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If low-income families pay 10% of their income in taxes while high-income families pay 20% of their income in taxes, the tax system is which of the following?
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- As of 2016, social insurance tax on a typical worker’s income is calculated as ___ of the worker’s pretax paycheck amount. Only ____ of that amount is actually deducted from the worker’s paycheck. The other ____ is paid by the employer. Self-employed individuals, however, must pay the full ____ themselves. For Social Security, though not for Medicare, the amount of income taxed is capped. The cap for 2016 is ____. Answer Choices: 5.1% 7.65% 10.2% 15.3% $118,000 $125 $133 700 900The 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.Eric Yang earns $603.16 weekly, is married, and claims 3 withholding allowances. Use the Percentage Method to calculate tax withholding. FICA tax is 4.2% and Medicare tax is 1.45%. Find his net earnings for this pay period.
- Supply fucntion: QS=200P-700 Demand function: Qd=3000-100p If a goverment want to reduce the quantity of units sold to 500, what is the price per unit tax?In the United States, taxpayers in the top 1 percentof the income distribution pay about _________percent of their income in federal taxes.a. 5b. 10c. 20d. 30501(c)3 public charities benefit from the charitable deduction law, meaning they can accept donations and issue donors a tax receipt so that the donor can deduct the contribution on federal income tax returns. A. True B. False
- P0 = R130; Ps = R 100; Pm = R200; Q1 = 1000; Q0 = 1200 a) Calculate supplier’s revenue before tax and after tax. b) Calculate the total tax revenue collected by the government. c) Calculate the total tax paid by the consumers and total tax paid by the suppliers. d)Compare the results inc above and give a logical explanation for the varianceheklpThere is a 20% tax on the first $15,000 of income, a 30% tax on income above $15,000 until $30,000, and a 40% tax on all income above $30,000. What is the marginal tax rate for someone making $45,000? Group of answer choices 40% 14.29% 30% 20%
- Income tax is a a. Local tax b. Special tax c. Tax on persons d. Regressive tax e. None of the aboveI 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.Plz asap
