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- Mary is single and has a taxable income of $75,000. How much does she owe for federal income taxes for the year 2018?Use the information in the table to answer the following question. Income Amount of % of Income Tax $25,000 $6,750 25% $50,000 $10,000 20% $100,000 $15,000 15% Which kind of tax does the data in the table represent?Which tax is the largest source of tax revenue in the United States? personal income taxes social insurance taxes corporate profit taxes value added taxes national sales taxes
- In terms of the Income Tax Act, which one of the following bodies is not exempt from income tax?(1) Non-resident companies.(2) Foreign banks who are not residents of the Republic.(3) Section 21 Companies approved by SARS.(4) Political party.(5) Any level of government in the Republic.The government implements a negative Income tax plan with a guaranteed minimum income of $5,000 and a phase-out rate for payments of 50%. Complete the following table by calculating the negative tax and total after-tax income for each family income given. (Note: Suppose that any income above $10,800 would pay a positive tax.) Family Income Negative Tax (Dollars) (Dollars) 0 2,800 4,800 6,800 8,800 10,800 Total After-Tax Income (Dollars)Based on the following data: Taxable income ($) Total tax ($) 1500 5 2500 110 3000 200 4500 400 5000 600 6000 900 Please answer the next questions. 1. What kind of tax is illustrated, i.e, structural, perverse, proportional or progressive. Explain. 2. If your taxable income is $5000, what is your average tax rate? 3. If your taxable income increases from $5000 to $6000, what is your marginal tax rate?
- Which of the following is an indirect tax? 1. Capital Gains Tax 2. Excise Duty 3. Wealth Tax 4. Estate DutyGovernment collects the largest percentage of its revenue in which of the following ways? A) excise tax B) payroll tax C) corporate income tax D) personal income taxWhich tax is paid on individual income from sales of assets? a-sales tax b-excise tax c-estate tax d-capital gains tax
