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- .How are the income taxes determined?2. Taxes paid for a given income level Poornima is getting ready to do her taxes. She is single and lives in Detroit. Poornima earned $50,000 in taxable income in 2015. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2015. On Annual Taxable Income... Up to $9,225 From $9,225 to $37,450 From $37,450 to $90,750 From $90,750 to $189,300 From $189,300 to $411,500 From $411,500 to $413,200 Over $413,200 The Tax Rate Is... (Percent) 10.0 15.0 Poornima calculates that she owes 25.0 28.0 33.0 35.0 39.6 Based on the IRS table, Poornima calculates that her marginal tax rate is Poornima then calculates that her average tax rate is when her annual taxable income is $50,000. in income taxes for 2015. , based on the annual income level and the amount of taxes she owes for 2015. After figuring out what she owes in taxes in 2015, Poornima decides to ask an accountant for tax advice. The accountant claims that he has found legal way to shelter $4,000 of taxable…I dont understand how to calculate and graph the second curve for income after taxes and benefits. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- 4. Taxes paid for a given income level Antonio is getting ready to do his taxes. He is single and lives in Chicago. Antonio earned $110,000 in 2020. He reviews the following table, which shows the IRS tax rates for a single taxpayer in 2020. On Annual Taxable Income... Up to $9,875 From $9,875 to $40,125 From $40,125 to $85,525 From $85,525 to $163,300 From $163,300 to $207,500 From $207,500 to $518,400 The Tax Rate Is... (Percent) 10 12 Antonio calculates that he owes approximately 17 20 23 30 Based on the IRS table, Antonio calculates that his marginal tax rate is when his annual income is $110,000. ▼ in income taxes for 2020. Antonio then calculates that his average tax rate is approximately for 2020. ▼, based on the annual income level and the amount of taxes he owes After figuring out what he owes in taxes in 2020, Antonio decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $3,000 of taxable income from the federal…2. Jesse is buying a new car. The base price is $27,940. Jesse has a down payment of $3500. Extra charges $850 $495 Delivery charge Freight Federal air conditioning tax a. What is the total vehicle price before taxes? $100 b. What is the total amount that Jesse will need to pay after taxes? Remember that new vehicles need to pay both PST (6%) and GST (5%). c. What is the total price of the car after taxes and less the down payment? (This is the amount of the loan Jesse needs) d. Jesse pays for his new car with a personal loan from his bank. His loan is 5% over 3 years. How much interest will Jesse pay? (Use an online loan calculator to help you.) e. What is the total cost of the car? (Remember to include the down payment in the cost) f. What are some things that Jesse could do to reduce amount he pays at the end of the loan?2. Explain the Structure of the Individual Income Tax in the United States. Give Example.
- 4. Taxes paid for a given income level Caroline is getting ready to do her taxes. She is single and lives in San Francisco. Caroline earned $250,000 in 2011. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2011. On Annual Taxable Income... Up to $8,500 From $8,500 to $34,500 From $34,500 to $83,600 From $83,600 to $174,400 From $174,400 to $379,150 Over $379,150 The Tax Rate Is... (Percent) 10 15 25 28 33 35 Based on the IRS table, Caroline calculates that her marginal tax rate is Caroline calculates that she owes in income taxes for 2011. Caroline then calculates that her average tax rate is I when her annual income is $250,000. based on the annual income level and the amount of taxes she owes for 2011. After figuring out what she owes in taxes in 2011, Caroline decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $1,000 of taxable income from the federal government. The maximum amount that…9.which flows represent taxes? a. C and D b. E and F c. A and B d. D and ETable 12-10 On Taxable Income ... The Tax Rate is ... Up to $8,375 10% From $8,375 to $34,000 15 From $34,000 to $82,400 25 From $82,400 to $171,850 28 From $171,850 to $373,650 33 Over $373,650 35 Refer to Table 12-10. If Willie has $170,000 in taxable income, his tax liability will be a. $16,781. b. $41,309. c. $41,827. d. $47,600.
- 20. Marta purchased a sweater for $15.67, a pair of socks for $2.13, and a bracelet for $6.78. For all purchases she must pay the state sales tax of 7.5% and the county tax of 0.5%. What is the tax on her purchases?The following table shows tax payments made for various incomes. According to the information in the table below, the tax system is: Table 3.1 Taxable income $1,000 $2,000 $4,000 $8,000 Тах рayments $10 $30 $90 $270 a. regressive between $1,000 and $2,000 of income but progressive above $2,000. b. progressive throughout all levels of income. c. regressive throughout all levels of income. O d. progressive between $1,000 and $2,000 of income but regressive above $2,000. O e. proportional throughout all levels of income.A proportional tax is a tax for which people with lower incomes Group of answer choices A. pay a higher percentage of their incomes in tax than do people with higher incomes. B. pay a lower percentage of their incomes in tax than do people with higher incomes. C. pay the same percentage of their incomes in tax as do people with higher incomes. D. pay the same amount of taxes as people with higher incomes pay.
