One of the issues that is debated in virtually every election is whether to raise the federal minimum wage, which stood at S7.25 per hour in 2015. Suppose that you are married with a child, working a 40-hour week in a minimum wage job. Assume that you pay taxes of about 10 percent of your total pay and that you work an average of 8 hours per day, 20 days each month. Your take-home pay (after taxes) is $ a month. (Enter your response as an integer.)

One of the issues that is debated in virtually every election is whether to raise the federal minimum wage, which stood at S7.25 per hour in 2015. Suppose that you are married with a child, working a 40-hour week in a minimum wage job. Assume that you pay taxes of about 10 percent of your total pay and that you work an average of 8 hours per day, 20 days each month. Your take-home pay (after taxes) is $ a month. (Enter your response as an integer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

2. You pay a marginal rate of 3% on the first $10,000 of income and a marginal rate of 5% on the second $10,000 of income. You make $18,000 a year, how much is your income 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 $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
Social Security is a 6.2 % tax income up to a level that is matched by one’s employer? True or False
What best describes why higher-income people are more likely to be landlords in terms of tax benefits? [Note: this question is vague, so you should understand why the answer matters] Higher-income people pay lower property taxes O Higher-income people have a higher marginal tax rate O Higher-income people can afford more expensive houses Higher-income people have a higher opportunity cost of owning a home
Discuss the key tenets of the U.S. personal income tax code. For example, our tax rates are progressive, which means that the more one earns the higher her tax rate. Do you think that this is fair?
Q1 Explain with the help of a figure for a labor market what we mean by the employees paying part of a tax that is imposed on the companies that demand labor. For simplicity, you can look at a unit tax on labor. Explain in particular what determines how much of the tax is paid by the employees. Q2 a) A project has an expense of NOK 90 million today and is expected to generate a profit of NOK 200 million in 20 years. Set up the expression for the present value of the project. Use the table below to find out if projects are profitable for (i) an interest rate of 3%, (ii) an interest rate of 5% b) A preventive health measure requires an investment of NOK 100 million today, but is expected to provide an annual gain of NOK 5 million in the foreseeable future. At what interest rates are the project profitable?
2) In 2015, a country's progressive income tax rates were 15% on the first $25,000, 18% on the next $35,000, 20% on the next $45,000, and 25% on any additional income. If your gross taxable earnings for the year were $150,000, calculate the total income tax that you paid.
Question 6 Here is a hypothetical income tax schedule expressed in nominal terms for the year 2015: Annual tax bracket Tax rate (%) Tax paid ($) Less than or equal to $3,620 $3,621 to $6,033 $6,034 to $7,240 $7,241 to $9,654 $9,655 to $21,722 More than $21,722 a. Compute only (a) in the income tax schedule for Sarah, whose annual income is $25,000. 15 25 |(a) 35 40 42 |(b) b. Compute only (b) in the income tax schedule for Rasha, whose annual income is $100,000.
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
What is the government's revenue collected from the $20 sales tax on each yellow bell pepper? Enter the dollar value in the blank below. Repeating the table for convenience: Table 1: Table Price Q. Demanded Q. Supplied $ 20 120 110 100 90 80 70 60 $25 $ 30 $ 35 $40 $45 $ 50 $55 $ 60 $65 $ 70 $75 $80 50 40 30 20 10 0 0 10 20 30 40 50 60 70 80 90 100 110 120
(Figure: Determining Tax Burdens) Based on the graph, the original market price is $4. The graph depicts a tax of with a corresponding deadweight loss of Price ($) 98765432 T X D 0 50 100 150 200 250 300 350 400 450 500 550 600 Quantity $6; $3 $3; $150 $6; 50 units $3; $75
14 18 17 15 14 12 11 10 9 8 م کی لم 7 5 3 2 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 For the market represented in the graph above, if the government sets a per unit tax of $3, how much government revenue will they receive from the tax? (Leave off the dollar sign in your answer)