Q: The two largest sources of tax revenue for theU.S. federal government area. personal and corporate…
A: ANS According to the data available US federal govt. collects about 50% of its tax revenue from…
Q: 20 According to the spreadsheet below, what tax rate would a married couple pay if their combined…
A: Given: Income tax brackets for different entities is mentioned for the year 2016.
Q: •The demand function for a product is represented by the equation Qd = 20 - 2P and its supply…
A: We are given : Demand: Qd = 20 - 2Pd Supply: Qs = Ps- 4 Remark : Pd : Price which the consumer…
Q: If GNPFC is $1900 million and net indirect taxes are $110 million Find GNPMP
A: The information being given to us is as follows:- Gross national product at factor cost = $1900…
Q: What is the tax liability share for consu
A: Tax liability of consumer is depend on the demand curve elasticity if it is elastic then less burden…
Q: Top One Enterprise Ltd earns huge profit this year and needs to pay profit tax to the government.…
A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…
Q: Because of the sales tax in a particular region, a customer in a supermarket must pay $1.46 for a…
A: Answer: Effective tax rate is the average tax rate that is paid by a corporation or an individual.
Q: Determine the single-value effective tax rate for a corporation that has a federal tax rate of 35%…
A: Given, Federal tax rate = 35% State tax rate = 7%
Q: Use the table to answer the questions. In relation to taxes, Ramone will be filing as married filing…
A: Tax with marriage filling jointly can be calculated as follows.
Q: 2020 Tax Data Tax Bracket Marginal Tax Rate $0-9,875 10% $9,876-40, 125 12% $40,126-85,525 22%…
A: The tax amount on the income of $200000: Tax amount =sum of ( income in the tax bracket * tax…
Q: The Australian government wants to create a new income tax that collects 10% for all incomes between…
A: Average tax rate is the share of income that a tax payer pay in taxes. The marginal tax rate is the…
Q: It is a scheme to collect taxes on businesses and industries based on the amount of fossil fuels…
A: A kind of pollution tax that is imposed on businesses and individuals to burn carbon-based fuels…
Q: If a company’s total effective income tax rate is 40% and its state income tax rate is 20%, what is…
A: The effective income tax rate is the rate of the amount of taxes that is paid on an individual’s…
Q: Given the date for a real property: Value Description Amount Market Value P1,000,000 Assessment…
A: According to the question, The market value of the real property = $1,000,000 Assessment Level =…
Q: A religious group engaged in the sale of bibles and other religious articles was required to pay…
A: The imposition of tax is mostly valid except in some counties or states where the law states…
Q: According to spreadsheet below, what is the tax rate for a single person making $55,000 a year? 19…
A: Income taxes are progressive in nature.
Q: Qd = 240 - 5p Qs = P Where Qd is the quantity demanded, Qs is the quantity supplied and P is the…
A:
Q: QD = 240 - 5P QS =P where QD is the quantity demanded, QS is the quantity supplied and P is the…
A: According to question, QD =240 -5P QS =P At equilibrium QD = QS 240 – 5P = P 6P = 240 P = 40 and…
Q: The management believes that every 6% increase in the selling price of one of the company’s products…
A: Price elasticity of demand measures the responsiveness of change in quantity demand to change in…
Q: A Government Organization purchase furniture from ABC Organization of worth 10,0000,in this case who…
A: Taxes will be imposed on the sale and purchase of any goods and services in the economy,…
Q: A marginal tax rate is a) the tax rate paid on a worker's next dollar of income. O b) the total tax…
A: Marginal Tax Rate : The Marginal tax rate can be defined as the the tax rate that is applicable for…
Q: Which is deductible against gross income? * Imputed interest expense Advances to the profit sharing…
A: When talking about deductibles, it is the amount of money that can be kept aside before taxation.
Q: The W-4 tax form is used to determine how much your gross pay should be. avoid paying income taxes…
A: In an economy, taxation is considered as the complex economic system because it is different for…
Q: The Johnson’s had two children, both of them are married and now have their own families, call them…
A: (a) The percentage of taxable income can be calculated using the spreadsheet as follows: The…
Q: Table 12-10 On Taxable Income... The Tax Rate is ... Up to $8,375 10% From $8,375 to $34,000 15 From…
A: Taxable income: It is the total income onto which a tax slab applies based on which an individual or…
Q: Refer to the table below: 2020 Tax Data Tax Bracket Marginal Tax Rate $0-9,875 10% $9,876-40,125 12%…
A: Tax amount…
Q: The additional tax on top of the standard tax? a. surtax b. EVAT c. corporate tax d. statutory…
A: Taxes are defined as mandatory contributions which are levied on an individual or a corporation by…
Q: A state's conformity date can be used to determine: 1-Qualifications for state tax credits.…
A: In the United States, government's tax system is operated by federal as well as state government…
Q: Taxable Income Total Tax $1000 $500 $2000 $600 $3000 $700 $4000 $800 $5000 $900 $6000 $1000 Refer to…
A: Answer; Option (b) is Correct answer
Q: During a particular year, a corporation has $18.6 million in revenue, $2.4 million of operating…
A: Federal tax is a tax which is collected by the united nation from its resident on their profit…
Q: If the federal tax rate is 36% and the state tax rate is 7%, the effective tax rate is closest to:…
A: The federal tax rate = 36% Sate tax rate = 7%
Q: Write 3 difference between direct and indirect tax.
