Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive withrespect to average tax rates?TaxpayerMihwahShameikaMinimum taxSalary$ 16,000$ 68,000Muni-BondInterest$ 6,750$ 24,500Total Tax$ 736???

In a progressive tax, the tax rate raises as taxable income increases. People with greater salaries…

Answered: Given the following tax structure, what…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject - Acounting
Consider the following hypothetical income tax brackets for a single taxpayer. Assume for simplicity there are no exemptions or deductions. Income $0-$10,000 $10,000-$40,000 $40,000-$100,000 Over $100,000 Is this tax regressive, progressive, or proportional? The income tax is progressive Suppose Susan's income is $30,000. How much will she pay in income taxes? Susan will pay $ in income taxes. (Enter your response as an integer) Tax Rate 10% 20 35 50
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? (Round your final answer to nearest whole dollar amount.) Muni-Bond Total Tax Salary $ 10,000 $ 50,000 Тахраyer Interest $ 600 $ 10,000 $ 30,000 Mihwah Shameika ??? Minimum tax
Haresh
What is the alternative minimum tax (AMT) rate for individuals? 1 %. 7%. 12.3%. 20%.
Given the following tax structure: Taxpayer Mae Salary $ 44,500 Pedro $ 68,500 Total Tax $ 3,738 ??? Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax p b. This would result in what type of tax rate structure? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? Minimum tax $5,754 X mirod Required P
assessed on Shameika to make the tax progressive with respect to average tax rates? Total tax Divide by Salary income Average tax rate for Mihwah Taxable income for Shameika X Average tax rate Tax baxed on average tax rate Average tax rate for Mihwah = 736 16,000 = 4.6 736 16000 Shameika must pay greater than $3080 to make tax rate progressive Minimum tax 4.60% 68000 4.60% 3,128 3,129 x 100
Chuck, a single taxpayer, earns $80,200 in taxable income and $12,900 in interest from an investment in City of Heflin bonds. (Us the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How much federal tax will he owe? Note: Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount. Federal tax
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Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with an income of $20,000 pays $3000 of tax, a person with an income of $30,000 pays $4000 of tax, and so forth. What is each person’s average tax rate? Is this tax regressive, proportional, or progressive?
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Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Mihwah Shameika Minimum tax Salary $ 16,000 $ 68,000 Muni-Bond Interest $ 6,750 $ 24,500 Total Tax $ 736 ???