The Tax Rate is ...8%1624343638On Taxable Income...From $0 up to $15,000From $15,000 up to $35,000From $35,000 up to $75,000From $75,000 up to $145,000From $145,000 up to $330,000over $330,000Refer to Table 12-11. If Peggy has taxable income of $43,000, her marginal tax rate isa. 24%.b. 34%.c. 8%.Od. 16%.

Step 1: Identify which range Peggy's taxable income falls$43,000 falls between $35,000 and $75,000…

Answered: The Tax Rate is ... 8% 16 24 34 36 38…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

If the first $50,000 is taxed by 1% and anything above $50,000 to $75,000 is taxed by 2% then what is the tax of $60,000?
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?
a tax decrease will decrease consumption a tax increase will increase consumption consumption and after-tax income are unrelated consumption varies inversely with after-tax incomes consumption varies directly with after-tax incomes
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?
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
Refer to the tax table below. If your taxable income is $8,000, your average and marginal tax rates are Taxable Income Total Tax $ 2,000 $ 200 4,000 600 6,000 1,200 8,000 2,000 10,500 3,000 25% average rate and 25% marginal rate on additional income. 25% average rate and 40% marginal rate on additional income. 20% average rate and 30% marginal rate on additional income. 25% average rate with a marginal rate that can not be determined.
In the United States, taxpayers in the top 1 percentof the income distribution pay about _________percent of their income in federal taxes.a. 5b. 10c. 20d. 30
8
Tax Bracket : 0-$20,000 = 10% $20,001-$60,000 = 15% $60,001-$100,000 = 35% _______________________________ Jessica makes $25,000. How much tax does she pay? A. $3,000 B. $3,750 C. $2,750 D. $1,200
Consider the following tax structure: Income Bracket Marginal Tax Rate 0% $0- $6,000 $6,000 $25,000 > $25,000 20% 40% a. Mr. Smith has an income of $90,000 per annum. Calculate his tax bill for the year: $ b. What is his average tax rate? % (Round to two decimal places.) c. What is his highest marginal tax rate?
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