4,080 plus 30% on income over $40,000 $22,080 plus 35% on income over $100,000

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 7FPE

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Question2: Income tax The taxable income of Ahmed, Badriya and Sameer is $20,000, $45,000, $100,000 respectively. Use the following tax rates: 5% for income from 0 - $20,000 10% for income from $20,001 - $50,000 15% for income above $50,000 Calculate the tax payable by each person. Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?
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The income tax T owed in a certain state is a function of the taxable income I, both measured in dollars. The formula is given below. T = 0.13I − 300 a) Express using functional notation the tax owed on a taxable income of $12,000. T (_______) Calculate the tax owed on a taxable income of $12,000. $ (_______) b) If your taxable income increases from $12,000 to $15,000, by how much does your tax increase? $(_______) (c) If your taxable income increases from $15,000 to $18,000, by how much does your tax increase? $(_______)
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