Homework Answers
Tax rate = taxes paid/income
1) Joey = 27000/90,000 = 30%
2) Monica = 20,000/80,000 = 25%
3) Chandler = 15,000/75,000 = 20%
.
as income falls, tax rate falls
So progressive tax rate, option 3)
( As income rises tax rate rises )
.
it is more regressive
bcoz top earners will pay lower taxes
& Poor people will be paying more taxes
Add Answer to:
Use the information in the table to answer the questions about the tax system in the...
does a progressive tax system by itself guarantee that resources will be redistributed from the rich...
does a progressive tax system by itself guarantee that resources will be redistributed from the rich to the poor? Explain. is the tax system in the united states progressive, regressive or proportional? does the tax spending in the united States redistribute resources from higher income earners to lower income earners?
19) A flat tax is a tax with a single margional tax rate. If households could...
19) A flat tax is a tax with a single margional tax rate. If households could deduct $15,000 and then face a marginal tax rate of 25% on all additional income, would the tax be: A) Proportional B) Regressive C) Progressive D) Regressional 20) Disposable income is defined as A) Income you throw away. B) Income after taxes. C) Income after taxes and essentials. D) Income after rent and insurance. 21) Which of the following statement about Social Security is...
13 a. The following tax proposal has income as the tax base. Calculate the marginal tax...
13 a. The following
tax proposal has income as the tax base. Calculate the marginal tax
rate for an income of $5,000 and an income of $40,000. Then,
calculate the percentage of income paid in taxes for an individual
with a pre‐tax income of $5,000 and for an individual with a pre
tax income of $40,000. Classify the tax as being proportional,
progressive, or regressive. Round answers to two places after the
decimal, where applicable.
Tax Proposal: All income is...
What is the structure of the U.S. income tax system? A. The U.S. income tax system...
What is the structure of the U.S. income tax system? A. The U.S. income tax system is a progressive tax system where the marginal tax rate exceeds the average tax rate. B. The U.S. income tax system is a regressive tax system since higher income individuals pay a higher tax. C. The U.S. income tax system is basically a proportional tax system since all people with the same income pay the same tax. D. The U.S. income tax system only...
1.1 Which of the following is incorrect (not true) about marginal and average tax rates? In...
1.1 Which of the following is incorrect (not true) about marginal and average tax rates? In a proportional income tax system, the marginal tax rate is higher than the average tax rate. In a regressive income tax system, the marginal tax rate is lower than the average tax rate. None of the listed answers is incorrect. In a progressive income tax system, the marginal tax rate is higher than the average tax rate. 1.2 Which of the following represents an...
Answer the questions based on the data in the table. Round all answers to two places...
Answer the questions based on the data in the table. Round all answers to two places after the decimal. Earner Sally Steve Jamie Pat Annual income amount $90827.00 $160829.00 $230831.00 $300833.00 Income tax amount $29972.91 $46640.41 $57707.75 $72199.92 What is Sally's tax rate? What is Pat's tax rate? What is the nature of this income tax system? O proportional O progressive O regressive
Need help with Tax problems. Understanding taxes In general, is the U.S. federal tax system progressive...
Need help with Tax problems.
Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Progressive Regressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
8. The tax system Understanding taxes In general, is the U.S. federal tax system progressive or...
8. The tax system Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
Correctly answer each part of question #8 In general, is the U.S. federal tax system progressive...
Correctly answer each part of question #8
In general, is the U.S. federal tax system progressive or regressive? Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $60.59 per share and sold it for $82.35 per share after a few years. How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
Complete the following table and answer one question a. Assuming a(n) 6 percent sales tax is...
Complete the following table and answer one question a. Assuming a(n) 6 percent sales tax is levied on all consumption, complete the following table: Income Instructions Enter your sales tax responses rounded to the nearest whole number. Enter your responses for percentage of income paid in taxes rounded to one decimal place. Consumption Sales Tax Percentage of Income Paid in Taxes $10,000 $11,000 20.000 20.000 38,000 60,000 80.000 b. This sales taxis proportional O regressive progressive 37N > ere to...
19) A flat tax is a tax with a single margional tax rate. If households could deduct $15,000 and then face a marginal tax rate of 25% on all additional income, would the tax be: A) Proportional B) Regressive C) Progressive D) Regressional 20) Disposable income is defined as A) Income you throw away. B) Income after taxes. C) Income after taxes and essentials. D) Income after rent and insurance. 21) Which of the following statement about Social Security is...
13 a. The following
tax proposal has income as the tax base. Calculate the marginal tax
rate for an income of $5,000 and an income of $40,000. Then,
calculate the percentage of income paid in taxes for an individual
with a pre‐tax income of $5,000 and for an individual with a pre
tax income of $40,000. Classify the tax as being proportional,
progressive, or regressive. Round answers to two places after the
decimal, where applicable.
Tax Proposal: All income is...
Answer the questions based on the data in the table. Round all answers to two places after the decimal. Earner Sally Steve Jamie Pat Annual income amount $90827.00 $160829.00 $230831.00 $300833.00 Income tax amount $29972.91 $46640.41 $57707.75 $72199.92 What is Sally's tax rate? What is Pat's tax rate? What is the nature of this income tax system? O proportional O progressive O regressive
Need help with Tax problems.
Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Progressive Regressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
8. The tax system Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
Correctly answer each part of question #8
In general, is the U.S. federal tax system progressive or regressive? Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $60.59 per share and sold it for $82.35 per share after a few years. How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
Complete the following table and answer one question a. Assuming a(n) 6 percent sales tax is levied on all consumption, complete the following table: Income Instructions Enter your sales tax responses rounded to the nearest whole number. Enter your responses for percentage of income paid in taxes rounded to one decimal place. Consumption Sales Tax Percentage of Income Paid in Taxes $10,000 $11,000 20.000 20.000 38,000 60,000 80.000 b. This sales taxis proportional O regressive progressive 37N > ere to...
Most questions answered within 3 hours.
-
The fuel economy of a 2011 Lexus RX 350 2wd 6 cylinder 3.5 L
automatic 5...
asked 2 minutes ago -
i.
the synthesized compund 2-bromo-butanal i have a IR peak at about
3200 and one at...
asked 2 minutes ago -
A
752 mL sample of water was placed in a 1000 gram pan of aluminum.
The...
asked 13 minutes ago -
1.In the context of chelation, what does binding strength mean?
What happens at the molecular level...
asked 6 minutes ago -
Describe two obstacles that makes fixing atmospheric nitrogen
difficult.
asked 25 minutes ago -
Evelyn incorporates her sole proprietorship, transferring it to
newly formed Papaya Corporation. The assets transferred have...
asked 12 minutes ago -
Assume that in a hydrogen atom, the electron circles the nucleus
in a circle of radius...
asked 20 minutes ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 14 minutes ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 16 minutes ago -
T
F 53) Most differences
between human groups are the result of biology rather than
culture....
asked 30 minutes ago -
A 5.20 mW helium neon laser emits a visible laser beam with a
wavelength of 633...
asked 33 minutes ago -
Assignment:
Your
organization has made a strategic decision
to
outsourcework
currently performed in house. You have...
asked 32 minutes ago