Suppose in Fiscalville there is a 0 percent tax on the first $10,000 of income, but there is a 20 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. Instructions: Round your answers to the nearest whole number. a. If your income is $70,000, how much will you pay in taxes? 24 b. Determine your marginal tax rate. 40 percent c. Determine your average tax rate. Ipercent d. Is Fiscalville's income tax progressive? Yes
Suppose in Fiscalville there is a 0 percent tax on the first $10,000 of income, but there is a 20 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. Instructions: Round your answers to the nearest whole number. a. If your income is $70,000, how much will you pay in taxes? 24 b. Determine your marginal tax rate. 40 percent c. Determine your average tax rate. Ipercent d. Is Fiscalville's income tax progressive? Yes
Chapter1: Making Economics Decisions
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Suppose in Fiscal illegal there is a 0 percent tax on the first 10,000 of income, but there is a 20% tax on earnings between $10,000 and $20,000 and a 30% tax on income $20,000 and $30,000. Any income above $30,000 is taxed at 40%.
If your income is $70,000, how much will you pay in taxes?
Determine your average tax rate?
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MH Connect - Chapter 20 Homework i
Suppose in Fiscalville there is a 0 percent tax on the first $10,000 of income, but there is a 20 percent tax on earnings between
$10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40
percent.
3.33
polnts
Instructions: Round your answers to the nearest whole number.
a. If your income is $70,000, how much will you pay in taxes?
eBook
24
b. Determine your marginal tax rate.
Print
40 percent
c. Determine your average tax rate.
References
percent
d. Is Fiscalville's income tax progressive?
Yes
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