Suppose Cameron earns $100,000 per year but must pay income taxes according to the tax schedule given in the table to the right. According to the chart, the income tax Cameron faces is a Assume Cameron has no tax exemptions or deductions. How much in income taxes must Cameron pay? Cameron must pay $ in income taxes. (Enter your response as a whole number.) tax. Assume Cameron has no tax exemptions or deductions. What is his marginal tax rate? What is his average tax rate? % and his average tax rate is Cameron's marginal tax rate is responses as whole numbers.) %. (Enter your Income $0 to $9,000 $9,001 to $33,000 $33,001 to $70,000 $70,001 to $147,000 $147,001 and up Tax Rate (%) 10 15 25 30 40

Suppose Cameron earns $100,000 per year but must pay income taxes according to the tax schedule given in the table to the right. According to the chart, the income tax Cameron faces is a Assume Cameron has no tax exemptions or deductions. How much in income taxes must Cameron pay? Cameron must pay $ in income taxes. (Enter your response as a whole number.) tax. Assume Cameron has no tax exemptions or deductions. What is his marginal tax rate? What is his average tax rate? % and his average tax rate is Cameron's marginal tax rate is responses as whole numbers.) %. (Enter your Income $0 to $9,000 $9,001 to $33,000 $33,001 to $70,000 $70,001 to $147,000 $147,001 and up Tax Rate (%) 10 15 25 30 40

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Design Of The Tax System

Section: Chapter Questions

Problem 2PA

See similar textbooks

Similar questions

.How are the income taxes determined?
How does tax affect AE line? Draw graphs to explain
The govemment is considering imposing taxes onthe sellers of certain classes of products. The first tax they are considering is a tax on 2% milk. The second is a tax on all dairy products. The third is a tax on all food products. Which of these three taxes would you expect to have the largest impact on the sticker prices of the taxed products? Explain.
what is market f suppose that if your income is 10000 your tax is 1000 but if your income is 50000 your tax is 4000 such a tax is ANSWR IN DETAIL
What should the value of tax be. MC question
20. Marta purchased a sweater for $15.67, a pair of socks for $2.13, and a bracelet for $6.78. For all purchases she must pay the state sales tax of 7.5% and the county tax of 0.5%. What is the tax on her purchases?
What are the three distinct terms to describe taxes?
The demand for cigarettes, which create negativeexternalities through secondhand smoke, is oftenrelatively inelastic. That is, when the price of cigarettes changes, the quantity demanded changes bya smaller portion. Using this fact, explain to whatextent you think a tax on cigarettes would fulfilleach of the goals of taxation.
What are the types of income chargeable to tax in Australia?
1. The government of Antigua wishes to introduce income tax to increase government revenue. In so doing, a consultant was hired to make recommendations on the best way forward. The consultant proposed that the government shouldn’t tax any employee earning below XCD25,000.00 annually or the employee first XCD25,000.00 annually. Thereafter, any employee earning between XCD25,000.00 and XCD40,000.00 annually should pay 5.5% income tax and then any employee earning above XCD40,000.00 should pay 10.5% income tax. For the above information answer the following: a. Derive a mathematical function to represent the consultant’s position clearly identifying all variables and intervals. b. From part a) above, state the name of ALL the mathematical functions derived. c. If Jane (someone working in Antigua) pays XCD750.00 in income tax, calculate Jane’s annual income.
Marissa 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%
Suppose that your state raises its sales taxfrom 5 percent to 6 percent. The state revenuecommissioner forecasts a 20 percent increase insales tax revenue. Is this plausible? Explain.