Vervet County levies an income tax based on the following schedule. Income Tax Rate 10,000 15%...
Vervet County levies an income tax based on the following schedule.
Income Tax Rate
10,000 15%
50,000 20%
100,000 40%
Which type of rate structure does this tax use?
Proportionate
Regressive
Progressive
Dual-bracket
Homework Answers
Progressive
The above is the answer..
because there is rise in the tax rates with rise in income levels which is the idea behind progressive tax rates because it intends to get high rates from richer.
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Vervet County levies an income tax based on the following schedule. Income Tax Rate 10,000 15%...
Country A levies an individual income tax with the following rate structure: Percentage Rate 108 15...
Country A levies an individual income tax with the following rate structure: Percentage Rate 108 15 25 30 Bracket Income from 0 to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Ms. SP's annual taxable income for years 1 through 5 is $130,400. Ms. OC's taxable income for years 1 through 4 is $15,500. In year 5, Ms. OC wins a lottery, and her taxable income for this one year jumps to...
Country A levies an individual income tax with the following rate structure: Percentage Rate 100 15...
Country A levies an individual income tax with the following rate structure: Percentage Rate 100 15 25 30 Bracket Income from 0 to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Ms. SP's annual taxable income for years 1 through 5 is $130,400. Ms. OC's taxable income for years 1 through 4 is $15,500. In year 5, Ms. OC wins a lottery, and her taxable income for this one year jumps to...
Assume the City of Norfolk used the following tax schedule for individuals: Income Tax 11% 0-50,000...
Assume the City of Norfolk used the following tax schedule for individuals: Income Tax 11% 0-50,000 50,001-100,000 100,001 + 8% 5% a. Briefly define horizontal and vertical tax equity (no more than two sentences per term). b. Mr. Monarch earned $150,000 this year. Compute his (1) Norfolk city tax, (2) average tax rate, and (3) marginal tax rate. c. Is the city of Norfolk's individual rate schedule regressive, proportional or progressive and what is the reasoning for your answer?
Question 3 Assume the City of Norfolk used the following tax schedule for individuals: Income Tax...
Question 3 Assume the City of Norfolk used the following tax schedule for individuals: Income Tax 0-50,000 11% 50,001-100,000 8% 100,001 + 5% a. Briefly define horizontal and vertical tax equity (no more than two sentences per term). b. Mr. Monarch earned $150,000 this year. Compute his (1) Norfolk city tax, (2) average tax rate, and (3) marginal tax rate. c. Is the city of Norfolk's individual rate schedule regressive, proportional or progressive and what is the reasoning for your...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to $ 50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $ 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Tax calculation (Marginal rate X amount over base bracket) (15% X amount over $ 0) (25 X amount over 50,000) (34 X amount over 75,000 amount over 100,000) amount over 335,000)...
Problem 02-13 (Static) (LO 2-7] Country A levies an individual income tax with the following rate...
Problem 02-13 (Static) (LO 2-7] Country A levies an individual income tax with the following rate structure: Percentage Rate 10% 15 25 30 Bracket Income from –O– to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Ms. Slattery's annual taxable income for years 1 through 5 is $150,000. Ms. Ochoa's taxable income for years 1 through 4 is $20,000. In year 5, Ms. Ochoa wins a lottery, and her taxable income for...
Problem 02-12 (Static) (LO 2-7] Country A levies an individual income tax with the following rate...
Problem 02-12 (Static) (LO 2-7] Country A levies an individual income tax with the following rate structure: Percentage Rate 10% 15 25 Bracket Income from –O– to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 30 Required: a. Mr. Levi's taxable income is $69,200. Compute his tax and average tax rate. What is Mr. Levi's marginal tax rate? b. Ms. Jinn's taxable income is $184,400. Compute her tax and average tax rate....
Consider the following (artificial) marginal tax rate schedule for the personal income tax (PIT). (10) Income...
Consider the following (artificial) marginal tax rate schedule for the personal income tax (PIT). (10) Income From S0 to $20,000 From $20,000 to $50,000 From $50,000 to $100.000 From $100,000 to $200,000 Greater than $200,000 Tax Rate 0% 10% 20% 30% 40% Create a table like this and fill it in: Income PIT (S) Marginal Tax Average Tax Rate (MTR) (%) Rate (ATR) (%) $40,000 $70,000 S300,000
The knights levies a real property tax based on the following schedule. Which of the following...
