Problem 1-53 (LO 1-5) (Static) Given the following tax structure: Salary Total Tax Taxpayer Mae $ 10,000 $ 600 ??? Pedro $ 20,000 a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? Minimum tax b. This would result in what type of tax rate structure? Tax rate structure

Problem 1-53 (LO 1-5) (Static) Given the following tax structure: Salary Total Tax Taxpayer Mae $ 10,000 $ 600 ??? Pedro $ 20,000 a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? Minimum tax b. This would result in what type of tax rate structure? Tax rate structure

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? (Round your final answer to nearest whole dollar amount.) Muni-Bond Total Tax Salary $ 10,000 $ 50,000 Тахраyer Interest $ 600 $ 10,000 $ 30,000 Mihwah Shameika ??? Minimum tax
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Given the following tax structure: Taxpayer Mae Salary $ 44,500 Pedro $ 68,500 Total Tax $ 3,738 ??? Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax p b. This would result in what type of tax rate structure? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? Minimum tax $5,754 X mirod Required P
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assessed on Shameika to make the tax progressive with respect to average tax rates? Total tax Divide by Salary income Average tax rate for Mihwah Taxable income for Shameika X Average tax rate Tax baxed on average tax rate Average tax rate for Mihwah = 736 16,000 = 4.6 736 16000 Shameika must pay greater than $3080 to make tax rate progressive Minimum tax 4.60% 68000 4.60% 3,128 3,129 x 100
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