Homework Answers
Taxes owed = 28% of income - $8000
therefor Family that earn 1,50,000 owe 28%of 150,000 i.e. = $42000
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Suppose the government used the following formula to compute a family's tax liability: Taxes owed =...
Suppose the government implemented a negative income tax and used the following formula to compute a...
Suppose the government implemented a negative income tax and used the following formula to compute a family’s tax liability: Taxes owed = (1/6 of income) - $24,000 Refer to Scenario 20-7. A family earning $120,000 before taxes would have how much after-tax income? a. -$4,000 b. $96,000 c. $116,000 d. $124,000
6. The negative Income tax Many economists believe that a more effective way to supplement the...
6. The negative Income tax Many economists believe that a more effective way to supplement the income of the poor is through a negative income tax. Under this scheme, everyone reports his or her Income to the government; individuals and families earning a higher income will pay a tax based on that income, while low-income Individuals and families receive a subsidy, or negative tax. Assume that the only qualification required to receive a tax credit is low income. Suppose the...
Homework (Ch 20) 6. The negative income tax Many economists believe that a more effective way...
Homework (Ch 20) 6. The negative income tax Many economists believe that a more effective way to supplement the income of the poor is through a negative income tax. Under this scheme, everyone reports his or her income to the government; individuals and families earning a higher income will pay a tax based on that income, while low-income individuals and families receive a subsidy, or negative tax. Assume that the only qualification required to receive a tax credit is low...
3. The following table shows the federal income tax owed by a single taxpayer for the...
3. The following table shows the federal income tax owed by a single taxpayer for the given level of taxable income for 2015. Both are measured in dollars. Taxable Income 97000 97050 97100 97150 97200 97250 97300 Tax Owed 20238 20252 20266 20280 20294 20308 20372 a) Show that, over the range of taxable income shown in the table, the tax owed is a linear function of taxable income. b) What tax do you owe if you have a taxable...
Principles of Microeconomics please answer all questions 2. Suppose that an individual owed no taxes on...
Principles of Microeconomics please answer all questions 2. Suppose that an individual owed no taxes on the first $10,000 she earned and 15 percent of any income she earned over $10,000. Now suppose that Congress is considering two ways to reduce the tax burden: a reduction in the tax rate and an increase in the amount on which no tax is owed. b. What effect would an increase in the amount on which no tax is owed have on the...
1. The Millers, a family of four (with two young child) filing a joint tax return,...
1. The Millers, a family of four (with two young child) filing a joint tax return, have the following information to prepare their federal income tax return for 2018: Total Income State and local income taxes State and local property tax Home mortgage interest Contribution to charities Interest on student loans Contribution to 401(k) retirement account: Contribution to individual retirement account: $120,000 $6,000 $6,000 $12,000 $4,000 $2,000 $8,000 $4,000 For tax year 2018: Standard deduction for a married couple: $24,000;...
help Suppose Cameron earns $80,000 per year but must pay income taxes according to the tax...
help
Suppose Cameron earns $80,000 per year but must pay income taxes according to the tax schedule given in the table to the right. Tax Rate (%) Income $0 to $8,000 $8,001 to $34,000 $34,001 to $72,000 $72,001 to $148,000 $148,001 and up 10 15 According to the chart, the income tax Cameron faces is a 25 30 progressive tax. 40 Assume Cameron has no tax exemptions or deductions. How much in income taxes must Cameron pay? Cameron must pay...
Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Show work/formula. Explain. Thank you! 2. Use the following tax table to answer this question: Taxable...
Show work/formula. Explain. Thank you!
2. Use the following tax table to answer this question: Taxable Income Tax Rate $0- 50,001- 75,001- $50,000| 15% 75,000 25 34 39 335.001-110,000,000 | 34 100,000 100,001- 335,000 A company has taxable income of $401,560. How much does it owe in taxes?
5. In Freedonia, the tax brackets works as follows. On the rst 20,000 pesos of taxable...
5. In Freedonia, the tax brackets works as follows. On the rst 20,000 pesos of taxable income, tax rate is 10%. On the portion of income from 20,000 to 50,000 pesos, the tax rate is 25%. On income above 50,000 pesos, the tax rate is 50%. In addition, each family has a 12,000 pesos deduction, and each child can claim 2,000 pesos of tax credit. (a) Martin has a wife and a kid, and the family gross income is 50,000...
6. The negative Income tax Many economists believe that a more effective way to supplement the income of the poor is through a negative income tax. Under this scheme, everyone reports his or her Income to the government; individuals and families earning a higher income will pay a tax based on that income, while low-income Individuals and families receive a subsidy, or negative tax. Assume that the only qualification required to receive a tax credit is low income. Suppose the...
Homework (Ch 20) 6. The negative income tax Many economists believe that a more effective way to supplement the income of the poor is through a negative income tax. Under this scheme, everyone reports his or her income to the government; individuals and families earning a higher income will pay a tax based on that income, while low-income individuals and families receive a subsidy, or negative tax. Assume that the only qualification required to receive a tax credit is low...
Principles of Microeconomics please answer all questions 2. Suppose that an individual owed no taxes on the first $10,000 she earned and 15 percent of any income she earned over $10,000. Now suppose that Congress is considering two ways to reduce the tax burden: a reduction in the tax rate and an increase in the amount on which no tax is owed. b. What effect would an increase in the amount on which no tax is owed have on the...
1. The Millers, a family of four (with two young child) filing a joint tax return, have the following information to prepare their federal income tax return for 2018: Total Income State and local income taxes State and local property tax Home mortgage interest Contribution to charities Interest on student loans Contribution to 401(k) retirement account: Contribution to individual retirement account: $120,000 $6,000 $6,000 $12,000 $4,000 $2,000 $8,000 $4,000 For tax year 2018: Standard deduction for a married couple: $24,000;...
help
Suppose Cameron earns $80,000 per year but must pay income taxes according to the tax schedule given in the table to the right. Tax Rate (%) Income $0 to $8,000 $8,001 to $34,000 $34,001 to $72,000 $72,001 to $148,000 $148,001 and up 10 15 According to the chart, the income tax Cameron faces is a 25 30 progressive tax. 40 Assume Cameron has no tax exemptions or deductions. How much in income taxes must Cameron pay? Cameron must pay...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Show work/formula. Explain. Thank you!
2. Use the following tax table to answer this question: Taxable Income Tax Rate $0- 50,001- 75,001- $50,000| 15% 75,000 25 34 39 335.001-110,000,000 | 34 100,000 100,001- 335,000 A company has taxable income of $401,560. How much does it owe in taxes?
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