Suppose taxpayers are required to pay a base tax of $30 plus 20 percent on any income over $100, as in the initial tax system B in the table below.
Suppose taxpayers are required to pay a base tax of $30 plus 20 percent on any income over $100, as in the initial tax system B in the table below.
Suppose further that the taxing authority wishes to raise the taxes of people with incomes of $400 by $30.
Instructions: Enter your responses as a whole number.
a. If marginal tax rates are to remain unchanged, what will the new base tax have to be?
$
b. If the base tax of $30 is to remain unchanged, what will the marginal tax rate have to be?
%
Homework Answers
Request Answer!
We need at least 8 more requests to produce the answer.
2 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Suppose taxpayers are required to pay a base tax of $30 plus 20 percent on any income over $100, as in the initial tax system B in the table below.
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...
table 2.3 Corporate Tax Rates as of 2015 Pay this Amount on Base Income Plus this...
table 2.3 Corporate Tax Rates as of 2015 Pay this Amount on Base Income Plus this Percentage on Anything Over the Base Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 $335,001-$10,000,000 $10,000,001-$15,000,000 $15,000,001-$18,333,333 Over $18,333,333 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 15% 25 34 39 34 35 38 35 Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.4 million of taxable income, the firm received $309,000 of interest on state-issued bonds...
Suppose the government imposes a tax of 10 percent on the first $20,000 of income, 20...
Suppose the government imposes a tax of 10 percent on the first $20,000 of income, 20 percent on the next 40,000 of income and 30 percent on income above $60,000. For a person whose income is $90,000, the tax liability is _________ and the marginal tax rate is __________. A. $27,000; 30 percent B. $19,000; 20 percent C. $19,000; 30 percent D. $18,000; 20 percent E. $ 9,000; 10 percent Which of the following statements about lump-sum taxes is (are)...
Corporate Tax Rates as of 2015 (Table 2.3 of textbook) Taxable Income Pay this amount on...
Corporate Tax Rates as of 2015 (Table 2.3 of textbook) Taxable Income Pay this amount on base income Plus this percentage on anything over the base $0 – $50,000 $0 15% $50,001 – $75,000 $7,500 25% $75,001 – $100,000 $13,750 34% $100,001 – $335,000 $22,250 39% $335,001 – $10,000,000 $113,900 34% $10,000,001 – $15,000,000 $3,400,000 35% $15,000,000 – $18,333,333 $5,150,000 38% Over $18,333,333 $6,416,667 35% Greatland, Inc. had $284,000 in 2015 taxable income. Using the tax schedule from Table 2.3,...
I need Summary of this Paper i dont need long summary i need What methodology they used , what is the purpose of this p...
I need Summary of this Paper i dont need long summary i need
What methodology they used , what is the purpose of this paper and
some conclusions and contributes of this paper. I need this for my
Finishing Project so i need this ASAP please ( IN 1-2-3 HOURS
PLEASE !!!)
Budgetary Policy and Economic Growth Errol D'Souza The share of capital expenditures in government expenditures has been slipping and the tax reforms have not yet improved the income...
QUESTION 10 Consider the monthly data, including the estimates for March 2020, and the information in...
QUESTION 10
Consider the monthly data, including the estimates for March
2020, and the information in the articles. Which of the following
is the best analysis of and prediction for the money market in the
U.S. economy for the next few months?
a.
Shortages are causing panic buying by households, which has
increased money demand. Lenders are increasing their lending to
keep up with the needs of households and businesses. Money demand
is increasing more than money supply.
b.
Shortages...
1. When it comes to financial matters, the views of Aristotle can be stated as:...
1. When it comes to financial matters, the views of Aristotle can be stated as: a. usury is nature’s way of helping each other. b. the fact that money is barren makes it the ideal medium of exchange. c. charging interest is immoral because money is not productive. d. when you lend money, it grows more money. e. interest is too high if it can’t be paid back. 2. Since 2008, when the monetary base was about $800 billion,...
table 2.3 Corporate Tax Rates as of 2015 Pay this Amount on Base Income Plus this Percentage on Anything Over the Base Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 $335,001-$10,000,000 $10,000,001-$15,000,000 $15,000,001-$18,333,333 Over $18,333,333 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 15% 25 34 39 34 35 38 35 Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.4 million of taxable income, the firm received $309,000 of interest on state-issued bonds...
I need Summary of this Paper i dont need long summary i need
What methodology they used , what is the purpose of this paper and
some conclusions and contributes of this paper. I need this for my
Finishing Project so i need this ASAP please ( IN 1-2-3 HOURS
PLEASE !!!)
Budgetary Policy and Economic Growth Errol D'Souza The share of capital expenditures in government expenditures has been slipping and the tax reforms have not yet improved the income...
QUESTION 10
Consider the monthly data, including the estimates for March
2020, and the information in the articles. Which of the following
is the best analysis of and prediction for the money market in the
U.S. economy for the next few months?
a.
Shortages are causing panic buying by households, which has
increased money demand. Lenders are increasing their lending to
keep up with the needs of households and businesses. Money demand
is increasing more than money supply.
b.
Shortages...
Most questions answered within 3 hours.
-
1. What is the meaning of the term communication style?
2. What are the benefits to...
asked 33 minutes ago -
9.) You are buying a car that cost $26,500. You make payments of
$412 each month...
asked 58 minutes ago -
. Suppose a discrete random variable has probability
distribution
P(x) = .2 if x = 0...
asked 2 hours ago -
Problem #1
The area between Z = 0 and Z = 2.50
The area between Z...
asked 1 hour ago -
Under the influence of its drive force, a snowmobile is moving
at a constant velocity along...
asked 2 hours ago -
Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational...
asked 2 hours ago -
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 4 hours ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 4 hours ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 6 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 7 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 8 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 8 hours ago