Ted’annual salary is $35,000 and he pays his last year tax $5,000. While Gaby’s salary is...
Ted’annual salary is $35,000 and he pays his last year tax $5,000. While Gaby’s salary is $45,000, and she pays tax of $7,500. Based on these two persons, we can say that the “average” tax rate is (use the concept of SLOPE):
a)20%
b)10%
c)23%
d)25%
Homework Answers
Option (d).
Using the concept of slope,
Tax rate = Difference in tax / Difference in salary
= $(7,500 - 5,000) / $(45,000 - 35,000)
= $2,500 / $10,000
= 0.25
= 25%
Add Answer to:
Ted’annual salary is $35,000 and he pays his last year tax
$5,000. While Gaby’s salary is...
Tian buys a car that costs $35,000. a) He pays $5,000 down (i.e. immediately), and he...
Tian buys a car that costs $35,000. a) He pays $5,000 down (i.e. immediately), and he pays off the rest of the loan with 26 bi-weekly payments per year of $250 for 5 years. What is the effective annual interest rate i? b) Instead, he pays no money down but increases his monthly payments to $290, except for the last one which is exactly enough to pay off the loan. The interest rate is the same as in part a)....
1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month,...
1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month, and the cost of ingredients and overhead averages $500 per month. Ralph could earn $35,000 per year as the manager of a competing pizza restaurant nearby. His total explicit costs for the year were a. $24,000. b. $66,000. c. $72,000. d. $60,000. e. $6,000....
95. Last year, Matthew bought two cars. This year, he sold both the cars for $45,000...
95. Last year, Matthew bought two cars. This year, he sold both the cars for $45,000 each. On one, he earned 20% profit, and on the other, he made a 20% loss. What was his net profit or loss? A. Profit of $7,500 B. Loss of $3,750 C. Profit of $3,750 D. Loss of $7,500
Felix Jones, a recent engineering graduate, expects a starting salary of $35,000 per year. His future...
Felix Jones, a recent engineering graduate, expects a starting salary of $35,000 per year. His future employer has averaged 5% per year in salary in- creases for the last several years. If inflation is esti- mated to be 4% per year for the next 3 years, how much, in year-1 dollars, will Felix be earning each year? What is the differential inflation rate in Felix’s salary?
As a wage earner, the taxpayer pays Federal income tax by having it withheld from his...
As a wage earner, the taxpayer pays Federal income tax by having it withheld from his or her pay during the year. The withholding is based on the number of allowances he or she claims when filing Form W-4 - Employee's Withholding Allowance Certificate, with an employer. All of the following are true regarding the completion of Form W-4 except: A. A taxpayer can claim any number of allowances B. If the taxpayer has not changed jobs, he or she...
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...
Mr. Hoosier has gathered all these data about his finances. Salary $
Mr. Hoosier has gathered all these data about his finances. Salary $159,000 Taxable interest $5600 Municipal Bond interest $20,000 Total Itemized deductions $9500 The personal exemption is $4700. The standardized deduction for a single filer is 5000. If Taxable Income is Then tax is: 0-8000 10% of the amount over 0 8000- 35,000 800 + 15% of the amount over 8000 35000- 55,000 4850 + 20% of the amount over 35000 55000- 150,000 8850 + 30% of the amount...
Q5: Bolin is thinking about quitting his current job, which pays a salary of $56,000 per...
Q5: Bolin is thinking about quitting his current job, which pays a salary of $56,000 per year, to own and operate his own business. Investors are able to earn 14% from businesses that are equally risky as Bolin's intended business. If he started the business, he would spend $250,000 to purchase physical capital. This amount of money would come from two sources: $120,000 would be borrowed from a bank at an interest rate of 8% per year and $130,000 would...
3. Amir's financial and personal position for the tax year 2017 are as follows: His salary...
3. Amir's financial and personal position for the tax year 2017 are as follows: His salary working as a private high school economics teacher was RM4,950 per month. He also worked part-time as a taxi driver, earning an average of RM580 per month. He owned 6000 units of VC (a listed company) shares which the price increased from RM0.85 to RM1.20 per unit during that year. He sold 3000 units of the shares at RM1.20. His employer gave him a...
4-30 A man wants to help provide a college education for A his young daughter. He...
4-30 A man wants to help provide a college education for A his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th birthday. He wishes to give his daughter $4000 on her 18th, 1gth, 20th, and 21st birthdays, for a total of $16,000. Assuming 5% interest, what uniform annual investment will he have to make on the girl's 8th through 17th birthdays? Tameshia deposits $5500 in her retirement account every year....
Tian buys a car that costs $35,000. a) He pays $5,000 down (i.e. immediately), and he pays off the rest of the loan with 26 bi-weekly payments per year of $250 for 5 years. What is the effective annual interest rate i? b) Instead, he pays no money down but increases his monthly payments to $290, except for the last one which is exactly enough to pay off the loan. The interest rate is the same as in part a)....
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...
Q5: Bolin is thinking about quitting his current job, which pays a salary of $56,000 per year, to own and operate his own business. Investors are able to earn 14% from businesses that are equally risky as Bolin's intended business. If he started the business, he would spend $250,000 to purchase physical capital. This amount of money would come from two sources: $120,000 would be borrowed from a bank at an interest rate of 8% per year and $130,000 would...
3. Amir's financial and personal position for the tax year 2017 are as follows: His salary working as a private high school economics teacher was RM4,950 per month. He also worked part-time as a taxi driver, earning an average of RM580 per month. He owned 6000 units of VC (a listed company) shares which the price increased from RM0.85 to RM1.20 per unit during that year. He sold 3000 units of the shares at RM1.20. His employer gave him a...
4-30 A man wants to help provide a college education for A his young daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th birthday. He wishes to give his daughter $4000 on her 18th, 1gth, 20th, and 21st birthdays, for a total of $16,000. Assuming 5% interest, what uniform annual investment will he have to make on the girl's 8th through 17th birthdays? Tameshia deposits $5500 in her retirement account every year....
Most questions answered within 3 hours.
-
What is the maximum number of grams of N-acetyl-p-toluidine can
be prepared from 70. milliliters of...
asked 52 minutes ago -
A researcher is using a two-tailed hypothesis test with α =
.05 to evaluate the effect...
asked 3 hours ago -
Two long, straight wires are parallel and 8.5 cm apart. The top
wire carries a current...
asked 4 hours ago -
Three arguments used to promote trade barriers are the national
security argument, the infant-industry argument, and...
asked 4 hours ago -
Question 3:
Percentage of Completion
Method (12 marks) On January 1, 2017, Eagle Construction Ltd.
started...
asked 4 hours ago -
A company purchased a tract of land for its natural resources at
a cost of $2,042,900....
asked 4 hours ago -
1. These financial statement item are
for UPS Company at fiscal year-end, October 31, 2019.
...
asked 4 hours ago -
PYTHON HOMEWORK
When an object is falling because of gravity, the following
formula can be used...
asked 4 hours ago -
Which of the following groups is comprised solely of
chemoheterotrophs?
Click all that apply.
animals
fungi...
asked 4 hours ago -
What is the feminist theory in 100 words or more?
book: Juvenile Justice In America, Clemens...
asked 5 hours ago -
1) What is the probability of a randomly selected value from a
normally distributed population falling...
asked 5 hours ago -
Why is it important for managers to include social
responsibility and environmental responsibility along with goals...
asked 5 hours ago