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A: Effective Tax Rate =Total Tax PaidTotal Incomex100 Minimum Tax = Total Income x Effective Tax Rate
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A: Lets understand the basics. Marginal tax rate is a rate which you will going to pay tax on…
Q: Given the following tax structure, what minimum tax would need to be assessed on Shameika to make…
A: Tax Rate=Total TaxTotal Salary×100
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A: Marginal tax rate is the percentage tax paid on each additional dollar of income earned. In other…
Q: Let's say the following tax cut was applied to U.S. taxpayers who earned up to $55,000 per year. On…
A: Solution- A-Extra money Earned by a typical person earning $55000- =5% of 55000+$500 = $3250
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Q: If you live in a state that needs to collect $18 million in property taxes and has a tax rate of…
A: Property tax amount = $18,000,000 Tax rate = 2.77%
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A: SOLUTION- COMPUTATION OF TAX DUE - GROSS SALES 2800000 LESS- TAX EXEMPT INCOME (250000)…
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A: Marginal tax rate is the ratio of change in tax payable to the change in the total income.
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A: Given that's Taxable Income = $75000 Interest from Investments = $10000
Q: Given the following tax structure, what minimum tax would need to be assesse respect to average tax…
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A: Information Provided: Taxable income = $100,000 MTR = 50% ATR = 35%
Chase Cutter has a marginal tax rate of 33 percent, a state income tax rate of 3.5 percent, and a city income tax rate of 0.5 percent. The tax for Social Security and Medicare is 7.65 percent. What would be the effective marginal tax rate on your last dollar of earnings?
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- What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate is 3.5%?Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with an income of $20,000 pays $3000 of tax, a person with an income of $30,000 pays $4000 of tax, and so forth. What is each person’s average tax rate? Is this tax regressive, proportional, or progressive?You own a townhome with and assessed value of 182,300. The tax rate is $2.20 per $100 of assessed value round your answer to the nearest cent? A-what is the amount of property tax in dollars? B-if the state offers a 4% discount for early payment how much and dollars would the tax bill amount to if you paid early?  C-if the state charges a mandatory 3 1/2% penalty for late payments, how much in dollars with the tax bill amount too if you paid late ?
- You own an a townhome with an assessed value of $184,800. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) a) If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? b) If the state charges a mandatory 3 1/2% penalty for late payments, how much (in $) would the tax bill amount to if you paid late?You own an a townhome with an assessed value of $181,100. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) (a) What is the amount of property tax (in $)? $ (b) If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? $ (c) If the state charges a mandatory 3 1 2 % penalty for late payments, how much (in $) would the tax bill amount to if you paid late? $Suppose that the income tax in a certain nationis computed as a flat rate of 5 percent, but notax is levied above $50,000 in taxable income.Taxable income, in turn, is computed as theindividual's income minus $10,000; that is,everyone gets a $10,000 deduction. What arethe marginal and average tax rates for each ofthe following three workers? (Evaluate the mar-ginal tax rate at each person's current incomelevel.)a.A part-time worker with annual income of$9,000.b.A retail salesperson with annual income of$45,000.C.An advertising executive with annual incomeof $600,000.Is the tax progressive, proportional, or regres-sive with respect to income?
- Income Tax rates will be changed to the following Marginal Tax Rates given by: T(I) = 40*I2/ I2+1000 T is the tax rate given as a percentage I is the income of the person in THOUSANDS of dollars What is the Person who makes $20,000 top marginal tax rate? (round the nearest hundredth of a percent)You own an a townhome with an assessed value of $184,600. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) propery tatx $4061.20 If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early?Congress would like to increase tax revenues by 5.5 percent. Assume that the average taxpayer in the United Staes earns $56,000 and pays an average tax rate of 20 percent. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5.5 percent in tax revenues?
- John Gates made $25,000 last year and paid $2,500 in taxes on this income. Jane Smith made $30,000 last year and paid $2,700 in taxes on this income. What type of tax is the government using? answers proposed taxes proportional taxes progressive taxes regressive taxes not enough informationAccording to a professional analysis of one proposed federal tax cut (by the accounting firm Deloitte and Touche), the cut would have resulted in the following income tax savings: a single person with a household income of $41,000 would save $211 in taxes; a single person with a household income of $530,000 would save $12,838 in taxes; a married couple with two children and a household income of $41,000 would save $1208 in taxes; and a married couple with two children and a household income of $530,000 would save $13,442 in taxes. Find the absolute difference in savings between a single person earning $41,000 and a single person earning $530,000. Then express the savings as a percentage of earnings for each person. Find the absolute difference in savings between a married couple with two children earning $41,000 and a married couple with two children earning $530,000. Then express the savings as a percentage of earnings for each couple. Write a paragraph either defending or…Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is the Fringe benefit tax?