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5. Suppose that a certain state has 794,000 people. Let the gross income for the ith...
2. Suppose that tax paid by a certain person per year is denoted T, and is...
2. Suppose that tax paid by a certain person per year is denoted T, and is calculated using the following relationship to that persons gross income (Gi): T, 0.25(G - 10000) (i.e, only people who have an income over $10,000 per year are taxed, and only the income beyond $10,000). You are told that the total gross income for an area with 200 people is $6,000,000. Assume that all the people measured make over $10,000 a year. (a) Find the...
. Suppose a certain country has a fat-rate tax system, where everyone is ta.xod the same...
. Suppose a certain country has a fat-rate tax system, where everyone is ta.xod the same percentage regardless of income. addition, suppose everyone is forced to pay an additional $1000 per year. Let T be taxes, and X be income. Then, the equation relating T and X is: T 1000+0.30X Assume that the population average income is $35,000 with standard deviation $10,000. (a) Find the mean of T (b) Find the standard deviation of T (c) If there are 1,000,000...
The average income in a certain region in 2013 was $68000 per person per year. Suppose...
The average income in a certain region in 2013 was $68000 per person per year. Suppose the standard deviation is $33000 and the distribution is right-skewed. Suppose we take a random sample of 100 residents of the region. What is the probability that the sample mean will be more than $3300 away from the population mean?
For tax purposes, "gross income" is all the money a person receives in a given year from any sour...
If any could please help with
question E & F
Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
4) In a certain state, it is found that the distribution of income for lawyers is...
4) In a certain state, it is found that the distribution of income for lawyers is given by the Lorenz curve L (r) = while that of surgeons is given by L2(r) = {x4 + }r Compute the Gini index for each Lorenz curve. Which profession has the more equitable income distribution? 5) An investment will generate income continuously at the constant rate of $1000 per year for 6 years. If the prevailing annual interest rate remains fixed at 7%...
TEST TH QUESTION 12 Hilinois Company has a monthly gross payroll (paid on the last day...
TEST TH QUESTION 12 Hilinois Company has a monthly gross payroll (paid on the last day of each month) of $172,000, which is subject to unemployment taxes (Federal at 0.8% and State at 5.4%). All earnings are subject to 7.65% FICA tax (combined Social Security and Medicare). Federal Income tax withholdings are 25%, and state income tax withholdings are 8% of total earnings. Assuming no individual employee has reached the maximum limit for Social Security tax or for unemployment tax,...
Suppose your total gross income per month is $6,000/month. Assuming that property taxes, homeowner's insurance and mortg...
Suppose your total gross income per month is $6,000/month. Assuming that property taxes, homeowner's insurance and mortgage insurance payment total of 300/month. In addition, you have car and student loan payments that total $500 a month. If 30 year fixed rate mortgages have a current annual percentage rate of 5.5%, how much do you qualify to borrow based on the performance to income ratios given you have enough money to pay 20% down payment?
1. Kenneth has an adjusted gross income of $114000. His Schedule A expenses were as follows:...
1. Kenneth has an adjusted gross income of $114000. His Schedule A expenses were as follows: • Interest on home mortgage, $12500 • Property taxes on home, $4000 • State income tax, $8000 • Charitable contributions, $1000 What will he be able to claim for total itemized deductions? A) $23500 B) He should take the standard deduction. C) $13500 D) $25500 2. Nicole sold shares of Disney Company that were given to her 20 years ago by her grandmother to...
Quiz 1 Name: 1. The income tax Towed in a certain state is a function of...
Quiz 1 Name: 1. The income tax Towed in a certain state is a function of the taxable income I, both measured in dollars. The formula is 1 0.101 - 700 a. Express using function notation the tax owed on a taxable income of $15,000 and then calculate that value. b. If your taxable income increases from $15,000 to $20,000, how much does your tax increase by? 2. The following table shows the US gross domestic product (GDP) G, in...
5. There are 100,000 people living in a certain neighborhood. A y 74 341 per know...
5. There are 100,000 people living in a certain neighborhood. A y 74 341 per know the mean income in the neighborhood. In fact, it's the researcher doesn't know this (nor does anyone elsel) The researcher would like to test mean in exactly $74,341 per year, but O. Sheoes whether the mean income in the neighborhood is a sample of 1000 randomly selected inhabitants ot computes that the mean income in the compute a 95% confidence interval for the population...
2. Suppose that tax paid by a certain person per year is denoted T, and is calculated using the following relationship to that persons gross income (Gi): T, 0.25(G - 10000) (i.e, only people who have an income over $10,000 per year are taxed, and only the income beyond $10,000). You are told that the total gross income for an area with 200 people is $6,000,000. Assume that all the people measured make over $10,000 a year. (a) Find the...
. Suppose a certain country has a fat-rate tax system, where everyone is ta.xod the same percentage regardless of income. addition, suppose everyone is forced to pay an additional $1000 per year. Let T be taxes, and X be income. Then, the equation relating T and X is: T 1000+0.30X Assume that the population average income is $35,000 with standard deviation $10,000. (a) Find the mean of T (b) Find the standard deviation of T (c) If there are 1,000,000...
If any could please help with
question E & F
Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
4) In a certain state, it is found that the distribution of income for lawyers is given by the Lorenz curve L (r) = while that of surgeons is given by L2(r) = {x4 + }r Compute the Gini index for each Lorenz curve. Which profession has the more equitable income distribution? 5) An investment will generate income continuously at the constant rate of $1000 per year for 6 years. If the prevailing annual interest rate remains fixed at 7%...
TEST TH QUESTION 12 Hilinois Company has a monthly gross payroll (paid on the last day of each month) of $172,000, which is subject to unemployment taxes (Federal at 0.8% and State at 5.4%). All earnings are subject to 7.65% FICA tax (combined Social Security and Medicare). Federal Income tax withholdings are 25%, and state income tax withholdings are 8% of total earnings. Assuming no individual employee has reached the maximum limit for Social Security tax or for unemployment tax,...
Quiz 1 Name: 1. The income tax Towed in a certain state is a function of the taxable income I, both measured in dollars. The formula is 1 0.101 - 700 a. Express using function notation the tax owed on a taxable income of $15,000 and then calculate that value. b. If your taxable income increases from $15,000 to $20,000, how much does your tax increase by? 2. The following table shows the US gross domestic product (GDP) G, in...
5. There are 100,000 people living in a certain neighborhood. A y 74 341 per know the mean income in the neighborhood. In fact, it's the researcher doesn't know this (nor does anyone elsel) The researcher would like to test mean in exactly $74,341 per year, but O. Sheoes whether the mean income in the neighborhood is a sample of 1000 randomly selected inhabitants ot computes that the mean income in the compute a 95% confidence interval for the population...
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