2. Explain the Structure of the Individual Income Tax in the United States. Give Example.

Complete the table and answer the following questions. After-Tax Before-Tax Income Tax Rate Tax Paid Income High-Income Family $500,000 39.6% Middle-Income Family 50,000 20% Low-Income Family 20,000 10% Using the table, the ratio of a high-income family's to a low-income family's a. before-tax income is: to 1 b. after-tax income is: to 1 c. Is this tax progressive?

5. Allocation of government expenditures Federal and local governments tax and spend. The following pie charts show the allocation of federal and local government expenditures in 2016. Interest 11% Federal All other 12% Health 30% O True O False Pensions and Income Security 33% National Defense 14% Highways 6.0% State and Local All other 31% Education 33% Health and Public Welfare (includes health and welfare and social services, not disability) 30% (Source: Bureau of Economic Analysis, "Government Current Expenditures by Function," National Income and Product Accounts Tables, www.bea.gov.) True or False: You can validly conclude from these pie charts that local governments do not spend enough on highways.

Define individual income tax. A. Individual income tax is the tax an individual pays to the government based on their income from wages.B. Individual income tax is a tax levied on corporations.C. Individual income tax is a tax levied on the value of property or land.D. Individual income tax is a tax paid on a specific product. The producer often passes the cost of the tax to the consumer.

5.  The tax system is used to reduce income inequality through the use of _____ taxes. Select one: a. progressive b. regressive c. efficiency offset d. proportional.?

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

4. Taxes paid for a given income level Antonio is getting ready to do his taxes. He is single and lives in Chicago. Antonio earned $110,000 in 2020. He reviews the following table, which shows the IRS tax rates for a single taxpayer in 2020. On Annual Taxable Income... Up to $9,875 From $9,875 to $40,125 From $40,125 to $85,525 From $85,525 to $163,300 From $163,300 to $207,500 From $207,500 to $518,400 The Tax Rate Is... (Percent) 10 12 Antonio calculates that he owes approximately 17 20 23 30 Based on the IRS table, Antonio calculates that his marginal tax rate is when his annual income is $110,000. ▼ in income taxes for 2020. Antonio then calculates that his average tax rate is approximately for 2020. ▼, based on the annual income level and the amount of taxes he owes After figuring out what he owes in taxes in 2020, Antonio decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $3,000 of taxable income from the federal…

"Discuss the Impact of Taxes on Household Savings in the United States"

5. Calculating tax incidence Suppose that the U.S. government decides to charge cola producers a tax. Before the tax, 30,000 cases of cola were sold every week at a price of $4 per case. After the tax, 25,000 cases of cola are sold every week; consumers pay $6 per case, and producers receive $3 per case (after paying the tax). The amount of the tax on a case of cola is $ per case. Of this amount, the burden that falls on consumers is $ per case, and the burden that falls on producers is $ per case. True or False: The effect of the tax on the quantity sold would have been the same as if the tax had been levied on consumers. True O False

5. Calculating tax incidence Suppose that the U.S. government decides to charge beer producers a tax. Before the tax, 25 billion cases of beer were sold every year at a price of $5 per case. After the tax, 18 billion cases of beer are sold every year; consumers pay $6 per case, and producers receive $3 per case (after paying the tax). The amount of the tax on a case of beer is S per case. Of this amount, the burden that falls on consumers is per case, and the burden that falls on producers is S per case. True or Falser The effect of the tax on the quantity sold would have been the same as if the tax had been levied on consumers. True O False