Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

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Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates?

Taxpayer	Salary	Muni-Bond Interest	Total Tax
Mihwah	$22,500	$4,850	$1,665
Shameika	$87,500	$40,000	???
Manimum tax ?

business accounting

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Answer 1

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Answer #1

Mihwah Averge tax Rate = 1665/22500 *100 = 7.4%

So, Average TAx forShameika = 87500*7.4% = $6475

Thus, Shameika must pay more than 6475 (6476 or more) for the tax structure to be progressive for the average tax rates.

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Answer 2

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