Homework Answers
A. The proportion of the tax paid by Alexander remains constant. Thus, Alexander is experiencing proportional tax.
B. As the income is increasing, the tax amount is increasing by lesser amount in this case, thus regressive taxes are seen. As the income increases, the tax increases by a lesser amount is regressive taxation.
C. Progressive taxation. As income of Charleston is increasing, the tax paid is increasing by a greater amount, thus, Charleston is experiencing progressive taxation. As income is increasing, income tax is increasing by a greater amount.
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Alexander Income Taxes Paid Brandorn Income Tares Paid Charleston | Income |Tales Paid $0 $0 $0...
Between 2017 and 2018, a small businessperson's income increased from $200,000 to $220,000. The annual state...
Between 2017 and 2018, a small businessperson's income increased from $200,000 to $220,000. The annual state income taxes that she paid increased from $4,30 to $5,100 What was her marginal state income tax rate in 2018? Did this individual experience proportional, progressive, or regressive taxation? Explain briefly This small businessperson's marginal state income tax rate in 2018 was percent.(Enter your response rounded to one decimal place,)
4 or 5 4.) Taxation, Distribution of Income and Resource Allocation First, explain how society decides rationally on horw much equality it wants relative to income distribution. Next, discuss the...
4 or 5
4.) Taxation, Distribution of Income and Resource Allocation First, explain how society decides rationally on horw much equality it wants relative to income distribution. Next, discuss the policies available to the government to distribute income and the impact such policies may have on the microeconomy. Then, explain how despite economists use of economic analysis to provide sugsestions for responding to economic problems (i.e. housing crisis, financial crisis, Recession) the economy still often confronts market's short-comings that deeply...
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...
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(2.5 points) The following table indicates the Federal Personal Income Tax Rates in 1989. Income Marginal Tax Rate Taxes Paid $0 0% $1 -- $29,750 15% $29,751 -- $71,900 28% $71,901--$149,250 33% Over $149,250 28% (.5 points) Would you characterize this tax schedule as proportional, progressive, or regressive? Explain why. (.5 points) Suppose a person earns $135,000 in 1989. Show in the table the taxes this person would pay in each income category. (.5 points) Calculate the tax rate that...
Back to Assignment Keep the Highest: 2/4 0 Attempts 8. Taxes paid for a given income...
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Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
7). The chart below illustrates the Earned Income Tax Credit (EITC) benefit received by different types...
7). The chart below illustrates the Earned Income Tax Credit (EITC) benefit received by different types of families at different levels of income. FIGURE 1 Value of federal Earned Income Tax Credit, 2014 The EITC increases as you earn more money up to a certain level, gradually decreases in value as you need it less, and varies based on one's income and number of dependents. Single: No children One child Two children Three or more children Married, filing jointly: No...
$30,000 QUESTION 3 Imagine you live in a society with progressive taxation. Your friend makes half...
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The highest federal marginal income tax rates in 2017 and 2018 are 33% in 2017 and...
The highest federal marginal income tax rates in 2017 and 2018 are 33% in 2017 and 29.6% in 2018 37% in 2017 and 39.6% in 2018 42.3% in 2017 and 39.6% in 2018 39.6% in 2017 and 37% in 2018 Question 2 With a progressive tax structure, which of the following is always true? Income Tax = Taxable Income * Marginal Tax Rate. The marginal tax rate equals the average tax rate. The average tax rate is less than the...
Between 2017 and 2018, a small businessperson's income increased from $200,000 to $220,000. The annual state income taxes that she paid increased from $4,30 to $5,100 What was her marginal state income tax rate in 2018? Did this individual experience proportional, progressive, or regressive taxation? Explain briefly This small businessperson's marginal state income tax rate in 2018 was percent.(Enter your response rounded to one decimal place,)
4 or 5
4.) Taxation, Distribution of Income and Resource Allocation First, explain how society decides rationally on horw much equality it wants relative to income distribution. Next, discuss the policies available to the government to distribute income and the impact such policies may have on the microeconomy. Then, explain how despite economists use of economic analysis to provide sugsestions for responding to economic problems (i.e. housing crisis, financial crisis, Recession) the economy still often confronts market's short-comings that deeply...
Back to Assignment Keep the Highest: 2/4 0 Attempts 8. Taxes paid for a given income level Deborah is getting ready to do her taxes. She is single and lives in San Francisco. Deborah earned $120,000 in taxable income in 2015. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2015 The Tax Rate Is... On Annual Taxable Income... (Percent) 10.0 Up to $9,225 From $9,225 to $37,450 15.0 From $37,450 to $90,750...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
7). The chart below illustrates the Earned Income Tax Credit (EITC) benefit received by different types of families at different levels of income. FIGURE 1 Value of federal Earned Income Tax Credit, 2014 The EITC increases as you earn more money up to a certain level, gradually decreases in value as you need it less, and varies based on one's income and number of dependents. Single: No children One child Two children Three or more children Married, filing jointly: No...
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