The knights levies a real property tax based on the following
schedule.
Which of the following statements is false?
A. If Mr. Jones owns real property valued at $220,000, his
average tax rate is %3
B. If Mr. Barker owns real property valued at $300,000, her
average tax rate is about a %1.5
C. If Ms. Barker owns real property valued at $330,000 her
average tax rate is about %2.5
D. If Ms. Sinclair owns real property valued at $321,000,...
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?
Country A levies an individual income tax with the following rate structure: Percentage Rate 108 15 25 30 Bracket Income from 0 to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Ms. SP's annual taxable income for years 1 through 5 is $130,400. Ms. OC's taxable income for years 1 through 4 is $15,500. In year 5, Ms. OC wins a lottery, and her taxable income for this one year jumps to...
Country A levies an individual income tax with the following rate structure: Percentage Rate 100 15 25 30 Bracket Income from 0 to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Ms. SP's annual taxable income for years 1 through 5 is $130,400. Ms. OC's taxable income for years 1 through 4 is $15,500. In year 5, Ms. OC wins a lottery, and her taxable income for this one year jumps to...
Assume the City of Norfolk used the following tax schedule for individuals: Income Tax 11% 0-50,000 50,001-100,000 100,001 + 8% 5% a. Briefly define horizontal and vertical tax equity (no more than two sentences per term). b. Mr. Monarch earned $150,000 this year. Compute his (1) Norfolk city tax, (2) average tax rate, and (3) marginal tax rate. c. Is the city of Norfolk's individual rate schedule regressive, proportional or progressive and what is the reasoning for your answer?
Question 3 Assume the City of Norfolk used the following tax schedule for individuals: Income Tax 0-50,000 11% 50,001-100,000 8% 100,001 + 5% a. Briefly define horizontal and vertical tax equity (no more than two sentences per term). b. Mr. Monarch earned $150,000 this year. Compute his (1) Norfolk city tax, (2) average tax rate, and (3) marginal tax rate. c. Is the city of Norfolk's individual rate schedule regressive, proportional or progressive and what is the reasoning for your...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to $ 50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $ 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Tax calculation (Marginal rate X amount over base bracket) (15% X amount over $ 0) (25 X amount over 50,000) (34 X amount over 75,000 amount over 100,000) amount over 335,000)...
Problem 02-13 (Static) (LO 2-7] Country A levies an individual income tax with the following rate structure: Percentage Rate 10% 15 25 30 Bracket Income from –O– to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Ms. Slattery's annual taxable income for years 1 through 5 is $150,000. Ms. Ochoa's taxable income for years 1 through 4 is $20,000. In year 5, Ms. Ochoa wins a lottery, and her taxable income for...
Problem 02-12 (Static) (LO 2-7] Country A levies an individual income tax with the following rate structure: Percentage Rate 10% 15 25 Bracket Income from –O– to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 30 Required: a. Mr. Levi's taxable income is $69,200. Compute his tax and average tax rate. What is Mr. Levi's marginal tax rate? b. Ms. Jinn's taxable income is $184,400. Compute her tax and average tax rate....
Consider the following (artificial) marginal tax rate schedule for the personal income tax (PIT). (10) Income From S0 to $20,000 From $20,000 to $50,000 From $50,000 to $100.000 From $100,000 to $200,000 Greater than $200,000 Tax Rate 0% 10% 20% 30% 40% Create a table like this and fill it in: Income PIT (S) Marginal Tax Average Tax Rate (MTR) (%) Rate (ATR) (%) $40,000 $70,000 S300,000
The knights levies a real property tax based on the following
schedule.
Which of the following statements is false?
A. If Mr. Jones owns real property valued at $220,000, his
average tax rate is %3
B. If Mr. Barker owns real property valued at $300,000, her
average tax rate is about a %1.5
C. If Ms. Barker owns real property valued at $330,000 her
average tax rate is about %2.5
D. If Ms. Sinclair owns real property valued at $321,000,...
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?
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