Q: Explain marginal tax rate.
A: 1-The marginal tax rate is the additional/extra tax rate paid for every additional/extra income…
Q: A challenger presidential candidate vows to cutentitlement spending by 20 percent in the first…
A: It is unlikely the candidate could achieve this reduction in entitlement spending by 20 percent.
Q: Suppose that the US. government decides to charge beer consumers a tax. Before the tax, 10,000 cases…
A: The equilbrium price and quantity of a good sold in a competitive market are determined by the…
Q: 3er the following hypothetical income tax brackets for a married couple Assume for simplicity there…
A: Income Tax Rate $0-$20,000 10% $20,000-$50,000 20 $50,000-$100,000 35 Over $100,000 50…
Q: The idea that taxes should be imposed to raise revenues but not change incentives is called a. the…
A: In a market, government imposes taxes in different ways according to the requirements of the market.
Q: Discuss the effects of indirect taxes on producers. min 200 word
A: Indirect taxes are the taxes that are not directly paid by consumers. These taxes are added in the…
Q: b. Who pays more of the tax incidence? O Consumers and producers split the tax. O Producers, because…
A: The graph is showing demand and supply of tanning session when government imposes excise tax of $15…
Q: a. According to the benefits-received principle of taxation, O the higher one's income, the higher…
A: In an economy, government taxation has a significant impact on the behavior of the people and the…
Q: e role of tax
A: The main purpose of taxation is that it finances the government expenditure . The most important use…
Q: Suppose that the government imposes a tax on heating oil. Would the deadweight loss of this tax…
A: In economics, inefficient allocation of resources tends to create deadweight losses which reduce the…
Q: Help Save&Exit Submit Suppose an income tax is imposed that takes $1,000 from someone with an income…
A: The correct answer to the abovementioned question is Progressive tax.
Q: If sellers bear more of the burden of taxation then O supply is more elastic than demand O…
A: Tax incidence refers to the distribution of tax burden between buyers and sellers. The burden of the…
Q: Which of the following is true in the United States? O A. Only state governments can collect taxes.…
A: Tax is the compulsory payment to the government and it is the main source of government revenue.…
Q: Suppose in Fiscalville there is a O percent tax on the first $10,000 of income, but there is a 20…
A: a. The first $10,000 is tax-free in the economy and the next $10,000 has a 20 percent tax, the next…
Q: The market demand for rose is QD = 2400–60P and the market supply for rose is QS= –600 +40P.…
A: Demand shows the ability and willingness of a person to buy a good. Supply shows the willingness and…
Q: ty
A: Gini coefficient is used to measure economic inequality the coefficient value ranges in (0 to 1). 0…
Q: Suppose the demand curve for pizza can be represented by the equation QD = 20 - 2P. The supply curve…
A: quantity demanded is equals to quantity supplied , now as government impose 1.5 tax per pizza 20 -…
Q: overnments use taxes to raise revenue. If governments increase the tax rate, is this uaranteed to…
A: Tax revenue is product of size of tax and the quantity sold at this taxed price.
Q: xplain the benefits principle and the ability-to-pay principle. What are vertical eguity and…
A: Microeconomics is the study of how people and businesses allocate resources and set prices for…
Q: Suppose the demand for cigarettes is Q = 15 - 0.5Pand the supply of cigarettes is Q = P - 3, where P…
A: Equilibrium is achieved at the output level where Qs equals Qd
Q: What are the characteristics of Taxes, please discuss each,
A: Taxes are the payment made by citizens of country to government of the country and citizens does not…
Q: progressive income tax has a greater deadweight loss compared to a proportional incone tax ?…
A: Progressive income tax is a situation when the level of taxes increases with the increase in income…
Q: he following table shows tax payments made for various incomes. According to the information in the…
A: The following problem has been answered as follows:
Q: Suppose that your state raises its sales taxfrom 5 percent to 6 percent. The state…
A: Given: The sales tax increases from 5% to 6% This increase is an increase of 20% itself…
Q: Which of the following best describes a progressive tax system? It redistributes income from lower…
A: Progressive tax system is a system where people with higher incomes be higher taxes and people of…
Q: What is the shortsightedness effect? How does it influencethe attractiveness of government…
A: Despite the fact that most of the resources required for government spending are raised each year…
Q: Pls help me answer these 2 multiple questions. Thank you! 1. The individual income tax is a…
A: The individual income tax is a manifestation of this system of progressive taxation. When the tax…
Q: Calculate the average and marginal tax rates inthe following table, and indicate whether the taxis…
A: Average Tax Rate:- Average Tax rate=Total tax dueTotal taxable income×100 Marginal Tax Rate:-…
Q: The government decides to impose a unit-tax on producers instead of a unit-sales tax on consumers,…
A: Tax incidence is the contribution of the burden of the tax imposed by the government. It is based on…
Q: nington s ome tax llabllity ах Па HE 2017 tax rate schedule in appendix D in - ook). b. What is…
A: Tax liability is the amount of money in the form of tax debt you owe to tax authorities. Here, we…
Q: What are the cannons of taxation by Adam smith ?
