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- The tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack. What are some of the secondary effects of this tax? Check all that apply.Proposed Regressive Plan (Regressive Tax) Calculate the tax for $25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):When an excise tax is levied on sellers and they are responsible for paying the tax to the government, this will have no effect on buyers since they don’t have to directly pay the tax. Select one: True False
- Federal alcohol excise taxes are designed so that the alcohol content of beer and wine is taxed at a much lower rate than the alcohol content of distilled spirits. A: True B: FalseDetermine from the tax table provided the amount of the income tax for each of the following taxpayers for 2020: Taxpayer(s) Filing Status Taxable Income Income Tax Allen Single $21,000 $fill in the blank 1 Boyd MFS 24,545 $fill in the blank 2 Caldwell MFJ 35,784 $fill in the blank 3 Dell H of H 27,450 $fill in the blank 4 Evans Single 44,999 $fill in the blank 5Use the information in the table below to answer the questions that follow.Tax rates for individuals: 2019/2020 tax yearTaxable Income (R) Tax Payable1 – 195 850 18% of taxable income195 851 – 305 850 R35 253 +26% of the amountabove R195 850305 851 – 423 300 R63 853 +31% of the amountabove R305 850423 301 – 555 600 R100 263 +36% of the amountabove R423 300555 601 – 708 310 R147 891 +39% of the amountabove R555 600708 311 – 1 500 000 R207 448 +41% of the amountabove R708 3101 500 001 and above R532 041 +45% of the amountabove R1 500 000 Calculate how much tax an individual earning a taxable income of R425 000 per annum would pay Calculate the average tax rate of an individual earning a taxable income of R425 000 per annum
- Need answers ASAP... 9. As an employee of a company, it is a must to pay tax to the government for its operation. This taxation burden is called: a. fixed tax b. property tax c. impact tax d. income taxCalculate the value of net indirect tax GNP at MP = $7000 Domestic income = $6200 Depreciation = $600 Net factor income from abroad = -400 All values are in millionIncome tax is a a. Local tax b. Special tax c. Tax on persons d. Regressive tax e. None of the above
- Suppose a luxury tax is levied on 'luxury cars' luxury being defined as having an engine larger than 2 liters (liter is about 1/4 of a galoon just in case you aren't familiar). What can be expected to happen? Question 10 options: Some car models will be refitted with smaller engines to avoid the tax Less luxury cars will be sold Producers of luxury cars will be hurt All other answers are correctTrue or false. The incidence of property taxes that are levied on rented houses and apartments is high—meaning that they are paid almost entirely by the landlords, who are billed by the government for those taxesThe following table shows the before-tax and after-tax Gini coefficients for Mexico and Canada. Mexico Canada Before tax 0.473 0.427 After tax 0.458 0.303 Discuss the figures in the table in terms of income distribution and compare the taxation policies in the two countries.