Song earns $282,500 taxable income as an interior designer and is taxed at an average rate...
Song earns $282,500 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $56,500 of tax).
a. If Congress increases the income tax rate
such that Song’s average tax rate increases from 20 percent to 25
percent, how much more income tax will she pay assuming that the
income effect is descriptive? (Round your intermediate
calculations and final answer to 2 decimal
places.)
b. If the income effect is descriptive, the tax base and the tax collected will increase.
| True | |
| False |
Homework Answers
a)
After-tax income =282500-56500 = 226,000
Taxable income at 25% rate:
=226000/75% = 301,333,333
Tax = 301,333,333-226000= 75333.3333
Extra tax = 75333.333-56500= 18833.33
b)
True.
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Song earns $282,500 taxable income as an interior designer and
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