Suppose that Carson earns $80,000 per year. Now suppose that he must pay income taxes according to the tax schedule shown below. Income Tax Rate (%) $0 to $7,000 $7,001 to $33,000 $33,001 to $75,000 $75,001 to $142,000 10 15 25 30 Over $142,000 40 Instructions: Enter your answers rounded to the nearest whole number. a. According to the table, what type of income tax does Carson face? Progressive O b. Assume that Carson has no tax exemptions or deductions. How much in income taxes must Carson pay? $ 24,000 * What is Carson's marginal tax rate? 30 percent What is his average tax rate? 20 O percent
Suppose that Carson earns $80,000 per year. Now suppose that he must pay income taxes according to the tax schedule shown below. Income Tax Rate (%) $0 to $7,000 $7,001 to $33,000 $33,001 to $75,000 $75,001 to $142,000 10 15 25 30 Over $142,000 40 Instructions: Enter your answers rounded to the nearest whole number. a. According to the table, what type of income tax does Carson face? Progressive O b. Assume that Carson has no tax exemptions or deductions. How much in income taxes must Carson pay? $ 24,000 * What is Carson's marginal tax rate? 30 percent What is his average tax rate? 20 O percent
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me correct b. Thanks
![Suppose that Carson earns $80,000 per year. Now suppose that he must pay income taxes according to the tax schedule shown
below.
Income
Таx Rate (%)
$0 to $7,000
$7,001 to $33,000
$33,001 to $75,000
10
15
25
$75,001 to $142,000
30
Over $142,000
40
Instructions: Enter your answers rounded to the nearest whole number.
a. According to the table, what type of income tax does Carson face?
Progressive
b. Assume that Carson has no tax exemptions or deductions. How much in income taxes must Carson pay?
$ 24,000 *
What is Carson's marginal tax rate?
30
percent
What is his average tax rate?
20
percent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c33e07c-8694-4e34-ac4f-8e0baded1561%2Fbfd1212d-cfa8-477e-9c92-1a6077fe44c3%2Fxz1g8kp_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that Carson earns $80,000 per year. Now suppose that he must pay income taxes according to the tax schedule shown
below.
Income
Таx Rate (%)
$0 to $7,000
$7,001 to $33,000
$33,001 to $75,000
10
15
25
$75,001 to $142,000
30
Over $142,000
40
Instructions: Enter your answers rounded to the nearest whole number.
a. According to the table, what type of income tax does Carson face?
Progressive
b. Assume that Carson has no tax exemptions or deductions. How much in income taxes must Carson pay?
$ 24,000 *
What is Carson's marginal tax rate?
30
percent
What is his average tax rate?
20
percent
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education