Complete the following table and answer one question. a. Assuming an 8 percent sales tax is levied on all consumption, complete the following table: Instructions: Round your responses for "Sales Tax" to the nearest whole number. Round your responses for "Percentage of Income Paid in Taxes" to one decimal place. Income Consumption Sales Tax $11,000 $ 770 20,000 $ 1,400 36,000 $ 2,520 60,000 $ 4,200 $10,000 20,000 40,000 80,000 Percentage of Income Paid in Taxes 7.7% 7.0% 6.3% 5.3%
Complete the following table and answer one question. a. Assuming an 8 percent sales tax is levied on all consumption, complete the following table: Instructions: Round your responses for "Sales Tax" to the nearest whole number. Round your responses for "Percentage of Income Paid in Taxes" to one decimal place. Income Consumption Sales Tax $11,000 $ 770 20,000 $ 1,400 36,000 $ 2,520 60,000 $ 4,200 $10,000 20,000 40,000 80,000 Percentage of Income Paid in Taxes 7.7% 7.0% 6.3% 5.3%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Complete the following table and answer one question.
a. Assuming an 8 percent sales tax is levied on all consumption, complete the following table:
Instructions: Round your responses for "Sales Tax" to the nearest whole number. Round your responses for "Percentage of
Income Paid in Taxes" to one decimal place.
Income Consumption
$10,000
20,000
40,000
80,000
Sales Tax
$11,000 $
20,000 $ 1,400
36,000 $
2,520
60,000 $ 4,200 x
770x
Percentage of
Income Paid in
Taxes
7.7%
7.0%
6.3% X
5.3%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff3a7f7a5-4bbe-4431-8cc3-948abf92f463%2Fb74fa04c-82c8-487e-9929-bb5e7c9f3a81%2Fjm2ef58_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Complete the following table and answer one question.
a. Assuming an 8 percent sales tax is levied on all consumption, complete the following table:
Instructions: Round your responses for "Sales Tax" to the nearest whole number. Round your responses for "Percentage of
Income Paid in Taxes" to one decimal place.
Income Consumption
$10,000
20,000
40,000
80,000
Sales Tax
$11,000 $
20,000 $ 1,400
36,000 $
2,520
60,000 $ 4,200 x
770x
Percentage of
Income Paid in
Taxes
7.7%
7.0%
6.3% X
5.3%
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