A: Adam Smith suggested taxation to finance government activities. He has led down some rules for the…
Q: Suppose you are a typical person in the U.S. economy. You pay 4 percent of yourincome in a state…
A: Taxes are referred to as mandatory contributions which are levied on individuals or businesses by…
Q: Tax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent…
A: The tax incidence means the division of tax burden between buyers and sellers. It refers to the…
Q: What is progressive and regressive tax?
A: Tax is a mandatory payment usually levied by the government authorities on the individuals,…
Q: 1. Match the description to the type of tax, v Tax on the use of vehicles, gasoline, alcohol,…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
Q: What is Proportional Tax?
A: Taxes- proportional, progressive and regressive. Proportional taxes are flat taxes (as %) which are…
Q: Why is the burden of a tax to taxpayers greater thanthe revenue received by the government?
A: Tax Burden is a proportion of the taxation rate forced by government. It incorporates direct…
Q: Suppose in Fiscalville there is a 0 percent tax on the first $10,000 of income, but there is a 20…
A: "Since you have posted a question with multiple sub-parts,we will solve first three parts for you.To…
Q: Suppose that your state raises its sales tax from5 percent to 6 percent The state revenue…
A: Given: Sale increased from 5% to 6%
Q: (a) In a competitive market, the incidence of an excise tax ("who really pays the tax") is on…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Step by step
Solved in 2 steps
- Use the table to answer the questions. In relation to taxes, Ramone will be filing as married filing jointly. Ramone is making $156,141.00 this year as an employee of Rust-Eze; he has no other income. Do not consider any deductions or expenses in this question. Married filing jointly or Married filing separ Single S0-$8,350 $8,351-S33,950 $33.951-$82,250 | $82,251-$171,550| |$171,551-$372,950| $372,951+ Tax rate qualified widow(er) SO-$16,700 $16,701-$67,900 S67,901-$137,050 $137,051-$208.850 $208,851-$372,950 $372,951+ S0-$8,350 SO-$11,950 S11,951-$45,500 S45,501-$117,450 $117,451-$190,200 10% $8,351-$33,950 $33,951-S68,525 S68,526-$104,425 | 25% 28% 33% 35% S104,426-$186,475 $190,201-S372,950 $186,476+ $372,951+ Use the table to calculate how much money Ramone will owe in taxes under a progressive tax program. Calculate how much money Ramone will owe in taxes under a proportional tax (flat tax) rate of 30%Calculate Your Taxes To find your net pay, you'll need to first calculate your taxes. Start period 02 | 01|2019 End period 02 | 15| 2019 Find the tax percentages for each type of tax on your pay stub and insert them here. Then, press the calculate button when you're ready. Gross Pay $1,837.00 Earnings Taxes Deductions FEDERAL % of $1,837.00 $1,837.00 Federal (8.24%) FICA Medicare (1.45%) FICA MEDICARE % of $1,837.00 FICA Social Security (6.20%) FICA SOCIAL SECURITY % of $1,837.00 State - OK (3.86%) STATE % of $1,837.00 Total Disclaimer: Tax numbers are for illustrative purposes only. Net Pay CalculateBased on the data, answer the questions. Earner Sally Pat What is Sally's tax rate? 38% 33% O 28% 24% Annual income amount $94551.00 $304557.00 What is Pat's tax rate? 0000 O 22% 31% 33% 24% Income tax amount $31201.83 $73093.68
- I dont understand how to calculate and graph the second curve for income after taxes and benefits. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.EXERCISE-8 PRESENT ECONOMY 11. The gross margin of a corporation is 45% of sales. Operating expenses such as sales and administration are 15% of sales. The corporation is in a 40% tax bracket. What percent of sales is their profit after taxes?What would not result from replacing the income tax with consumption tax Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Which tax is paid on individual income from sales of assets? a-sales tax b-excise tax c-estate tax d-capital gains tax30. Steve earned $50 in income last year and the current tax brackets are 20% for the first $10 of income, 30% for the next $10 of income, and 50% for all additional income. In addition there is a $20 deduction that exempts that amount of income from taxation. Steve’s total taxes are _____.Before-Tax After-Tax Income Quintile Share Share Highest 52. 8% 49.5% Second-Highest 20.6% 21.2% Middle 14.1% 15.1% Second-Lowest 8.6% 9.7% Lowest 4.0% 4.7% Instructions: Enter your responses as a percentage rounded to one decimal place. According to the table, by how many percentage points does the federal income tax a. reduce the income share of the top quintile? % b. increase the share of the lowest quintile?
- Based on the following data: Taxable income ($) Total tax ($) 1500 5 2500 110 3000 200 4500 400 5000 600 6000 900 Please answer the next questions. 1. What kind of tax is illustrated, i.e, structural, perverse, proportional or progressive. Explain. 2. If your taxable income is $5000, what is your average tax rate? 3. If your taxable income increases from $5000 to $6000, what is your marginal tax rate?3 Calculate the income taxes that a person has to pay considering the table below- If a person's income is $6,500, how much does he pay in taxes? If a person's income is $13,500, how much does she pay in taxes? (a) (b) Taxable Up to $5,000 $5,001-$10,000 $10,001-$15,000 Income Taxes 10% of taxable income 14% of taxable income 16% of taxable incomeQuestion 1 Use the numbers below for questions #1-3. Filing Status: Single Total Income: $73, 883 Income Adjustments: $0 Itemized Deductions: $14,239 What is the Adjusted Gross Income for this individual?