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4. TAX A TAX B TAX C TAX D INCOME $50,000 100.000 200.000 I AMOUNT OF...
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)...
10) Charles had income of $85,000 during 2017 a Shad income of $85,000 during 2017 and...
10) Charles had income of $85,000 during 2017 a Shad income of $85,000 during 2017 and is single, given the following marginal tax rates, how much in federal tax will Charles owe? Rate Below $10,000 he owes nothing $10,000 - $25,000 $25,000 - $50,000 $50,000 - $100,000 $100,000 - $175,000 0% 10% 20% 25% 30% How much Federal Tax is owed? Is the tax rates progressive or regressive?
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...
According to the table in Exhibit 1, which of the following statements is correct? (x) A regressive tax is illustrat...
According to the table in Exhibit 1, which of the following statements is correct? (x) A regressive tax is illustrated by Tax Plan A and Tax Plan B Exhibit 1 (y) A proportional tax is illustrated by Tax Plan A and Tax Plan D. Tax Plan Tax Plan Tax Plan Tax Plan (z) A progressive tax is illustrated by Tax Plan C. INCOME Tax amount Tax amount Tax amount Tax amount A. (x). (y) and (2) $20,000 $8,000 $8,000 $2,000...
Question text If the rich pay more in taxes than the poor, the tax system could...
Question text If the rich pay more in taxes than the poor, the tax system could not be regressive. Select one: True False Question text If revenue from a cigarette tax is used to provide medical care to individuals that develop health problems due to smoking, the cigarette tax may be justified on the basis of the benefits principle of taxation. Select one: True False Question text Benjamin earned more than $50,000 and Franklin earned less than $40,000. If the...
19) A flat tax is a tax with a single margional tax rate. If households could...
19) A flat tax is a tax with a single margional tax rate. If households could deduct $15,000 and then face a marginal tax rate of 25% on all additional income, would the tax be: A) Proportional B) Regressive C) Progressive D) Regressional 20) Disposable income is defined as A) Income you throw away. B) Income after taxes. C) Income after taxes and essentials. D) Income after rent and insurance. 21) Which of the following statement about Social Security is...
Please calculate tacabke income, taxes payable, and tax expense B C D I L M N...
Please calculate tacabke income, taxes payable, and tax
expense
B C D I L M N O P Q R G H COMPREHENSIVE PROBLEM Bulletin Book income before Tax 1,000,000 Calculate Taxable income Calculate Taxes Payable Calculate tax expense Book income includes Proceeds of life insurance Book Expense includes Lobbying Expense Book Expense includes Fines Book Depreciation Tax Depreciation Book loss on sale of XYZ Corp stock Book expense on establishment of contingent liability Bad expense er to reserve Accounts...
Annual Ltd has an asset with a carrying amount of $50,000. The tax base of this...
Annual Ltd has an asset with a carrying amount of $50,000. The tax base of this asset is $75,000. The company tax rate is 30%. The deferred tax item to be recognised by Annual Ltd is: Select one: O a. Deferred tax liability of $7,500 O b. Deferred tax liability of $25,000 O c. Deferred tax asset of $7,500 O d. Deferred tax asset of $25,000
If Donald Trump’s income increases from $200,000 to $400,000 and his tax liability increases from $50,000...
If Donald Trump’s income increases from $200,000 to $400,000 and his tax liability increases from $50,000 to $80,000, which of the following is true? a. His average tax rate is 20 percent at his new income level of $400,000. b. All of the above. c. His marginal tax rate is 30 percent in this range. d. He faces a progressive tax in this income range.
Example: If 50,000-200D, then D-(50,000-p)/200 · p i) Calculate E for p from 45,000 to 35,000...
Example: If 50,000-200D, then D-(50,000-p)/200 · p i) Calculate E for p from 45,000 to 35,000 45,000 35,000 2 40,000, 50,000-45,000 200 50,000- 35,000 200 25+75 25, D = 75 and D 50 2 &D40,000 75-25 40,00050 50-1 So, E=- 4 - 50 35,00045,000 10,000 ii) iii) Calculate E for p from 30,000 to 20,000 Calculate E for p from 15,000 to 5,000 따 E = 1 → E = 0.25 To calculate E at any point on a line...
10) Charles had income of $85,000 during 2017 a Shad income of $85,000 during 2017 and is single, given the following marginal tax rates, how much in federal tax will Charles owe? Rate Below $10,000 he owes nothing $10,000 - $25,000 $25,000 - $50,000 $50,000 - $100,000 $100,000 - $175,000 0% 10% 20% 25% 30% How much Federal Tax is owed? Is the tax rates progressive or regressive?
According to the table in Exhibit 1, which of the following statements is correct? (x) A regressive tax is illustrated by Tax Plan A and Tax Plan B Exhibit 1 (y) A proportional tax is illustrated by Tax Plan A and Tax Plan D. Tax Plan Tax Plan Tax Plan Tax Plan (z) A progressive tax is illustrated by Tax Plan C. INCOME Tax amount Tax amount Tax amount Tax amount A. (x). (y) and (2) $20,000 $8,000 $8,000 $2,000...
19) A flat tax is a tax with a single margional tax rate. If households could deduct $15,000 and then face a marginal tax rate of 25% on all additional income, would the tax be: A) Proportional B) Regressive C) Progressive D) Regressional 20) Disposable income is defined as A) Income you throw away. B) Income after taxes. C) Income after taxes and essentials. D) Income after rent and insurance. 21) Which of the following statement about Social Security is...
Please calculate tacabke income, taxes payable, and tax
expense
B C D I L M N O P Q R G H COMPREHENSIVE PROBLEM Bulletin Book income before Tax 1,000,000 Calculate Taxable income Calculate Taxes Payable Calculate tax expense Book income includes Proceeds of life insurance Book Expense includes Lobbying Expense Book Expense includes Fines Book Depreciation Tax Depreciation Book loss on sale of XYZ Corp stock Book expense on establishment of contingent liability Bad expense er to reserve Accounts...
Annual Ltd has an asset with a carrying amount of $50,000. The tax base of this asset is $75,000. The company tax rate is 30%. The deferred tax item to be recognised by Annual Ltd is: Select one: O a. Deferred tax liability of $7,500 O b. Deferred tax liability of $25,000 O c. Deferred tax asset of $7,500 O d. Deferred tax asset of $25,000
Example: If 50,000-200D, then D-(50,000-p)/200 · p i) Calculate E for p from 45,000 to 35,000 45,000 35,000 2 40,000, 50,000-45,000 200 50,000- 35,000 200 25+75 25, D = 75 and D 50 2 &D40,000 75-25 40,00050 50-1 So, E=- 4 - 50 35,00045,000 10,000 ii) iii) Calculate E for p from 30,000 to 20,000 Calculate E for p from 15,000 to 5,000 따 E = 1 → E = 0.25 To calculate E at any point on a line...
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