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- Why would means-tested transfer payments (such as food stamps, in which benefits are reduced as income rises) act like an income tax facing recipients?39. Assuming a $7 per unit tax is imposed, in calculating the realative burdent of the tax does it matter whether the government is collecting the tax directly from sellers or from buyers? YES NO.How are the income taxes determined?
- K Does the existence of credit market imperfections imply that there is a useful role for government tax policy? The existence of credit market imperfections imply that there is a useful role for government tax policy as it would be for the government to do so.QUESTION 10 Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $417,000. How much is their child tax credit in 2021? O a. $6,000 O b. $5,150 O c. $4,000 O d. $2,000 O e. $3,150Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $417,000. How much is their child tax credit in 2021? O a. $6,000 O b.$5,150 O c. $4,000 d. $2,000 O O e. $3,150
- Melodie’s taxable income is $38,000 and she pays income tax of $4,370. If Melodie’s taxable income increases to $40,000, she would pay income taxes of $4,740. What is Melodie’s marginal tax rate? a. 14.66% b. 22.00% c. 18.50% d. 12.00% e. Some other amountMarissa just got hired at a new job for an annual salary of $112,200. After the standard deduction, her taxable income will be $100,000. Use the marginal tax rates shown in the table to calculate how much she will owe in income taxes if she has no other income and no additional deductions. 2019 Tax Rate Schedule for Single People For taxable income .but not .the marginal tax over... over... rate is: $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37%2. Explain the Structure of the Individual Income Tax in the United States. Give Example.
- The term used to describe the credit available to a donor to offset the gift tax is called the applicable credit amount. O True False2. You pay a marginal rate of 3% on the first $10,000 of income and a marginal rate of 5% on the second $10,000 of income. You make $18,000 a year, how much is your income tax?Suppose an individual decreases their consumption in a year, resulting in more saving for and consumption in the next year. In a taxation system that taxes consumption but not interest income, what will happen to this individual's present value ilfetime tax burden? Ot will Increase. It will decrease. OIt will stay the same.
