Suppose a small egg to income tax rates 20% for all income up to $50,000 and 30% for any income earned above $50,000 suppose that the economy has a government budget for this year. You’re one of $70,900 and a total of five individuals earning the following income Carla 28,000 been 49,000 Jennifer $50,000 Donnie $75,000 Maria $110,000. In year one does the economy have a balance, budget, budget surplus or a budget deficit accompany a response with corresponding dollar amount

Q: 1. Suppose the marginal or bracket tax rate for income from $1 to $15,000 is 12%, the marginal tax…

A: A progressive tax is a tax/duty wherein the expense rate increments as the available income/taxable…

Q: GDP $ 450 $ 425 $ 2,000 500 450 3,000 600 500 4,000 640 620 5,000 5 680 580 4,800 6 600 620 5,000…

A: Answer; Option (a) 6 is correct answer

Q: 7) Which of the following is considered expansionary fiscal policy? a) Congress decreases the income…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: alculating the debt to GDP ratio Suppose the following statistics characterize the financial health…

A: Gross domestic product (GDP) refers to the total output produced in an economy in a given fiscal…

Q: increased by $5 billion, $6 billion in bondS were sold to the public, an unused military base was…

A: We know that                           Budget Surplus = Total Expenditure < Total Receipts…

Q: 47. The federal government runs a budget surplus when Group of answer choices the economy is in a…

A: Budget surplus is the situation if excess reserves.

Q: 2. Calculating the debt to GDP ratio The following calculations help you see how the ratio of debt…

A: The debt to GDP ratio is the ratio indicating the total debt and total GDP of the country. The debt…

Q: The structural budget balance is The cyclical budget balance is

A: Budget balance is difference between government revenue and government outlays.  i.e., Budget…

Q: 4. Computing and interpreting average tax rates In a hypothetical economy, Dmitri earns $35,000,…

A: The average tax rate for Dmitri, Frances, and Jake, based on the provided tax liability figures, is…

Q: Suppose the following statistics characterize the financial health of the hypothetical economy…

A: Gross domestic product (GDP) refers to the total output produced in an economy in a given fiscal…

Q: In Virginia, in 2019, if you made $10,000 a year in income, you paid $120 + 5% of excess over…

A: A tax is a necessary fee or a type of monetary charge that is imposed by a government on a person or…

Q: How Reagan Would Fix economy Many Republicans look at Reagan's policies in the early 1680s and…

A: Laffer Curve is a theory suggesting an optimal tax rate exists that maximizes government revenue.…

Q: 100 80 60 40 20 O $100 200 300 400 500 600 700 800 900 GDP Refer to the diagram, in which Tis tax…

A: When spending surpass receipts, a budget deficit occurs, and it indicates a country's financial…

Q: Proposed Regressive Plan 40% on income up to $25,000 30% on income between $25,000 and $34,000 25%…

A: Here we are given the income tax structure, using that we solve the given questions.

Q: Table 12-10 On Taxable Income ... The Tax Rate is ... Up to $8,375 10% From $8,375 to $34,000 15…

A: Taxable income: It is the total income onto which a tax slab applies based on which an individual or…

Q: The following calculations help you see how the ratio of debt to GDP changes from one year to the…

A:

Q: Over the past year, Ionia's money supply increased by $3 billion, $2billion in bonds were sold to…

A: Given, increase in money supply = $3 billion Bonds held by public = $2 billion Amount received on…

Q: 1. The federal budgetary process This table shows three stages in the federal budgetary process.…

A: The government budget gives the objective and financial path of the govt in the process of the…

Q: If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid

A: Given the value of line 18 = 2875.84 The value of line 15 = 2651

Q: Suppose that a family's income is exactly the same as the poverty threshold. This family's income…

A: In social science, financial gain difference refers to a substantial gap in financial gain…

Q: S. Allocation of government expenditures Federal and local governments tax and spend. The following…

A: Public consumption, public investment, and transfer payments made up of capital transfers and income…

Q: 4. Taxes paid for a given income level Antonio is getting ready to do his taxes. He is single and…

A: Marginal Tax Rate: The marginal tax rate is the rate at which an additional dollar of income is…

Q: Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on…

A: 0−10,000 = No tax    10,000 − 20,000 = 20%    20,000 − 30,000 = 30 %    > 30,000  = 40%