Homework Answers
Sally's tax rate = tax amount / annual income * 100
or Sally's tax rate = 29972.91 / 90827 * 100
or, Sally's tax rate = 33.00%
Similarly, Pat's tax rate = 72199.92 / 300833 * 100
or Pat's tax rate = 24.00%
The nature of tax system is regressive, since the tax percentage increases with increase in taxable annual income.
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Answer the questions based on the data in the table. Round all answers to two places...
1. Based on the data below, answer the following questions. What is Sally's tax rate? What...
1.
Based on the data below, answer the following questions. What is Sally's tax rate? What is Pat's tax rate? What is the nature of this income tax system?
Use the information in the table to answer the questions about the tax system in the...
Use the information in the table to answer the questions about the tax system in the country of Lilliput. Calculate the income tax rate for each person and enter it as a percent. Income Taxes paid Joey 890000 $27000 Monica $80000 $20000 Chandler $75000 $15000 Joey's tax rate: Monica's tax rate: Chandler's tax rate: Is this a progressive, regressive, or proportional tax system? Suppose the government of Lilliput voted to decrease taxes on the top earners and increase it on...
13 a. The following tax proposal has income as the tax base. Calculate the marginal tax...
13 a. The following
tax proposal has income as the tax base. Calculate the marginal tax
rate for an income of $5,000 and an income of $40,000. Then,
calculate the percentage of income paid in taxes for an individual
with a pre‐tax income of $5,000 and for an individual with a pre
tax income of $40,000. Classify the tax as being proportional,
progressive, or regressive. Round answers to two places after the
decimal, where applicable.
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can anyone help me answer these questions? WHO nemde Microsoft Word Actonated Аавьсо Аавысіб Аавьсс Аавьсс...
can anyone help me answer these questions?
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Based on the data below, answer the following questions. What is Sally's tax rate? What is Pat's tax rate? What is the nature of this income tax system?
Use the information in the table to answer the questions about the tax system in the country of Lilliput. Calculate the income tax rate for each person and enter it as a percent. Income Taxes paid Joey 890000 $27000 Monica $80000 $20000 Chandler $75000 $15000 Joey's tax rate: Monica's tax rate: Chandler's tax rate: Is this a progressive, regressive, or proportional tax system? Suppose the government of Lilliput voted to decrease taxes on the top earners and increase it on...
13 a. The following
tax proposal has income as the tax base. Calculate the marginal tax
rate for an income of $5,000 and an income of $40,000. Then,
calculate the percentage of income paid in taxes for an individual
with a pre‐tax income of $5,000 and for an individual with a pre
tax income of $40,000. Classify the tax as being proportional,
progressive, or regressive. Round answers to two places after the
decimal, where applicable.
Tax Proposal: All income is...
Complete the following table and answer the following questions. Tax Rate Tax Paid After-Tax Income High-income family Middle-income family Before-Tax Income $500,000 50,000 37% 20% 10% Low-income family 20,000 Using the table, the ratio of a high-income family's to a low-income family's Instructions: Round your responses to one decimal place. a. before-tax income is: e b. after-tax income is: c. Is this tax progressive?
(Round discount factors to 3 decimal places. Round
intermediate calculations and final answers to the nearest whole
dollar amount.)
Corporation VB was formed in 2019. Immediately prior to year-end, VB is considering a $500,000 deductible expenditure. It can either make the expenditure before the end of 2019, or wait until 2020. However, if it waits the cost of the expenditure will increase to $525,000. Before considering this expenditure, VB has the following projected pre-tax cash flows and taxable income for...
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can anyone help me answer these questions?
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