In decimal notation, the average amount of taxes paid is % of the total amount of money taken in. In scientific notation, the average amount of taxes paid is % of the total amount of money taken in. The total amount of money taken in by the federal government in 2014 was about 3.51 trillion dollars. Among those earning 10 million dollars or more, the average amount of taxes paid was $7.83 x 10°. That's an awful lot of money. But what percentage is that of the government's revenue? Write in both decimal and scientific notation. Round your answer to seven decimal places for decimal notation, and one decimal place for scientific notation. In decimal notation, the average amount of taxes paid is In scientific notation, the average amount of taxes paid is % of the total amount of money taken in. % of the total amount of money taken in. X

In decimal notation, the average amount of taxes paid is % of the total amount of money taken in. In scientific notation, the average amount of taxes paid is % of the total amount of money taken in. The total amount of money taken in by the federal government in 2014 was about 3.51 trillion dollars. Among those earning 10 million dollars or more, the average amount of taxes paid was $7.83 x 10°. That's an awful lot of money. But what percentage is that of the government's revenue? Write in both decimal and scientific notation. Round your answer to seven decimal places for decimal notation, and one decimal place for scientific notation. In decimal notation, the average amount of taxes paid is In scientific notation, the average amount of taxes paid is % of the total amount of money taken in. % of the total amount of money taken in. X

Financial Management: Theory & Practice

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 7P

See similar textbooks

Similar questions

A company recently reported $9.7 million of net income. Its EBIT was $15.5 million, and its federal tax rate was 24% (ignore any possible state corporate taxes). What was its EBT? What was its Tax liability? What was its interest expense?
An after-tax cash flow analysis produced the data below for the year 2013. Determine the after-tax cash flow for 2013? Before-Tax-and-Loan = $23,000 Loan Principal Payment = $3,203 Loan Interest Payment = $3,878 Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658 [enter your answer as a whole number, with no dollar sign or comma] 17,465
A company recently reported $9.8 million of net income. Its EBIT was $15 million, and its federal tax rate was 22%(ignore any possible state corporate taxes).What was its EBT? Blank 1What was its Tax liability? Blank 2What was its interest expense? Blank 3
Country A's income receipts are $300 billion, and income payments are $250 billion. Despite this, country A is a debtor nation. How can country A receive more income than it paid out? Use a formula to answer the question.
Suppose that in 2010, Country A's GDP was equal to $250$⁢250 billion and federal tax revenue was 26%26% of GDP. Corporate income taxes accounted for 9%9% of total federal tax revenue. If in 2012, GDP rose to $280$⁢280 billion and corporate income taxes increased by $2.15$⁢2.15 billion compared to 2010, calculate corporate income taxes as a share of GDP in 2012. Round all intermediate calculations and your final answer to two decimal places if necessary.
XYZ Corp. had the following data for 2012, in millions: Net income = $500; EBIT = $700; Depreciation & Amortization = $100; and Gross fixed assets = $2,000. Information for 2013 is as follows: Net income = $625; EBIT = $925; Depreciation & Amortization = $110; and Gross fixed assets = $2,280. Assume the tax rate is 40% and the company invested $160 in NOWC in 2013. How much free cash flow did the firm generate during 2013?
Suppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for everything above $20,000. What percentage of your income will you pay in taxes? Enter your answer in decimal.
Holly's Art Galleries recently reported $15.8 million of net income. Its EBIT was $26 million, and its federal tax rate was 21% (ignore any possible state corporate taxes). What was its interest expense? (Hint: Write out the headings for an income statement and then fill in the known values. Then divide $15.8 million net income by 1 − T = 0.79 to find the pre-tax income. The difference between EBIT and taxable income must be the interest expense.) Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar.
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $89,000 and a $7000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 Standard Deduction Exemptions (per $4050 person) Married Filing Separately Married Filing Jointly up to $9275 up to $18,550 $9276 to $37,650 $18,551 to $75,300 $37,651 to $75,950 $75,301 to $151,900 $75,951 to $115,725 $151,901 to $231,450 $115,726 to $206,675 $231,451 to $413,350 $206,676 to $233,475 $413,351 to $466,950 more than $233,475…
Personal income amounted to $17 million last year. Personal current taxes amounted to $4 million and personal outlays for consumption expenditures, non - mortgage interst, and so forth were $12 million. Required: a. What was the amount of disposable personal income last year?
Congress would like to increase tax revenues by 8 percent. Assume that the average taxpayer in the United States earns $43,000 and pays an average tax rate of 30 percent. Required: a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 8 percent increase in tax revenues? Note: Round your answer to 2 decimal places. b. This is an example of what type of forecasting? Complete this question by entering your answers in the tabs below. Required A Required B If the income effect is in effect for all taxpayers, what average tax rate will result in a 8 percent increase in tax revenues? Note: Round your answer to 2 decimal places. Average tax rate %
Use the 2016 marginal tax rates to compute the tax owed by the following person. A single man with a taxable income of $14,000 and a $3500 tax credit Click the icon to view the 2016 marginal tax rates. ..... The tax owed is dollars. (Type an integer or a decimal. Round to the nearest cent as needed.)