pay Based on your yearly income above, calculate the amount of tax each income bracket would 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 2 of Lesson 3.06. Proposed Progressive Plan 10% on income up to $25,000 20% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 30% on income between $44,000 and $80,000 40% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows): Calculate the tax for $95,000. For example, $10,000x40%-$4,000 in tax. Show your work!! $25,000 10,100= $2,500 $9,000*20,100= $1,800 $10,000*25,100= $2,500 $36,000*30,100= $10,800 $15,000*40,100= $6,000 $23,600 Calculate the tax for $25,000. For example, $10,000x40%-$4,000 in tax. Show your work!!
pay Based on your yearly income above, calculate the amount of tax each income bracket would 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 2 of Lesson 3.06. Proposed Progressive Plan 10% on income up to $25,000 20% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 30% on income between $44,000 and $80,000 40% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows): Calculate the tax for $95,000. For example, $10,000x40%-$4,000 in tax. Show your work!! $25,000 10,100= $2,500 $9,000*20,100= $1,800 $10,000*25,100= $2,500 $36,000*30,100= $10,800 $15,000*40,100= $6,000 $23,600 Calculate the tax for $25,000. For example, $10,000x40%-$4,000 in tax. Show your work!!
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
I need the other side of the chart for progressive tax calculation.
Transcribed Image Text: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 2 of Lesson 3.06.
Proposed Progressive Plan
10% on income up to $25,000
20% on income between
$25,000 and $34,000
25% on income between
$34,000 and $44,000
30% on income between
$44,000 and $80,000
40% on taxable income over
$80,000
MACROECONOMICS
TOTAL TAX PAID (sum of all
rows):
Calculate the tax for $95,000.
For example,
$10,000x40%-$4,000 in tax.
Show your work!!
$25,000 10,100= $2,500
$9,000*20,100-$1,800
$10,000 25,100= $2,500
$36,000*30,100-$10,800
$15,000*40,100= $6,000
$23,600
Calculate the tax for
$25,000. For example,
$10,000x40%-$4,000 in
tax. Show your work!!
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