Hello tutor please given answer financial accounting question not use ai If a person is taxed $100 on an income of $1,000,taxed $180 on an income of $2,000, and taxed$220 on an income of $3,000, this person ispaying a:A. progressive taxB. poll taxC. proportional taxD. regressive taxE. retro tax

Step 1: Define Income TaxIncome taxes are essential for governments to raise funds for public…

Answered: If a person is taxed $100 on an income…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter4: Managing Income Taxes

Section: Chapter Questions

Problem 1DTM

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Subject:accounting 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 Salary Muni-Bond Interest Total Tax Mihwah $ 25,000 $ 7,300 $ 2,125 Shameika $ 75,000 $ 37,500
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? Taxpayer Salary Muni-Bond Interest Total Tax Mihwah $ 34,000 $ 34,000 $ 3,672 Shameika $ 74,000 $ 42,000 ???
A tax structured so that people with the different incomes pay the same percentage of their income in taxes is called a (an) a. excise tax. b. flat tax. c. progressive tax. d. regressive tax.
The income tax T owed in a certain state is a function of the taxable income I, both measured in dollars. The formula is given below. T = 0.13I − 300 a) Express using functional notation the tax owed on a taxable income of $12,000. T (_______) Calculate the tax owed on a taxable income of $12,000. $ (_______) b) If your taxable income increases from $12,000 to $15,000, by how much does your tax increase? $(_______) (c) If your taxable income increases from $15,000 to $18,000, by how much does your tax increase? $(_______)
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?
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive respect to average tax rates? ok Taxpayer Mihwah Salary $ 18,000 Muni-Bond Interest $ 8,300 Shameika $ 74,000 $ 35,000 ht nces Minimum tax Total Tax $ 1,350 ???
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 Salary Muni-Bond Interest Total Tax Mihwah $ 20,500 $ 6,150 $ 1,558 Shameika $ 81,500 $ 19,250 ???
Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the tax tables and tax rate schedules to determine tax liability. Required: a. Single taxpayer, taxable income of $30,916. b. Single taxpayer, taxable income of $97,463. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %
Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables and tax rate schedules to compute tax liability. Required: a. Single taxpayer, taxable income of $31,916. b. Single taxpayer, taxable income of $97,463. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %
Government G levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 6% 10 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Taxpayer A Income tax $ 23,519 x Average tax rate Marginal tax rate 15.02 x % 20.00 %
Determine the tax liability for tax year 2018 in each of the following instances in each case assume that the taxpayer can only take the standard deduction a single tax payer not head of household with a G.I. of 23,493 and one depenent
ces Given the following tax structure: Taxpayer Mae Pedro Salary $ 21,500 $ 46,000 Total Tax $ 1,032 ??? 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 paid? b. This would result in what type of tax rate structure? 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 Required B >

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If a person is taxed $100 on an income of $1,000, taxed $180 on an income of $2,000, and taxed $220 on an income of $3,000, this person is paying a: A. progressive tax B. poll tax C. proportional tax D. regressive tax E. retro tax