Refer to the tax table below. If your taxable income is $8,000, your average and marginal tax rates are Taxable Income Total Tax $ 2,000 $ 200 4,000 600 6,000 1,200 8,000 2,000 10,500 3,000 25% average rate and 25% marginal rate on additional income. 25% average rate and 40% marginal rate on additional income. 20% average rate and 30% marginal rate on additional income.

Refer to the tax table below. If your taxable income is $8,000, your average and marginal tax rates are Taxable Income Total Tax $ 2,000 $ 200 4,000 600 6,000 1,200 8,000 2,000 10,500 3,000 25% average rate and 25% marginal rate on additional income. 25% average rate and 40% marginal rate on additional income. 20% average rate and 30% marginal rate on additional income.

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

Calculate Your Taxes To find your net pay, you'll need to first calculate your taxes. Start period 02 | 01|2019 End period 02 | 15| 2019 Find the tax percentages for each type of tax on your pay stub and insert them here. Then, press the calculate button when you're ready. Gross Pay $1,837.00 Earnings Taxes Deductions FEDERAL % of $1,837.00 $1,837.00 Federal (8.24%) FICA Medicare (1.45%) FICA MEDICARE % of $1,837.00 FICA Social Security (6.20%) FICA SOCIAL SECURITY % of $1,837.00 State - OK (3.86%) STATE % of $1,837.00 Total Disclaimer: Tax numbers are for illustrative purposes only. Net Pay Calculate
In the year 2021, a corporation made $18.2 Million in revenue, $2.4 Million of operating expenses, and depreciation expenses of $6.2 Million. The state income tax rate is 9% and the federal income tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable expence when filing federal income tax. The approximate state income tax is $ Million (Round to three decimal places.) The approximate federal tax is $ Million. (Round to three decimal places.) The combined effective income tax rate is enter your response here %. (Round to the nearest decimal.) The ATCF for the year 2021 is $ Million . (Round to three decimal places.)
Taxable Income Total Tax $1000 $500 $2000 $600 $3000 $700 $4000 $800 $5000 $900 $6000 $1000 Refer to the income tax schedule given in the table. If your taxable income increases from $4,000 to $5,000, you will encounter a marginal tax rate of А. 30% В. 10% C. 18%
Self-Study Problem 4.4 In October 2020, Jack, a single taxpayer, sold IBM stock for $12,000, which he purchased 4 years ago for $4,000. He also sold GM stock for $14,000, which cost $17,500 3 years ago, and he had a short-term capital loss of $1,800 on the sale of land. The tax rates on long-term capital gains are as follows: Income Level Long-TermCapital Gains Rates Married filing jointly $0–$80,000 0% $80,001–$496,600 15% > $496,600 20% Single $0–$40,000 0% $40,001–$441,450 15% > $441,450 20% Head of household $0–$53,600 0% $53,601–$469,050 15% > $469,050 20% If Jack's other taxable income (salary) is $78,000, what is the amount of Jack's tax on these capital transactions?$fill in the blank 1
The value of a tax deduction: is lower for taxpayers in higher marginal tax brackets. does not vary by tax bracket. is greater for taxpayers in higher marginal tax brackets. decreases as a tax system becomes more progressive.
7
None
Table 12-11 The Tax Rate is . On Taxable Income.. 8% From $0 up to S15,000 16 From $15,000 up to $35,000 24 From $35,000 up to $75,000 34 From $75.000 up to $145,000 36 From $145,000 up to $330.000 38 over $330,000 Refer to Table 12-11. If Peggy has taxable income of $43,000, her marginal tax rate is O a. 16%. Ob.8%. Oc.24% Od.34%.
QUESTION 3 What tax per item t will maximize total tax reveue T = tq if the demand is p+q3D1000 and supply 92 +2.5q+920 30 is
Please no written by hand Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. 1st attempt See Hint If you have a taxable income of $323,420.00, what is yourtop marginal tax rate? % total tax bill? $ average tax rate? %
Consider the following supply and demand function, QD = 65 − 2P and QS = 1.5P − 5, and assume a $17.50 excise tax is collected from consumers. (a) Calculate price and quantity in this market before (P1 and Q1) and after the tax (P2 and Q2). (b) What is the amount of tax revenue that is collected from con- sumers, producers and in total? (c) What is the relative tax burden of consumers and producers? (d) Show how the elasticity of supply and demand determine the shar- ing of the tax burden. (e) What is the relative tax burden of producers and consumers if the tax is collected from producers, instead?
a tax decrease will decrease consumption a tax increase will increase consumption consumption and after-tax income are unrelated consumption varies inversely with after-tax incomes consumption varies directly with after-tax incomes