CONNECT F/MICROECONOMICS
21st Edition
ISBN: 2810022151240
Author: McConnell
Publisher: MCG
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Chapter 20, Problem 3RQ
To determine
Which among the options is an example of regressive taxation .
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Suppose in Fiscal illegal there is a 0 percent tax on the first 10,000 of income, but there is a 20% tax on earnings between $10,000 and $20,000 and a 30% tax on income $20,000 and $30,000. Any income above $30,000 is taxed at 40%.
If your income is $70,000, how much will you pay in taxes?
Determine your average tax rate?
Use the below table to calculate the amount of federal income tax that Kristen should report
if she earned a taxable income of $87,011 in 2017?
Federal Tax Rates for 2017
15% on the first $44,784 of taxable income, plus
19% on the next $45,594 of taxable income, plus
26.5% on the next $50,628 of taxable income, plus
32% on any further taxable income
Income tax = $
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