Table 12-3 Income SO to $40,000 Over $40,000 Tax rate 20% 50% Refer to Table 12-3....

Question

Question

Table 12-3 Income SO to $40,000 Over $40,000 Tax rate 20% 50% Refer to Table 12-3. What is the marginal tax rate for a person

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Ans

d. 20%

It is clearly mentioned income range of $0 to $35,000. So, 35,000 falls under 20% tax rate. So marginal tax rate that person who makes 35,000 will give 20% of his income.

Add a comment

Answer 2

Similar Homework Help Questions

i need all the steps please for 12 and 13 Table 12-5 Income Tax rate $0...

i need all the steps please for 12 and 13 Table 12-5 Income Tax rate $0 to $50,000 20% $50,001 to $100,000 40% Over $100,000 60% 12. Refer to Table 12-5. What is the marginal tax rate for a person who makes $120,000? a. 25% b. 35% c. 45% d. 60% 13. Refer to Table 12-5. What is the average tax rate for a person who makes $120,000? a. 25% b. 35% c. 45 % d. 60%
Table 12-7 The following table shows the marginal tax rates for unmarried individuals for two years....

Table 12-7 The following table shows the marginal tax rates for unmarried individuals for two years. 2009 2010 On Taxable The Tax Rate On Taxable The Tax Rate is... Income... is... Income... $0 to $15,000 10% Over $0 20% $15,000 to $40,000 15% $40,000 to $75,000 20% $75,000 to 25% $120,000 Over $120,000 30% Refer to Table 12-7. For an individual who earned $35,000 in taxable income in both years, which of the following describes the change in the individual's...
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...

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
Question 11 (3 points) Refer to the table to answer the following questions: 2012 Federal Income...

Question 11 (3 points) Refer to the table to answer the following questions: 2012 Federal Income Tax Brackets Taxable income Tax Rate $0-$8,700 10 percent $8,701-$35,350 15 percent $35,351-$85,650 25 percent $85,651-$178,650 28 percent $178,651-$388,350 33 percent Over $388,350 35 percent Using the table, what is the marginal income tax rate for someone who makes $67,000 per year? 14.2 percent 25.0 percent 19.1 percent 10.0 percent 16.7 percent

Table 12-11 8% The Tax Rate is ... On Taxable Income... From $0 up to $15,000 From $15,000 up to $35,000 From $3...

Table 12-11 8% The Tax Rate is ... On Taxable Income... From $0 up to $15,000 From $15,000 up to $35,000 From $35,000 up to $75,000 From $75,000 up to $145,000 From $145,000 up to $330,000 over $330,000 Refer to Table 12-11. If Peggy has taxable income of $43,000, her tax liability is a. $1,920. b. $4,400. c. $6,320. o d.58,175. e
QUESTION 6 Table 12-16 Percent of Income Paid as Tax 10% 20% 30% 40% Refer to...

QUESTION 6 Table 12-16 Percent of Income Paid as Tax 10% 20% 30% 40% Refer to Table 12-16. In this tax system which of the following is possible? a vertical and horizontal equity b. neither horizontal nor vertical equity chorizontal but not vertical equity d. vertical but not horizontal equity
ment: Homework 5 Mining: 1:25:48 Save Submit Assig 190122 - MC.MANKOS Table 12-11 The Tax Rate...

ment: Homework 5 Mining: 1:25:48 Save Submit Assig 190122 - MC.MANKOS Table 12-11 The Tax Rate is ... on Taxable Income... From $0 up to $15,000 From $15,000 up to $35,000 From $35,000 up to $75,000 From $75,000 up to $145,000 36 From $145,000 up to $330,000 over $330,000 Refer to Table 12-11. If Al has taxable income of $165,000, his marginal tax rate is a. 16%. b. 24% C.34%. d. 36% MacBook Air

2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...

2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: 5 0 9.700 10% of taxable income $ 9.700 S 39,475 5970 plus 12% of the excess 59,700 $ 39,475 IS 84200 54,343 plus 22 of the ces $39.473 $ 84,200 $160,725 $14.382.50 plus 24 of the Rosa $84.200 S160725 S204.100 532 748 50 plus 32% of the cere over $160,735 $104 100 S510 300 546 678 50 plus 39 of the...

Table 12-3 Income SO to $40,000 Over $40,000 Tax rate 20% 50% Refer to Table 12-3....

Homework Answers

Add Answer to:
Table 12-3 Income SO to $40,000 Over $40,000 Tax rate 20% 50% Refer to Table 12-3....

Post as a guest

Earn Coins

i need all the steps please for 12 and 13 Table 12-5 Income Tax rate $0...

Table 12-7 The following table shows the marginal tax rates for unmarried individuals for two years....

Question text Suppose the government imposes a tax of 20 percent on the first $40,000 of income and a tax of 30 percent...

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

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

Question 11 (3 points) Refer to the table to answer the following questions: 2012 Federal Income...

Table 12-11 8% The Tax Rate is ... On Taxable Income... From $0 up to $15,000 From $15,000 up to $35,000 From $3...

QUESTION 6 Table 12-16 Percent of Income Paid as Tax 10% 20% 30% 40% Refer to...

ment: Homework 5 Mining: 1:25:48 Save Submit Assig 190122 - MC.MANKOS Table 12-11 The Tax Rate...

2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...

Table 12-3 Income SO to $40,000 Over $40,000 Tax rate 20% 50% Refer to Table 12-3....

Homework Answers

Add Answer to: Table 12-3 Income SO to $40,000 Over $40,000 Tax rate 20% 50% Refer to Table 12-3....

Post as a guest

Earn Coins

Add Answer to:
Table 12-3 Income SO to $40,000 Over $40,000 Tax rate 20% 50% Refer to Table 12-3....