Calculate the tax for $95,000. For example, $10,000x40%=$4,000 in tax. Show your work!! Calculate the tax for $25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! Proposed Regressive Plan 10% on income up to $25,000 20% on income between S25,000 and S34,000 25% on income between $34,000 and S44,000 30% on income between $44,000 and S80,000 40% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):
Calculate the tax for $95,000. For example, $10,000x40%=$4,000 in tax. Show your work!! Calculate the tax for $25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! Proposed Regressive Plan 10% on income up to $25,000 20% on income between S25,000 and S34,000 25% on income between $34,000 and S44,000 30% on income between $44,000 and S80,000 40% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
I need help with this chart
Transcribed Image Text:Progressive Tax
Based on your yearly inconme above, calculate the amount of tax each income bracket would pay
under a progressive tax plan. Each row up to the total income amount should be filled in. For an
example of a completed chart
Calculate the tax for $95,000.
For example,
$10,000x40%-$4,000 in tax.
Show your work!!
Calculate the tax for
$25,000. For example,
$10,000x40%=$4,000 in
tax. Show your work!!
Proposed Regressive Plan
10% on income up to $25,000
20% on income between
$25,000 and S34,000
25% on income between
$34,000 and $44,000
30% on income between
$44,000 and $80,000
40% on taxable income over
S80,000
TOTAL TAX PAID (sum of all
rows):
Part II: Reflection Questions
Directions: Use the information from your charts to answer these questions
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