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- Match the term and the definition: flat tax Places heavier burden on poor than on rich as your income increases, the percentage that you pay increases A. Progressive taxes B. Proportional taxes C. Regressive taxesThe table below shows labor income for four individuals and the amount each has paid in income taxes. Labor Income, Tax Paid, and Average Tax Rate Individual Labor Income (dollars) Tax Paid (dollars) Average Tax Rate (percent) Samantha $45,000 $3,600 ________% Charles 65,000 6,500 ________% Amanda 82,000 13,120 ________% Young 110,000 119,800 ________% Instructions: Enter your answers as a whole number. Complete the table above by calculating the average tax rate paid by each individual. Is the income tax depicted here progressive, regressive, or proportional? ____ The income tax is progressive. ____ The income tax is proportional. ____ The income tax is regressive.Labor Income, Tax Pald, and Average Tax Rate Individual Samantha Charles Amanda Young Labor Income (dollars) $45,000 60,000 80,000 105,000 Tax Paid (dollars) $100 100 100 100 Instructions: Round your answers to 2 decimal places. Average Tax Rate (percent) de dese % de
- Federal income tax is (a. progressive b. proportionate (flat) c. regressive) , Social Security tax is (a. progressive b. proportionate (flat) c. regressive ) , Medicare tax is (a. progressive b. proportionate (flat) c. regressive) and sales tax is (a. progressive b. proportionate (flat) c. regressive) when comparing an income of $50,000 per year to an income of $150,000 per year.There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. Peter earns a gross income of $53,000, and Sandy earns a gross income of $65,000. Out of his income, Peter pays $3,000 in local taxes; out of her income, Sandy pays $5,000 in local taxes. Which of the following statements is true? a. Peter’s total (local + federal) tax bill is greater than Sandy’s total tax bill. b. The federal tax system is progressive. c. The federal tax system is proportional. d. The federal tax system is regressiveWhat is the marginal tax rate? Select one: A. Total income divided by total taxes. B. The proportion of additional income which is taxed. C. Total taxes divided by total income.
- Tax rates for higher income group have been increased. Which Economic value does it reflect? ExplainThe statutory marginal tax rate for income levels between $0 and $100,000 is 25%. The statutory marginal tax rate for income levels above $100,000 is 50%. A family with a child purchases 800 hours of childcare per year. The hourly rate for childcare was $10 in 2020. Families can deduct childcare expenditures up to $8,000. One spouse worked during the year while the other spouse did not earn income. The spouse that worked can claim a tax credit of $6,000. What is the after-tax income available to the family when the spouse that worked earned $100,000 in 2020? What is the effective tax rate (taxes paid over total pre-tax income). What is the after-tax income available to the family when the spouse that worked earned $200,000 in 2020? What is the effective tax rate (taxes paid over total pre-tax income). How does the after-tax price of childcare differ compared to the family with income = $100,000. There is an inflation rate of 100% between 2020 and 2021. The…Answer the questions based on the data in the table. Round all answers to two places after the decimal. Earner Annual income amount Income tax amount Sally $90247.00 $29781.51 Steve $160249.00 $46472.21 Jamie $230251.00 $57562.75 Pat $300253.00 $72060.72 What is Sally's tax rate? % What is Pat's tax rate? %
- In 2020, the government of Brazil had a tax revenue of $70 million and the non tax revenue of $120 million Calculate the value of total tax revenueImpact of higher taxes on labor income from now to next 5 years.The FICA tax is levied on employers, employees, and certain self-employed individuals. Revenue goes to Social Security and Medicare. In 2014, the employee's contribution to the retirement part of the FICA tax was 6.2 percent of the first $117,000 earned in wages and salaries. (Medicare is withheld on all wages and tips.) People with income from interest and dividend payments do not have to pay any Social Security tax on this income. What is the tax structure for the income tax over the income range of $0 to $117,000? O Proportional Tax O Progressive Tax Regressive Tax