Q: 1. Suppose the marginal or bracket tax rate for income from $1 to $15,000 is 12%, the marginal tax…
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A:
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A: The following problem has been answered as follows:
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43. - List the main categories of federal revenue and spending and describe the difference between marginal and average tax rates.? Short answer
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- 7. The tax imposed to Filipinos in order to generate the much needed reserve for debt servicing. O Duty Tax O Ad Valorem Tax Value Added Tax O Excise Tax 8. Which is NOT true about Taxation It is obligatory O It raises revenue It covers even inanimate objects O It covers even the minorsUse the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. V Taxable Income $0-$9,700 $9,701-$39,475 $39,476-$84,200 $84,201-160,725 $160,726-$204,100 $204,101-$510,300 Over $510,300 1st attempt Tax rate 10% 222335 12 24 37 See HinQuestion: Solve for the equilibrium level of output in the following two scenarios: there isan income tax t=0.1, The income tax would result in the total amount of tax to be the lump sum tax and the income tax rate on income when t=0.1t=0.1 Y=−5+0.5(Y−250−0.1Y)+200+300+50' =−5+0.5(0.9Y−250)+550 =−5+0.45Y−125+550 =0.45Y−420 0.55Y=420Y=4200.55=763.636≅763.64 Please explain this solution. Where does the 0.45Y come from?
- Question Arrange the following revenues in the federal government, from greatest to least. (1 being the greatest, 6 being the least.) Column A 1. 2. 3. 4. 5. 6. Individual Income Taxes Social Security and Medicare Taxes Corporate Income Taxes Excise Taxes Miscellaneous Revenue Customs Duties Column B a. 4 Select the three correct answers. O a Medicare and Medicaid Ob military and defense Uc state and local governments. Ud Federal Bureau of Investigation De education and transportation A f Social Security b. 2 c. 5 d. 1 e. 6 f. 3 Questio Which items are part of mandatory spending in the federal government?5. Study Questions and Problems #5 True or False: The marginal tax rate is calculated using additional income, while the average tax rate is calculated using total income. True O Falsexation) 12 11 20 9. 1. 1 6. S 4 3- 2- Figure 8-22 90 300 130 120 Refer to Figure 8-22. Suppose the government changed the per-unit tax from $3.00 to $4.50. Compared to the original tax rate, this higher tax rate would a. increase tax revenue and increase the deadweight loss from the tax. b. increase tax revenue and decrease the deadweight loss from the tax. c. decrease tax revenue and increase the deadweight loss from the tax d. decrease tax revenue and decrease the deadweight loss from the tax.
- 4. Computing and interpreting average tax rates In a hypothetical economy, Clancy earns $11,000, Eileen earns $22,000, and Hubert earns $33,000 in annual income. The following table shows the annual taxable income and tax liability for these three single individuals. For example, Clancy, who earns $11,000, owes $2,860 in taxes. Use the tax liability figures provided to complete the following table by computing the average tax rate for Clancy, Eileen, and Hubert with an annual income of $11,000, $22,000, and $33,000, respectively. Taxable Income Tax Liability Average Tax Rate Taxable Income (Dollars) (Dollars) (Percent) Clancy 11,000 2,860 Eileen 22,000 3,520 Hubert 33,000 3,630 The income tax system for this country is4.7) Consider a national income tax that is structured as follows: Income Marginal tax rate $0-$10,000 0% $10,001-- $60,000 5% $60,001and above 0% For each of the following workers determine his or her marginal and average tax rate d. Would you describe the tax system as proportional, regressive, or progressive? Explain4. The Laffer curve Government imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for champagne, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. BRUNENSE 8 5 1000 Suppose the government imposes a $10-per-case tax on suppliers. At this tax amount, the equilibrium quantity of champagne is - 700 400 500 430 300 200 100 1000 Now calculate the government's tax revenue if it sets a tax of $0, $10, $20, $25, $30, $40, or $50 per case. (Hint: To find the equilibrium quantity after the tax, adjust the "Quantity"field until the Tax equals the value of the per-unit tax.) Using the data you generate, plot a…
- Tax Bracket : 0-$20,000 = 10% $20,001-$60,000 = 15% $60,001-$100,000 = 35% _______________________________ Jessica makes $25,000. How much tax does she pay? A. $3,000 B. $3,750 C. $2,750 D. $1,20016. Fill in the missing values in the following table. Income Tax Average tax $ rate (%) $ 20,000 2,000 30,000 2,700 40,000 3.200 50,000 3,500 Marginal tax rate (%)Consider the following tax structure: Income Bracket Marginal Tax Rate 0% $0- $6,000 $6,000 $25,000 > $25,000 20% 40% a. Mr. Smith has an income of $90,000 per annum. Calculate his tax bill for the year: $ b. What is his average tax rate? % (Round to two decimal places.) c. What is his highest marginal tax rate?
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