Lucy currently earns $72,000 and pays $17,000 in federal income taxes. Simon earns $110,000 per year...
Lucy currently earns $72,000 and pays $17,000 in federal income taxes. Simon earns $110,000 per year and pays $20,000 in income taxes. Based on this small amount of information, is this tax system progressive, regressive, or proportional?
Homework Answers
From the given income we can see that as income level rises the tax rate is also increases
This comes under the progressive tax system
In Regressive tax system as income increases the tax charges decreases
Answer is progressive tax system
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Lucy currently earns $72,000 and pays $17,000 in federal income
taxes. Simon earns $110,000 per year...
If Sid earns $1,500,000 and pays $450,000 in taxes and Nancy earns $80,000 and pays $20,000...
If Sid earns $1,500,000 and pays $450,000 in taxes and Nancy earns $80,000 and pays $20,000 in taxes, what type of tax system does this situation represent? progressive proportional regressive none of the above Question 22 (2.5 points) If the misery index is 5.1% and the rate of inflation is 3.1%, what is the unemployment rate? 3.1% 2.0% 5.1% 8.2%
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...
For purposes of assessing income taxes, there are three official income levels for workers in a...
For
purposes of assessing income taxes, there are three official income
levels for workers in a small country: high, medium, and low.
The table to the right gives the marginal tax rate for the
last hour on the job during a 40-hour workweek for each of these
three worker types.
Based only on this information, this nations income tax system
appears to be
A. progressive
B. proportional
C. regressive
Worker type Low-income worker Medium-income worker High-income worker Marginal tax rate...
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...
2. Suppose that a tax system is set up as follows: Everyone gets to subtract $3,000...
2. Suppose that a tax system is set up as follows: Everyone gets to subtract $3,000 from their income and then pays the government 20 percent of the rest. Is this tax proportional, progressive, or regressive? Show your reasoning. (Hint: Calculate what households with incomes of $10,000 per year, $50,000 per year, and $100,000 per year would pay in taxes and what percentage of their total income their taxes represent.)
13. A C corporation earns $ 7.80 per share before taxes and the company pays a...
13. A C corporation earns $ 7.80 per share before taxes and the company pays a dividend of $ 6.00 per share. The corporate tax rate is 39%, the personal tax rate on dividends is 15%, and the personal tax rate on non-dividend income is 36%. What is the after-tax amount an individual would receive from the dividend?
In 2019, Rory earns $74,000 per year as a college professor, paying $6,771 in federal income...
In 2019, Rory earns $74,000 per year as a college professor, paying $6,771 in federal income taxes. Latesia is a marketing executive with a salary of $144,000 who paid $22,879 in federal taxes. In addition, Latesia collected $100,000 on a life insurance policy. Both taxpayers are single and take the 2019 standard deduction. Compute the following for the two taxpayers. Note: Round the total taxes to two decimal places. Enter percentages to one decimal. a. With respect to the Social...
Question 15 1 pts If Luis makes $50,000 per year as a computer programmer and pays...
Question 15 1 pts If Luis makes $50,000 per year as a computer programmer and pays $6,000 in taxes while Hector makes $50,000 per year as a roofing contractor and pays $7,000 in taxes, this is an example of A regressive tax system. Aflat tax Vertical inequity Horizontal Inequity
Brenda earns $58,000 a year and pays an average annual tax rate of 15%. Instructions: Enter...
Brenda earns $58,000 a year and pays an average annual tax rate of 15%. Instructions: Enter whole numbers in each blank. a. Brenda's disposable income is $. and the amount of tax she pays to the government is $. b. Suppose a recession hits the economy and Brenda's income falls to $44,000 per year due to the fact that she is earning a smaller annual bonus. If she now pays an average annual tax rate of 12%, her disposable income...
If Sid earns $1,500,000 and pays $450,000 in taxes and Nancy earns $80,000 and pays $20,000 in taxes, what type of tax system does this situation represent? progressive proportional regressive none of the above Question 22 (2.5 points) If the misery index is 5.1% and the rate of inflation is 3.1%, what is the unemployment rate? 3.1% 2.0% 5.1% 8.2%
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...
For
purposes of assessing income taxes, there are three official income
levels for workers in a small country: high, medium, and low.
The table to the right gives the marginal tax rate for the
last hour on the job during a 40-hour workweek for each of these
three worker types.
Based only on this information, this nations income tax system
appears to be
A. progressive
B. proportional
C. regressive
Worker type Low-income worker Medium-income worker High-income worker Marginal tax rate...
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...
2. Suppose that a tax system is set up as follows: Everyone gets to subtract $3,000 from their income and then pays the government 20 percent of the rest. Is this tax proportional, progressive, or regressive? Show your reasoning. (Hint: Calculate what households with incomes of $10,000 per year, $50,000 per year, and $100,000 per year would pay in taxes and what percentage of their total income their taxes represent.)
Question 15 1 pts If Luis makes $50,000 per year as a computer programmer and pays $6,000 in taxes while Hector makes $50,000 per year as a roofing contractor and pays $7,000 in taxes, this is an example of A regressive tax system. Aflat tax Vertical inequity Horizontal Inequity
Brenda earns $58,000 a year and pays an average annual tax rate of 15%. Instructions: Enter whole numbers in each blank. a. Brenda's disposable income is $. and the amount of tax she pays to the government is $. b. Suppose a recession hits the economy and Brenda's income falls to $44,000 per year due to the fact that she is earning a smaller annual bonus. If she now pays an average annual tax rate of 12%, her disposable income...
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