Suppose that personal family income below $10,000 is taxed at 10%, income between $10,000 and $40,000...

Question

Question

Suppose that personal family income below $10,000 is taxed at 10%, income between $10,000 and $40,000...

Suppose that personal family income below $10,000 is taxed at 10%, income between $10,000 and $40,000 is taxed at 20%, and income above $50,000 is taxed at 30%. If a family earns $60,000, its marginal tax rate is

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Add a comment

Answer 2

Similar Homework Help Questions

Suppose that personal family income below $10,000 is taxed at 10%, income between $10,000 and $40,000...

Suppose that personal family income below $10,000 is taxed at 10%, income between $10,000 and $40,000 is taxed at 20%, and income above $50,000 is taxed at 30%. If a family earns $60,000, its average tax rate is
] Archenland has the following tax schedule: the first $20,000 of income is taxed at a...

] Archenland has the following tax schedule: the first $20,000 of income is taxed at a rate of 10%; the next $30,000 is taxed at a rate of 25%; beyond this, any additional income is taxed at a rate of 50%. Archenland allows a $4000 exemption per family member. a] Corin’s family has three members and earns $50,000 per year. Calculate the family’s marginal and average tax rates. b] Peter’s family has five members and earns $85,000 per year. Calculate...
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

Consider the following (artificial) marginal tax rate schedule for the personal income tax (PIT). (10) Income...

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
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...
Question text Suppose the government imposes a tax of 20 percent on the first $40,000 of...

Question text Suppose the government imposes a tax of 20 percent on the first $40,000 of income and a tax of 30 percent on income above $40,000 but less than $90,000. Income over $90,000 is taxed at a rate of 40 percent. The tax liability for a person whose income is $50,000 is $15,000. Select one: True False

A.) if your income is 60,000, how much will you pay in taxes. B.) determine marginal...

A.) if your income is 60,000, how much will you pay in taxes. B.) determine marginal tax rate. C.) determine your average tax rate. Suppose in Fiscalville there is a O percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000 Any income above $30,000 is taxed at 45 percent. Instructions: Round your answers to the nearest whole number a....
Question text Suppose the government imposes a tax of 20 percent on the first $40,000 of income and a tax of 30 percent...

Question text Suppose the government imposes a tax of 20 percent on the first $40,000 of income and a tax of 30 percent on income above $40,000 but less than $90,000. Income over $90,000 is taxed at a rate of 40 percent. The marginal tax rate for a person whose income is $45,650 is 30 percent. Select one: True False Question text Alvin earned $30,000 and paid $6,000 in taxes. If Beatrice earned $25,000 then she would have to pay...
True or false? 10. The income received by a proprietorship is taxed at personal tax rates

True or false? 10. The income received by a proprietorship is taxed at personal tax rates

12. If the government follows an income tax system in which income up to $25,000 is...

12. If the government follows an income tax system in which income up to $25,000 is taxed 4%, income greater than $25,000 and less than or equal to $50,000 is taxed at a rate of 10% and income over $50,000 is taxed at a rate of 25%; then a family earning $60,000 will pay an average tax rate of (assumed there is no deductions or exemptions): 12.5% 15% 25% 10%

Suppose that personal family income below $10,000 is taxed at 10%, income between $10,000 and $40,000...

Homework Answers