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- What is the effect of government purchased and taxation on the level of income?Answer the questions based on the data in the table. Round all answers to two places after the decimal. Earner Annual income amount Income tax amount Sally $90247.00 $29781.51 Steve $160249.00 $46472.21 Jamie $230251.00 $57562.75 Pat $300253.00 $72060.72 What is Sally's tax rate? % What is Pat's tax rate? %how are consumption taxes different from income and property taxes?
- The following table shows tax payments made for various incomes. According to the information in the table below, the tax system is: Table 3.1 Taxable income $1,000 $2,000 $4,000 $8,000 Тах рayments $10 $30 $90 $270 a. regressive between $1,000 and $2,000 of income but progressive above $2,000. b. progressive throughout all levels of income. c. regressive throughout all levels of income. O d. progressive between $1,000 and $2,000 of income but regressive above $2,000. O e. proportional throughout all levels of income.please answer the following question: 1. Which of the following is an example of govemment discretionary spendingA) Social Security retirement paymentsB) defense spendingC) net interest paid on government debD) Medicare benefits for the elderlyComplete the table and answer the following questions. After-Tax Before-Tax Income Tax Rate Tax Paid Income High-Income Family $500,000 39.6% Middle-Income Family 50,000 20% Low-Income Family 20,000 10% Using the table, the ratio of a high-income family's to a low-income family's a. before-tax income is: to 1 b. after-tax income is: to 1 c. Is this tax progressive?
- Thelma's current income is $100,000 and she currently pays $30,000 in income tax.w Any income she earns above $100,000 is taxed at 40 percent. Which following correctly calculates her tax burden? the her average tax rate is 30 percent her marginal tax rate is 40 percent her average tax rate is 40 percent her marginal tax rate is 30 percent.It refers to the amount subtracted from the gross income in determining the net taxable income. a. Exclusions b. Deductions c. Exceptions d. ExemptionsA group 0f 10 people have the following annual incomes: 24,000,18,000,50,000,100,000,12,000,36,000,80,000,10,000,24,000,16,000. Calculate the share of total income that each quintile receives from this income distribution. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?
- Q6 Tayseer company has supplied the following information relating to its general public benefits for the year 2019-2020. Entertainment taxes OMR 2,020; Foreign exchange earned OMR 1,020; Research & development efforts OMR 520; The following are the social costs relating to its general public: Foreign exchange spent OMR 32; Service taxes consumed OMR 90. compute Net social income to general public. a. OMR 2418 b. None of these are correct c. OMR 3450 d. OMR 4438Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. V Taxable Income $0-$9,700 $9,701-$39,475 $39,476-$84,200 $84,201-160,725 $160,726-$204,100 $204,101-$510,300 Over $510,300 1st attempt Tax rate 10% 222335 12 24 37 See HinWhat is the difference between an expenditure (cash-flow) tax and a sales tax? What is the difference between an expenditure tax (cash-flow) and an income tax?