Homework Answers
a. Regressive tax.
This is because lower income households tends too spend higher fractions of their income on necessities.
b. Progressive tax.
This is because this additional tax is applied after a level of income level greater than the certain amount.
c. Regressive tax.
A flat rate implies that the tax levied on income earned above a certain level will be the same, implying that as the income increases, the tax rate is less.
d. Progressive tax.
This is as per the definition of the progressive tax, a positive relation between the income earned and the tax rate.
e. Regressive tax.
A poll tax or a head tax is a fixed rate levied on the citizens and residents irrespective of the income level.
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Identify whether the scenarios below are examples of regressive or progressive taxes. A sales tax on...
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With regard to federal income tax in Canada, ________. Choose the correct answer. A. all residents of Canada are subject to several different flat taxes depending on their personal situation. B. all residents of Canada are subject to the same flat tax rate which changes each year as it is indexed for inflation. C. higher rates of tax are applied to higher levels of income using progressive tax brackets. D. higher rates of tax are applied to lower levels of...
Need help with Tax problems. Understanding taxes In general, is the U.S. federal tax system progressive...
Need help with Tax problems.
Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Progressive Regressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
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please help!! Is the sales tax progressive, regressive or flat with respect to income? 5.4 Calculate...
please help!!
Is the sales tax progressive, regressive or flat with respect to income? 5.4 Calculate the total Consumer Surplus for the following. The following data reveals how much each consumer is willing to pay for an Alaskan cruise: Amy $9003 Edwin $2,000 Bob $1,000 George $1,300 Carol $1,500 Henry $1,800 Edwardo $4002 Irving $1,500 Raymond $1,2005 Joseph $300 Draw the market demand curve for each of these 10 consumers. If the cruise costs $1,000 how many passengers will there...
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Need help with Tax problems.
Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Progressive Regressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
8. The tax system Understanding taxes In general, is the U.S. federal tax system progressive or regressive? O Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $68.12 per share and sold it for $90.03 per share after a few years How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...
19) A flat tax is a tax with a single margional tax rate. If households could deduct $15,000 and then face a marginal tax rate of 25% on all additional income, would the tax be: A) Proportional B) Regressive C) Progressive D) Regressional 20) Disposable income is defined as A) Income you throw away. B) Income after taxes. C) Income after taxes and essentials. D) Income after rent and insurance. 21) Which of the following statement about Social Security is...
please help!!
Is the sales tax progressive, regressive or flat with respect to income? 5.4 Calculate the total Consumer Surplus for the following. The following data reveals how much each consumer is willing to pay for an Alaskan cruise: Amy $9003 Edwin $2,000 Bob $1,000 George $1,300 Carol $1,500 Henry $1,800 Edwardo $4002 Irving $1,500 Raymond $1,2005 Joseph $300 Draw the market demand curve for each of these 10 consumers. If the cruise costs $1,000 how many passengers will there...
7. Let's do some taxes. The following table are the 2020 tax brackets for single tax filers. Tax rate 10% 12% 22% 24% 32% 35% 37% Amount $0 to $9,700 $9,701 to $39,475 $39,476 to $84.200 $84,201 to $160,725 $160,726 to $204,100 $204,101 to $510,300 $510,301 or more a) For example, if you make $54,000 in 2020, the first $9,700 is taxed at 10%, the next amount from $9,701 to $39,475 is taxed at 12%, and finally, the amount from...
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