Sue earns $60,000 per year and pays $12,000 in taxes. She gets a raise and now earns $100,000 per year and pays $16,000 in taxes. The tax system here is..

Q: Which of the following is not an example of excise tax? * A. Transfer tax B.…

A: Taxes are the compulsory payment made by individuals/firms to the government without having any…

Q: What do taxes pay for? Schools, government departments, roads, and emergency services…

A: Taxes is the compulsory payment which is levied by government on people or corporations. Taxes is…

Q: Y= C+I+G Where C = 160 +0.6Yp I = 150 G = 150 T= 100

A: When the policymakers compute the real GDP by expenditure methods, they include consumption,…

Q: How does a sales tax work? A. A tax is levied on the value of real property or land. B. A tax is…

A: Taxes are mandatory contributions levied by a government entity, whether local, regional, or…

Q: b. The tax system is regressive for income levels less than $100,000 and progressive for income…

A: A regressive tax is one where the average tax burden decreases with income. Low-income taxpayers pay…

Q: Calculate the tax for $95,000. For example, $10,000x40%=$4,000 in tax. Show your work!! Calculate…

A: A progressive tax is a tax in which the tax rate increases as the taxable amount increases.

Q: Write the letter of your choice on the space provided before each number. Thus, A – if only the 1st…

A: Progressive tax system is based on the ability to pay the principle.

Q: Congress and the president carry out fiscal policy through changes in O interest rates and the money…

A: Answer to the question is as follows:

Q: When the income tax was first proposed in 1894, it was ruled unconstitutional? True or false

A: The tax is a unilateral payment made by the people towards the government for various purposes such…

Q: Excise taxes on tobacco and alcohol and state sales taxes are often criticized for being regressive.…

A: The tax is a unilateral payment made by the people towards the government for various purposes such…

Q: Thelma's current income is $100,000 and she currently pays $30,000 in income tax.w Any income she…

A: Average tax rate = (Total tax / Total income) Marginal tax rate = (change in tax paid / change in…

Q: Find the net indirect taxes if the indirect taxes are $60 and the subsidies are $15?

A: indirect taxes = $60  subsidies = $15 net indirect taxes = ?

Q: Give a brief conclusion about taxation in Malaysia

A: Malaysia has progressive direct tax system.People with higher income are taxed higher and people…

Q: Find the Net indirect taxes if the indirect taxes are  $360 and the subsidies are $40?

A: Introduction : Net indirect is the difference between indirect taxes and subsidy. Indirect tax =…

Q: Kelly’s taxable income is $110,000. Approximately what percent of her taxable income is her tax?…

A: Kelly's Taxable Income is $110,000 Kelly's Taxable Income is between 43,650 or 112,650 where tax is…

Q: Can you explain how to figure this out? The demand curve moved to the left Showing what the demand…

A: Initially when there were no taxes involved, the equilibrium price which the buyer paid and the…

Q: 1. This kind of tax is derived from the individuals, corporate estates, and trusts income. A.…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: There are two individuals in a society. The federal income tax in this society is such that that the…

A: Taxation: - Taxation is the imposition of some charges by the government of a country on the…

Q: Which of the following is an indirect tax? 1. Capital Gains Tax 2. Excise Duty 3. Wealth Tax 4.…

A: A direct tax is one that is paid directly to the institution that imposed it. Individual taxpayers,…

Q: Under which type of taxation do you pay a higher percentage the more money you make? A Progressive B…

A: Taxation refers to the process through which a government or taxation body imposes or levies a tax…

Q: Barry can work 3120 hours in a (non-leap) year. He has the opportunity to work for $20 per hour.…

A: Since the question you have posted consists of multiple parts, we will answer the first three parts…

Q: Suppose you earn $40,000 per year and pay taxes based on marginal taxX rates. The first tax bracket,…

A: Income tax is that type of tax which is imposed by government on the income of individuals &…

Q: A tax whose impact varies inversely with the income of the person taxed, and poor people have a…

A: In the case of the regressive tax rate, the greater burden of tax is imposed on the poorer people…

Q: Explain the types of tax liability in the Turkish Tax System by giving examples

A: The Turkish tax system is a vital component of the economy, and it is divided into three major…

Q: Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on…

A: The above country is following a progressive tax structure.

Q: Explain very briefly what you understand from income effect and substitution effects of change in…

A: The income effect measures how a change in the purchasing power of consumers affects their…

Q: Thelma's current income is $100,000 and she currently pays $30,000 in income tax. Any income she…

A: Average tax rate = (Total tax paid / Total income) Marginal tax rate = (Change in tax paid / Change…

Q: Give a brief example of progressive tax system.

A: Out of the three taxes system one of these is a progressive tax system. In a progressive tax system…

Q: Which of the following programs are often funded by the payroll tax? Check all that apply. A.…

A: Introduction: Payroll tax is the tax that is withheld, assessed, or imposed on an employer's…

Q: A new elected government want to reform its tax system. As an economist you are hired to advise the…

A: When a taxing body, typically a government, levies or imposes a financial responsibility on its…

Q: There are two individuals in a society. The federal income tax in this society is such that that the…

A: Progressive taxation means the tax rate is lower for low-income groups and higher for high-income…

Q: There are two individuals in a society. The federal income tax in this society is such that that the…

A: A progressive tax is one that is based on the ability of the taxpayer to pay.

Q: What is regressive and degressive tax?

A: In order to raise money for important public projects like providing the best infrastructure and…

Q: Give a brief example of regressive tax system

A: There are three tax system which are:- (1) Proportional tax system (2) Progressive tax system (3)…

Q: The Federal Budget- Ask FRED The accompanying graph contains data on "U.S Individual Income Tax: Tax…

A: As can be seen from the image, when income tax was first introduced in 1913, the rate on the highest…

Q: Explain how corporate profits are taxed twice

A: Taxes refer to the fees that is charged by the government on various entities of the economy. The…

Q: Assume that the government proposes a negative income tax that calculates taxes owed using the…

A: Here, it is given that government imposes negative tax income with 25% tax rate on the income level…

Q: Compare the tax breaks for two different income groups in the Bush 2006 tax bill

A: Macroeconomics is a part of economics that deals with production, decision and allocation concerning…

Q: Refer to the following table for Waxwania: Government Expenditures, G Tax Revenues, T Real GDP $170…

A: a.  As the tax rate at every unit of Real GDP is the same, i.e. 20% of the Real GDP, therefore, the…