A: # Taxes are classified as direct and indirect tax on basis of who shares the burden of the tax and…
Q: For the following calculations the tax threshold is $1,500,000 and the taxable income is taxed at…
A: Income tax is a type of direct tax levied by a government on the earnings of its citizens.…
Q: (a) Differentiate between income tax and sales tax. Explain both of these types with the help of…
A: The government imposes taxes on the population which are a ratio of income paid by the people to the…
Q: 29. Jill is 16 years old and worked at her local grocery store over the summer earning $5,600. Is…
A: Deductions from a person's income by the government happen under "taxation", which is dependent on…
Q: 1) Explain the difference between a per unit tax and a lump sum tax:
A: [1] Per unit tax is the tax that is implied on each and every unit. It creates the variable cost as…
Q: Pennington Oil is in the 50% effective tax bracket. It had gross income of $470 million in each of…
A: Taxable income for year 1 can be calculated as follows: Thus, the taxable income for year 1 is $155…
Q: While studying for engineering economy mid-term exam, you and two friends find yourselves craving a…
A: Since you have posted a question with multiple sub-parts, we will solve the first 3 sub-parts for…
Q: What is the primary difference between a sales tax and a value-added tax?
A: Tax is the sum of money that people has to pay to the government. When tax is levied on a commodity,…
Q: Given the following marginal tax rates and income brackets, calculate the effective tax rate for an…
A: The effective tax rate is the per cent of the income that an individual or an enterprise settles in…
Q: Which of the following statements is false for a person wanting to use and file a Form 1040EZ tax…
A: The IRS Form 1040-EZ was the simplest and shortest of the 1040 forms. Except for the Earned Income…
Q: Income taxes are calculated based on gross income less certain allowabledeductions. They are also…
A: Since we only answer up to 3 sub-parts, we will answer the first 3. Please resubmit the question…
Q: Find the sales tax and total sale. Item marked price Sales tax rate Sales tax Total sales $582.41…
A: Given; Marked price= $582.41 Sales tax rate= 5.017% Formula to Sales tax:- Sales tax=Price of…
Q: Paying a tax on gasoline when filling up your car is an example of a (A Income tax B Property tax…
A: The markets are considered to be the place where the interaction between the buyers, and sellers…
Q: TRUE OR FALSE? Any internal revenue tax, which has been assessed within the prescribed limitation…
A: The internal revenue tax refers to the total amount of tax generated by the government through…
Economics
Step by step
Solved in 2 steps
- A contractor who files as unmarried (single) to the IRS has an effective tax rate of 28%. His gross income is $155,000, other income is $4000, personal expenses are $45,000, and deductions and exemptions are $12,000. His total income tax due is closest to: (a) $28,550 (b) $41,160 (c) $43,400 (d ) $55,750Calculate 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 millionA Government Organization purchase furniture from ABC Organization of worth 10,0000,in this case who will deduct the income and sales tax and how much in a tax year 2020-2021
- Pennington Oil is in the 50% effective tax bracket. It had gross income of $470 million in each of the last 2 years. In the first year, deductions were $160 million. In the second year, deductions were lower at $120 million. The difference in income taxes paid by the company in the 2 years was closest to: (a) $10 million (b) $20 million (c) $50 million (d ) $40 millionEstimate the gross income for Lopez Enterprises when it had a CFAT of $2.5 million, $900,000 in expenses, $900,000 in depreciation charges, and an effective tax rate of 26.4%.Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013. NOTE: Marginal Tax Rate options are (15, 22, 26, 29) Taxes Owed options are (8983, 10151, 11383, 12579, 13174) Average Tax Rate options are (15, 17, 19, 21, 22)
- Joe and Mary are filing a joint tax return. Their combined taxable income is $130,000. How much do they owe in Federal income tax for year 2018?Tax Bracket : 0-$20,000 = 10% $20,001-$60,000 = 15% $60,001-$100,000 = 35% _______________________________ Jason makes $65,000, what is the approximate tax he would be paying? A. $22,750 B. $10,000 C. $8,750 D. Just take it allMeena earns Tk. 9000 from her poultry firm. Over the day, equipments of egg hatcheries depreciate in value by Tk. 400.Of the remaining amount; Meena gives Tk.250 to the government in sales taxes. Later she retains 290 taka in her business for buying new machines and receives 470 as old scheme benefit. From the remaining amount that Meena takes home, she pays Tk.500 as income taxes. Based on this information, compute Meena’s contribution to the following measures of income: a. Gross Domestic product b. Net National Product c. National Income d. Personal Income e. Disposable Personal Income
- Meena earns Tk. 9000 from her poultry firm. Over the day, equipments of egg hatcheries depreciate in value by Tk. 400.Of the remaining amount; Meena gives Tk.250 to the government in sales taxes. Later she retains 290 taka in her business for buying new machines and receives 470 as old scheme benefit. From the remaining amount that Meena takes home, she pays Tk.500 as income taxes. Based on this information, compute Meena’s contribution to the following measure of income: i. Personal Income?The country of Namibia imposes an 38% allowance for extraction of uranium. B3Gold Namibia company who extract soil with uranium deposits has a gross income of $45M in 2001. That same year, a taxable income of 34.2M except for depletion was produced by the company of B3Gold Namibia for mining the radioactive material. What is the allowable depletion for that year?Question 4Calculate the gross value added : Sale - 400 Changein stock -(-20) Depreciation - 30Net indirect taxes - 40 Purchasea of mchinery - 200 Purchaseof an intermediate production - 250