Given the following tax structure:TaxpayerMaePedroSalary$ 42,000$ 66,000Total tax$ 1,680???a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Roundyour final answer to nearest whole dollar amount.)× Answer is complete but not entirely correct.Minimum tax$ 2,640 x

Determining Pedro's minimum tax to be paid to maintain vertical equity requires calculation of Mae's…

Answered: Given the following tax structure:…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 43P

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Given the following tax structure: Taxpayer Mae Pedro Salary $ 21,500 $ 46,000 Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. b. This would result in what type of tax rate structure? Required A Complete this question by entering your answers in the tabs below. Total tax $ 1,032 ??? Required B Minimum tax What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount.
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