Suppose that a family's income is exactly the same as the poverty threshold. This family's income deficit would be _____ and their ratio of income to poverty would be _____. 0 ; 1 0 ; 0 1 ; 0 1 ; 1 Consider a family of four in 2008, whose poverty threshold is $22,024. If this family's total income was $19410, what would their income deficit be? income deficit: $

Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on earnings between $10,001 and $20,000 and a 30 percent tax on income between $20,001 and $30,000. Any income above $30,000 is taxed at 40 percent. If your income is $50,000. what is average tax rate ?

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

What type of tax raises the most revenue for the federal government?  What is the largest source of revenue for state and local governments? What is the difference between a progressive tax and a regressive tax? Give an example of each.

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 $10,600 would pay a positive tax.) Family Income (Dollars) Negative Tax Total After-Tax Income (Dollars) (Dollars) 0 2,600 4,600 6,600 8,600 10,600

4. 1) Consider the following categories of taxes: I. wealth tax II. consumption tax III. Direct tax IV. Indirect tax Using the above categories only, an estate tax can be considered to be:   a. III. only   b. IV. only   c. Both I. and III.   d. Both I. and IV.   e. Both II. and IV.   2) Which of the following is true of all social insurance programs?   a. They are paid for by funds contributed only by employers.   b. They are paid for by funds contributed only by employees.   c. The initiation of payments depends on the occurrence of some kind of event in a person's life.   d. Whether a person receives payments is contingent on the wealth and/or income of the covered person.

24. Impact on Taxes. Lawrence has a marginal tax rate of 24%. He suddenly realizes that he neglected to include a $5,000 tax deduction. How will this oversight affect his taxes? =Lawrence paid $1200 excess tax because Lawrence neglected $ 5000 tax deduction 25. Impact on Taxes. From question 24, if Lawrence had forgotten a $5000 tax credit (instead of a $5000 tax deduction), how would his taxes be affected?

with explanation please

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Refer to the tax table below. If your taxable income is $8,000, your average and marginal tax rates are Taxable Income Total Tax $ 2,000 $ 200 4,000 600 6,000 1,200 8,000 2,000 10,500 3,000 25% average rate and 25% marginal rate on additional income. 25% average rate and 40% marginal rate on additional income. 20% average rate and 30% marginal rate on additional income. 25% average rate with a marginal rate that can not be determined.