If Donald Trump’s income increases from $200,000 to $400,000 and his tax liability increases from $50,000...
If Donald Trump’s income increases from $200,000 to $400,000 and his tax liability increases from $50,000 to $80,000, which of the following is true?
| a. |
His average tax rate is 20 percent at his new income level of $400,000. |
|
| b. |
All of the above. |
|
| c. |
His marginal tax rate is 30 percent in this range. |
|
| d. |
He faces a progressive tax in this income range. |
Homework Answers
The income has doubled but the tax has not increased more than double so this is not a progressive tax rate, the answer is "A", his average tax rate in 20% at his new income level of $400,000.
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If Donald Trump’s income increases from $200,000 to $400,000 and
his tax liability increases from $50,000...
Income = $30,000 Income = $100,000 Income = $400,000 Tax Schedule Taxable Marginal Taxable Taxable Tax...
Income = $30,000 Income = $100,000 Income = $400,000 Tax Schedule Taxable Marginal Taxable Taxable Tax liability income Tax liability Income Income Range Income Rate Tax liability o 10 00 0 %|| 10,000| 0| 10,000 oll 10.000 10,000 20,000 10% 1000 10,000 20,000 40,000 15% 1500 10,000 40,000/ 80,000 20% O 80,000 160,000 30% 0 0 160,000 320,000 35% 0 0 320,000 + 40% 0 Total Liability Total Liability Total Liability Average Tax Rate Average Tax Rate Average Tax Rate
Determine the amount of average income tax liability per tax return, for each income range provided,...
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Determine the amount of average income tax liability per tax return, for each income range provided,...
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Suppose the government imposes a tax of 10 percent on the first $20,000 of income, 20...
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Taxable Income and Total Tax Liability are in thousands. Ranges of Adjusted Gross Income Item Under...
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Consider the following (artificial) marginal tax rate schedule for the personal income tax (PIT). (10) Income...
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Assume the City of Norfolk used the following tax schedule for individuals: Income Tax 11% 0-50,000...
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Question text Suppose the government imposes a tax of 20 percent on the first $40,000 of income and a tax of 30 percent...
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Income = $30,000 Income = $100,000 Income = $400,000 Tax Schedule Taxable Marginal Taxable Taxable Tax liability income Tax liability Income Income Range Income Rate Tax liability o 10 00 0 %|| 10,000| 0| 10,000 oll 10.000 10,000 20,000 10% 1000 10,000 20,000 40,000 15% 1500 10,000 40,000/ 80,000 20% O 80,000 160,000 30% 0 0 160,000 320,000 35% 0 0 320,000 + 40% 0 Total Liability Total Liability Total Liability Average Tax Rate Average Tax Rate Average Tax Rate
Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. (Enter your answers in dollars rounded to the nearest dollar value.) Ranges of Adjusted Gross Income $15,000 to $30,000 to 29,734,201 Under 50,000 to $100,000 to $200,000 or Item Number of returns Taxable income Total tax liability Average tax rate $15,000 under $30,000 under $50,000 under $100,000 under...
Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. (Enter your answers in dollars rounded to the nearest dollar value.) Ranges of Adjusted Gross Income $15,000 to $30,000 to 29,734,201 Under 50,000 to $100,000 to $200,000 or Item Number of returns Taxable income Total tax liability Average tax rate $15,000 under $30,000 under $50,000 under $100,000 under...
Refer to the individual rae schedules in Appendix C a. What are the tax liability income? he marginal tax rate, and the average tax rate for a married couple filing jointly with $65,900 taxable b. What are the tax liability, he marginal tax rate, and the average tax rate for a single individual with $192,800 taxable income? c. What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $460,300 taxable...
Consider the following (artificial) marginal tax rate schedule for the personal income tax (PIT). (10) Income From S0 to $20,000 From $20,000 to $50,000 From $50,000 to $100.000 From $100,000 to $200,000 Greater than $200,000 Tax Rate 0% 10% 20% 30% 40% Create a table like this and fill it in: Income PIT (S) Marginal Tax Average Tax Rate (MTR) (%) Rate (ATR) (%) $40,000 $70,000 S300,000
Assume the City of Norfolk used the following tax schedule for individuals: Income Tax 11% 0-50,000 50,001-100,000 100,001 + 8% 5% a. Briefly define horizontal and vertical tax equity (no more than two sentences per term). b. Mr. Monarch earned $150,000 this year. Compute his (1) Norfolk city tax, (2) average tax rate, and (3) marginal tax rate. c. Is the city of Norfolk's individual rate schedule regressive, proportional or progressive and what is the reasoning for your answer?
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