MACROECONOMICSProgressive TaxBased on your yearly income above, calculate the amount of tax each income bracket would payunder a progressive tax plan. Each row up to the total income amount should be filled in. For anexample of a completed chart, go to Page 4 of Lesson 05.03: Sharing with Uncle Sam.Calculate the tax for $95,000.For example,$10,000x40%-%$4,000 in tax.Show your work!!Proposed Regressive PlanCalculate the tax forS25,000. For example,$10,000x40%=$4,000 intax. Show your work!!10% on income up to $25,00020% on income betweenS25,000 and S34,00025% on income betweenS34,000 and S44,00030% on income between$44,000 and S80,00040% on taxable income overS80,000TOTAL TAX PAID (sum of allrows):

Taxes can be considered as the contributions made by the public to the government. The tax structure…

MACROECONOMICS Progressive Tax Based on your yearly income above, calculate the amount of tax each income bracket would pay under a progressive tax plan. Each row up to the total income amount should be filled in. For an example of a completed chart, go to Page 4 of Lesson 05.03: Sharing with Uncle Sam. Calculate the tax for $95,000. For example, $10,000x40%3$4,000 in tax. Show your work!! Proposed Regressive Plan Calculate the tax for $25,000. For example, $10,000x40%-$4,000 in tax. Show your work!! 10% on income up to $25,000 20% on income between $25,000 and S34,000 25% on income between S34,000 and S44,000 30% on income between S44,000 and S80,000 40% on taxable income over S80,000 TOTAL TAX PAID (sum of all rows):

MACROECONOMICS Progressive Tax Based on your yearly income above, calculate the amount of tax each income bracket would pay under a progressive tax plan. Each row up to the total income amount should be filled in. For an example of a completed chart, go to Page 4 of Lesson 05.03: Sharing with Uncle Sam. Calculate the tax for $95,000. For example, $10,000x40%3$4,000 in tax. Show your work!! Proposed Regressive Plan Calculate the tax for $25,000. For example, $10,000x40%-$4,000 in tax. Show your work!! 10% on income up to $25,000 20% on income between $25,000 and S34,000 25% on income between S34,000 and S44,000 30% on income between S44,000 and S80,000 40% on taxable income over S80,000 TOTAL TAX PAID (sum of all rows):

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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