Suppose in Fiscalville there is no tax on the first $10,000 of income, but 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. If your income is $50,000, how much will you pay in taxes? Determine your marginal and average tax rates. Is this a progressive tax?

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A: Tax rate:For first 10,000=0%10000-30000=10%30000-50000=20%50000-80000=30%80000 and above=40%

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Q: Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on…

A:

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A: Given information:

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A: 0−10,000 = No tax    10,000 − 20,000 = 20%    20,000 − 30,000 = 30 %    > 30,000  = 40%

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A:

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