Suppose you earn $50,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, rangesfrom $0 to $25,000. The second tax bracket, which taxes at 25 percent, ranges from $25,001 to $100,000. How much will you pay intotal taxes?Instructions: Enter your answer as a whole number. Suppose that Carson earns $80,000 per year but must pay income taxes according to the tax schedule as shown below.IncomeTax Rate (%)$0 to $7,00010$7,001 to $33,00015$33,001 to $75,00025$75,001 to $142,00030$142,001 and above40Instructions: Round your answers to the nearest whole number.a. According to this table, what type of income tax does Carson face?Progressive tax vb. Assume that Carson has no tax exemptions or deductions. How much in income taxes must Carson pay?2$What is Carson's marginal tax rate?percentWhat is his average tax rate?percent

a) Income = $50000 Tax rates are:- 5% for income ranges from $0 to $25000 25% for income ranges from…

Suppose you earn $50,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $25,000. The second tax bracket, which taxes at 25 percent, ranges from $25,001 to $100,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number.

Suppose you earn $50,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $25,000. The second tax bracket, which taxes at 25 percent, ranges from $25,001 to $100,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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