If the first $20,000 of your income (or any portion thereof) is taxed at 10%, and the next $30,000 of your income (or any portion thereof) is taxed at 20%, and any income you make above that is taxed at a 30% rate, then a person who earned an income of $500,000 will pay the following amount in taxes: Group of answer choices --$150,000 --$156,000 --$143,000 --$100,000 --The correct answer is different from the options provided.

If the first $20,000 of your income (or any portion thereof) is taxed at 10%, and the next $30,000 of your income (or any portion thereof) is taxed at 20%, and any income you make above that is taxed at a 30% rate, then a person who earned an income of $500,000 will pay the following amount in taxes: Group of answer choices --$150,000 --$156,000 --$143,000 --$100,000 --The correct answer is different from the options provided.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter12: The Public Sector

Section: Chapter Questions

Problem 8SQ

See similar textbooks

Similar questions

Suppose in Fiscal illegal there is a 0 percent tax on the first 10,000 of income, but there is a 20% tax on earnings between $10,000 and $20,000 and a 30% tax on income $20,000 and $30,000. Any income above $30,000 is taxed at 40%. If your income is $70,000, how much will you pay in taxes? Determine your average tax rate?
What is the benefit of having state and local taxes on income instead of collecting all such taxes at the federal level? What is the local tax in your county/city? Make sure to state the county/city and the tax rate. How does this compared to the tax rate of neighboring counties/cities? How do you feel about this? Does the location with the higher tax rate receive better amenities (schools, police, road conditions? Would you rather pay a higher tax for better service?
In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Given your current taxable income, what is your marginal tax rate? For taxable income over... $0 $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 22% O 12% O 10% O 24% ... but not over... $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 ...the marginal tax rate is: 10% 12% 22% 24% 32% 35% 37%
Use the below table to calculate the amount of federal income tax that Kristen should report if she earned a taxable income of $87,011 in 2017? Federal Tax Rates for 2017 15% on the first $44,784 of taxable income, plus 19% on the next $45,594 of taxable income, plus 26.5% on the next $50,628 of taxable income, plus 32% on any further taxable income Income tax = $ hs
The government implements a negative income tax plan with a guaranteed minimum income of $5,000 and a phase-out rate for payments of 50%. Complete the following table by calculating the negative tax and total after-tax income for each family income given. (Note: Suppose that any income above $10,600 would pay a positive tax.) Family Income (Dollars) Negative Tax Total After-Tax Income (Dollars) (Dollars) 0 2,600 4,600 6,600 8,600 10,600
Supposed you are offered a job with Amazon upon graduation. Your starting salary will be $70,000 which will put you in the 22% federal income tax bracket. The total amount of income taxes you pay is $11,285.50. Your average tax rate is approximately ______. 25.0% 16.1% 21.3% 13.3% 11.5%
Don't use pen or paper
30. Steve earned $50 in income last year and the current tax brackets are 20% for the first $10 of income, 30% for the next $10 of income, and 50% for all additional income. In addition there is a $20 deduction that exempts that amount of income from taxation. Steve’s total taxes are _____.
Critically evaluate the impending rise of sales tax planned by the Japanese government and its effect on the demand and eventually public spending
Nguyen is a single mother who earns $20,000 per year. She receives $3,600 per year in in-kind transfers and a $600 earned income tax credit. If her earned income rises to $25,000, she will lose the tax credit and $1,900 of her in-kind transfer benefits. What is Nguyen's effective marginal tax? 10.0% 12.5% 50.0% 59.5%
What is the difference between a general sales tax and an excise tax?
People who are self-employed are required to pay taxes on -- a weekly basis a quarterly basis a yearly basis a monthly basis