The Tax Rate is . On Taxable Income. 8% From S0 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 Oa. 16%. Ob.8%. Oc. 24%. Od.34%.

The Tax Rate is . On Taxable Income. 8% From S0 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 Oa. 16%. Ob.8%. Oc. 24%. Od.34%.

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

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%
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.
5
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?
Using the simplified 2018 tax table, determine the income tax owed for a single person who has $143904 of taxable income. Marginal Tax Rate Filing Single On Taxable Income 10% First $9,525 12% 22% 24% $9,525 $38,700 $38,700 $82,500 $82,500 $157,500 32% 35% 37% $157,500 $200,000 $200,000 $500,000 Over $500,000 Find the marginal tax amount for each of the brackets 10% 952.50 12% 22% 24% Total Tax
Find the missing values for [ a ] through [ j ] below. [ j ] Which tax structure above is progressive? Which tax structure above is regressive?
2
5. Study Questions and Problems #5 True or False: The marginal tax rate is calculated using additional income, while the average tax rate is calculated using total income. True O False
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
xation) 12 11 20 9. 1. 1 6. S 4 3- 2- Figure 8-22 90 300 130 120 Refer to Figure 8-22. Suppose the government changed the per-unit tax from $3.00 to $4.50. Compared to the original tax rate, this higher tax rate would a. increase tax revenue and increase the deadweight loss from the tax. b. increase tax revenue and decrease the deadweight loss from the tax. c. decrease tax revenue and increase the deadweight loss from the tax d. decrease tax revenue and decrease the deadweight loss from the tax.
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