In Virginia, in 2019, if you made $10,000 a year in income, you paid $120 + 5% of excess over $5,000. You would have paid $370 in taxes. If you made $30,000 in income in 2019, you paid $720 + 5.75% of excess over $17,000. You would have paid $1,476.50 in taxes. What kind of tax is implemented on your income in Virginia? Information from the Virsinia Department of Taxation e O excise O progressive O supply-side regressive

In Virginia, in 2019, if you made $10,000 a year in income, you paid $120 + 5% of excess over $5,000. You would have paid $370 in taxes. If you made $30,000 in income in 2019, you paid $720 + 5.75% of excess over $17,000. You would have paid $1,476.50 in taxes. What kind of tax is implemented on your income in Virginia? Information from the Virsinia Department of Taxation e O excise O progressive O supply-side regressive

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter11: Fiscal Policy And The Federal Budget

Section11.1: The Federal Budget

Problem 2ST

See similar textbooks

Similar questions

Question 44 In Virginia, in 2019, if you made $10,000 a year in income, you paid $120 +5% of excess over $5,000. You would have paid $370 taxes. If you made $30,000 in income in 2019, you paid $720 +5.75% of excess over $17,000. You would have paid $1,476.50 in taxes. What kind of tax is implemented on your income in Virginia? Information from the Virginia Department of Taxation O progressive O excise O regressive O supply-side Question 45
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?
20. Marta purchased a sweater for $15.67, a pair of socks for $2.13, and a bracelet for $6.78. For all purchases she must pay the state sales tax of 7.5% and the county tax of 0.5%. What is the tax on her purchases?
Mary is single and has a taxable income of $75,000. How much does she owe for federal income taxes for the year 2018?
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?
Wealth taxes are controversial. Please be specific What is your opinion on wealth taxes? Why?
A and B
er In your current job, you earn $41,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would rise by $6,500. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. Assuming no state and local taxes, when federal income taxes and payroll taxes are deducted, about how much of the $6,500 do you get? For taxable but not over. ... the marginal income over... tax rate is: $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $403 $1,372 $592 $5,128
Define Taxation What is Income tax What is a value-added tax What is Sales tax What is an excise tax What is a business tax What is corporate tax
Suppose in Fiscalville there is a 0 percent tax on the first $10,000 of income, but there is a 20 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. Instructions: Round your answers to the nearest whole number. a. If your income is $70,000, how much will you pay in taxes? 2$ b. Determine your marginal tax rate. percent c. Determine your average tax rate. percent d. Is Fiscalville's income tax progressive? (Click to select) V
Suppose in Fiscalville there is a 0 percent tax on the first $10,000 of income, but there is a 20 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. Instructions: Round your answers to the nearest whole number. a. If your income is $60,000, how much will you pay in taxes? $ 13,000 8 b. Determine your marginal tax rate. 40 percent c. Determine your average tax rate. 21.6 * percent d. Is Fiscalville's income tax progressive? Yes
Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but there is a 15 percent tax on earnings between $10,000 and $20,000 and a 25 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 35 percent. Instructions: Round your answers to the nearest whole number. a. If your income is $70,000, how much will you pay in taxes? b. Determine your marginal tax rate. percent c. Determine your average tax rate. percent