ZuoTi.Pro
Question

Suppose your annual income is $43,194 and there are two tax brackets: 10% for $0-$20,000 and...

Suppose your annual income is $43,194 and there are two tax brackets: 10% for $0-$20,000 and 30% for everything above $20,000.

What percentage of your income will you pay in taxes? Enter your answer in decimal (0.07 for 7%).

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Tax on first 20000 = 20000 * 10% = 2000

tax on remaining income = (43194 - 20000) * 30%

= 6958.2

total tax paid = 8958.2

percentage of income = 8958.2/43194

= 0.2074

= 0.21

0 0
Add a comment
Know the answer?
Add Answer to:
Suppose your annual income is $43,194 and there are two tax brackets: 10% for $0-$20,000 and...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 10. In Swedagon nation, the tax system is as follows: income from $0 to $20,000, tax...

    10. In Swedagon nation, the tax system is as follows: income from $0 to $20,000, tax rate is 25%; and income above $20,000 is taxed at 50%. What effective percentage of income does an individual pay in taxes under this tax system if that individual’s pre-tax income is $40,000?      25%    12.5%    125% 37.5%

  • Suppose that the lowest three tax brackets for U.S. personal income tax are as shown: Income...

    Suppose that the lowest three tax brackets for U.S. personal income tax are as shown: Income    Marginal Tax Rate 0-20,000 10% 20,001-50,000 20% 50,001-90,000 30% If someone's income is $60,000, then what is that person's tax bill? A. $11,000 B. $18,000 C. $12,000 D. $20,000

  • A tax system has the following income tax brackets: $0 to $20,000, 10%; $20,001 to $40,000,...

    A tax system has the following income tax brackets: $0 to $20,000, 10%; $20,001 to $40,000, 15%; $40,001 to $60,000, 20%; and over $60,000, 25%. Calculate the effective tax rate and marginal tax rate for both of these individuals: Tom makes $90,000 and has $10,000 in itemized deductions and $3,500 in a personal exemption. John makes $35,000 and has $5,900 in the standard deduction and a $3,500 personal exemption. Based on your calculations for these individuals, is the tax system...

  • Suppose that a nation decides to introduce a new income tax system with the tax brackets...

    Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in the table Income range Tax rate s0-$20,000 0% $20,001-$39,000 31% $39,001-$70,000 42% $70,001+ 50% Use the table to calculate the average tax rate and marginal tax rate for each of the families. Where applicable, round your answer to the nearest whole number. Вуne family Income $25,000 Average tax rate: % Marginal tax rate: 31 Smith family Income $48,000 Average tax rate Marginal...

  • 5. In Freedonia, the tax brackets works as follows. On the rst 20,000 pesos of taxable...

    5. In Freedonia, the tax brackets works as follows. On the rst 20,000 pesos of taxable income, tax rate is 10%. On the portion of income from 20,000 to 50,000 pesos, the tax rate is 25%. On income above 50,000 pesos, the tax rate is 50%. In addition, each family has a 12,000 pesos deduction, and each child can claim 2,000 pesos of tax credit. (a) Martin has a wife and a kid, and the family gross income is 50,000...

  • Suppose the government imposes a tax of 10 percent on the first $20,000 of income, 20...

    Suppose the government imposes a tax of 10 percent on the first $20,000 of income, 20 percent on the next 40,000 of income and 30 percent on income above $60,000. For a person whose income is $90,000, the tax liability is _________ and the marginal tax rate is __________. A. $27,000; 30 percent B. $19,000; 20 percent C. $19,000; 30 percent D. $18,000; 20 percent E. $ 9,000; 10 percent Which of the following statements about lump-sum taxes is (are)...

  • Suppose that a nation decides to introduce a new income tax system with the tax brackets...

    Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in the table. Income range Tax rate $0-$20,000 0% $20,001-$39,000 31% $39,001-$70,000 42% $70,001+ 50% Use the table to calculate the average tax rate and marginal tax rate for each of the families. Where applicable, round your answer to the nearest whole number Byrne family Income = $25,000 Average tax rate: 6 % Marginal tax rate: 31 Smith family Income = $48,000 Average...

  • 7. Let's do some taxes. The following table are the 2020 tax brackets for single tax...

    7. Let's do some taxes. The following table are the 2020 tax brackets for single tax filers. Tax rate 10% 12% 22% 24% 32% 35% 37% Amount $0 to $9,700 $9,701 to $39,475 $39,476 to $84.200 $84,201 to $160,725 $160,726 to $204,100 $204,101 to $510,300 $510,301 or more a) For example, if you make $54,000 in 2020, the first $9,700 is taxed at 10%, the next amount from $9,701 to $39,475 is taxed at 12%, and finally, the amount from...

  • If the first $20,000 of your income (or any portion thereof) is taxed at 10%, and...

    If the first $20,000 of your income (or any portion thereof) is taxed at 10%, and the next $30,000 of your income (or any portion thereof) is taxed at 20%, and any income you make above that is taxed at a 30% rate, then a person who earned an income of $500,000 will pay the following amount in taxes: Group of answer choices: $156,000 $100,000 $143,000 $150,000

  • 1 Data Table TABLE 1.2: Tax Rates and Income Brackets for Joint Returns (2015) Taxable Income...

    1 Data Table TABLE 1.2: Tax Rates and Income Brackets for Joint Returns (2015) Taxable Income Joint Returns $0 to $18,150 $18,151 to $73,800 $73,801 to $148,850 $148,851 to $226,850 $226,851 to $405,100 $405,101 to $457,600 Over $457,600 Tax Rates 10% 15% 22% 3"5% 35% 39.6% (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.) Mike and Julie Bedard are a working couple. They will fle...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT