Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in the table.Income range$0-$20,000$20,001-S39,000$39,001-$70,000$70,001+Tax rate0%31%AD%50%Use the table to calculate the average tax rate and marginal tax rate for each of the families. Where applicable, round youranswer to the nearest whole numberByrne familyIncome = $25,000Average tax rate%Marginal tax rateSmith familyIncome -$48,000Average tax rate%Marginal tax rateWashington familyIncome = $62,000Average tax rate%Marginal tax rate:Lee familyIncome = $123,000Average tax rate%Marginal tax rate:

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
If the Gini coefficient of a nation in 1980 was 0.50 and in 2020 it was 0.40, the nation's O income inequality is less in 2020 O income inequality is more in 2020 O tax system is less progressive in 2020 O tax system is more progressive in 2020
12. Study Questions and Problems #12 Consider the first three columns of the following table, which outline a hypothetical Negative Income Tax plan. Complete the last column of the table. Family Income Negative Tax Positive Tax Total After-Tax Income $0 $10,000 $0 S 5,000 $7,500 0 S 10,000 $5,000 0 S 15,000 $2,500 0 S 20,000 0 0 S 25,000 0 -$2,500 S 30,000 -$5,000 S 35,000 -$7,500 S
When Ann's income increased from $100,000 to $120,000, her income tax payment increased from $22,000 to $30,000. Ann's average tax rate is and her marginal tax rate is A. 25 percent; 25 percent B. 40 percent; 25 percent C. 40 percent; 40 percent D. 25 percent; 40 percent
Consider the first three columns of the following table, which outline a hypothetical Negative Income Tax plan. Complete the last column of the table. Family Income Negative Tax Positive Tax Total After-Tax Income 50 $20,000 50 S 5,000 $15,000 0 S 10,000 $10,000 S 15,000 $5,000 0 20,000 0 0 S 25,000 0 -$5,000 30,000 35,000 OO -$10,000 S -$15,000
Abraham. Income level $10,000 $50,000 $100,000 Refer to the table above. Abraham faces a a) progressive Ob) proportional Oc) regressive $5,000 $10,000 $15,000 Taxes Paid Brenda $1,000 $5,000 $10,000 tax system. Caitlyn $1,000 $10,000 $30,000
According to the textbook, which of the following statements about taxes in the U.S. is (are) correct? (x) Tax evasion is illegal, but tax avoidance is legal. (y) Most economists believe that a corporate income tax affects the stockholders of a corporation but not its employees or customers. (z) In practice, the U.S. income tax system is filled with special provisions that alter a family's tax based on its specific circumstances. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (z) only
MACROECONOMICS 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 4 of Lesson 05.03: Sharing with Uncle Sam. Calculate the tax for $95,000. For example, $10,000x40%-%$4,000 in tax. Show your work!! Proposed Regressive Plan Calculate the tax for S25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 10% on income up to $25,000 20% on income between S25,000 and S34,000 25% on income between S34,000 and S44,000 30% on income between $44,000 and S80,000 40% on taxable income over S80,000 TOTAL TAX PAID (sum of all rows):
4.7) Consider a national income tax that is structured as follows: Income Marginal tax rate $0-$10,000 0% $10,001-- $60,000 5% $60,001and above 0% For each of the following workers determine his or her marginal and average tax rate d. Would you describe the tax system as proportional, regressive, or progressive? Explain
3 of 1 estion s page What does the Canadian poverty rate measure? O a. the number of people whose annual household income is less than $17 568 the number of people whose annual household income is less than $21 728 the percentage of people whose income falls below an identified income standard the percentage of government expenditures allocated to antipoverty programs O b. О с. O d.

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