Suppose you earn $50,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $25,000. The second tax bracket, which taxes at 25 percent, ranges from $25,001 to $100,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number.

Q: Which tax system impacts more on the rich people, and why does it impacts them more?

A: Progressive Taxes is the tax system that impacts more on the rich people. Taxes that are assessed…

Q: Suppose the tax rate on the first $10,000 income is 0; 10 percent on the next $20,000; 20 percent on…

A: Tax rate:For first 10,000=0%10000-30000=10%30000-50000=20%50000-80000=30%80000 and above=40%

Q: if the first $50,000 is taxed by 1 percent and anything above $50,000 to $75,000 is taxed by 2…

A: First, $50,000 is taxed by 1 percent. Anything above $50,000 to $75,000 is taxed by 2 percent.…

Q: Explain the impact of per-unit sales to the buyer and the seller, using a DIAGRAM that illustrates…

A: When sales tax is imposed on the producer, the production cost of the producer rises because for…

Q: Should the richest Americans be taxed on their wealth?

A: We are authorized to answer one question at a time since you have not mentioned which question you…

Q: According to the textbook, which of the following statements is (are) correct? (x)  Taxes on…

A: Tax revenues are collected by the government to undertake government activities such as…

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: 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: 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: Tina Taxpayer makes $75,000 a year. What are her average and marginal tax rates if she is required…

A: Average tax is the total tax rate divided by total income and marginal tax rate is the additional…

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

A:

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

A: From $0 to $10,000 the tax rate is 0%. So, the tax payment can be calculated as follows: Thus, the…

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: Calculate the effective tax rate (in percent) of people who eam an annual income of P250,000.…

A: Taxes are necessary contributions that a government entity, whether local, regional, or national,…

Q: True or false (explain why): To minimize the burden of taxation, it is better to levy large taxes on…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Use information from paragraph 4 to answer the following question. Before the Progressive Era, many…

A: When talking about progressive tax, it can be said that it is the tax that is directly related to…

Q: Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but there is a 15…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Explain why the “behavioural effect" of the increase in the top tax rate on the welfare of…

A: The tax rate is the percentage of an individual's income or the amount of money that must be paid as…

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

A: 0−10,000 = No tax    10,000 − 20,000 = 20%    20,000 − 30,000 = 30 %    > 30,000  = 40%

Q: Consider the following hypothetical income tax brackets for a married couple. Assume for simplicity…

A: The marginal tax rate is how much extra tax paid for each extra dollar procured as pay. The average…

Q: Why is tax necessary for the government? Substantiate your answer in 2 paragraphs

A: A country is controlled by it's government

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: Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but there is a 15…

A: The average tax rate is the total amount of tax divided by total income.

Q: Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that…

A: Answer: Given: Tax rate = 17% Alice's taxable income = $29,000 Calculation of tax amount: If Mr.…

Q: President Clinton has seized the cigarette excise tax as an expedient and politically correct means…

A: Given, The decrease in sale of cigarette = 4% Increase in price = 10% Over three years, the decline…

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

A: Tax is a compulsory payment that is imposed by the government either directly or indirectly on the…

Q: A person's social security benefit is based upon a. How much she/he earned their entire life b.…

A: A safety net is provided by social security. This is something that society provides to individuals…

Q: Explain how proportional income tax would increase hours of labour supplied

A: A tax is a mandatory fee paid by the residents of a country to the government. These are levied to…

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: Person A earns $100,000 per year, while person B earns $45,000 per year. Which conclusion is most…

A: Below is the given values: The earning of person A = $100000 The earning of person B = $45000

Q: The concept that people should pay taxes based on the benefits they receive from government services…

A: The taxes are the legal proceedings that are paid by the citizens of the country for the services…

Q: According to the textbook, which of the following statements about taxes in the U.S. is (are)…

A: Taxes are defined as the compulsory charges imposed by the government of the country on individuals…

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 in Fiscalville there is a 5 percent tax on the first $10,000 of income, but there is a 15…

A: