Homework Answers
a)The minimum tax paid that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid is calculated below:
Mae's Salary = $10,500
Mae's Tax (Paid) = $735
Pedro, Salary = $22,000
The minimum tax paid by Pedro = $22,000*$735/ $10,500 = $1,540
b)This tax rate structure is a progressive tax structure because the amount of tax increases as the payer's income increases.In other words, an individual who earns high income has to pay high proportion of taxes during the specific period of time.
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