The table below presents the system in the country of Boonton. The numbers indicate the percentage of income in that bracket that is taxed. For example, someone making $13,000 would be taxed 23% of that amount.   Income Earned                                  Tax % applied to that Income Under $15,000                                                  23 $15,001 - $30,000                                             24 $30,001 - $45,000                                               25 $45,001 - $60,000                                              27   If a household in Boonton currently makes $20000, how much do they owe in taxes?

Subpart 4 to be solved please. Suppose a small economy has two income tax rates: 15% for all income up to $50,000 and 30% for any income earned above $50,000. Suppose that the economy has a Government Budget for this year (year 1) of $58,500, and a total of five individuals earning the following income: Amy $20,000, Betty $40,000, Charlie $60,000, Dimitry $80,000, Evelyn $100,000. In chapter 5 we saw that GDP can be calculated in two ways, via the expenditure approach or the income approach, and that when the income approach is used, there must be adjustments made to National Income, specifically adding the Consumption of Fixed Capital and a Statistical Discrepancy. For the sake of simplicity, let's imagine that National Income is equal to GDP, in other words the Fixed Capital and the Statistical Discrepancy are equal to zero.   This Worksheet is provided as a courtesy to aid your work. Use it at your own discretion.    Use the worksheets below to 1) calculate the tax that each person…

← → X VD C Calculate the income tax for a single person who has $81,396 of taxable income using the table below which shows the tax brackets for 2016 for single workers. TODE EQ Taxable Income $0 to $9,375 $9,376 to $37,550 $37,551 to $90,850 $90,851 to $189,500 $189,501 to $411,650 $411,651 to $414,500 $414,501 or more Answer to the nearest penny. Tax Rate 12% of amount over $0 $945 plus 16% of the amount over $9,375 $5,278 plus 26% of the amount over $37,550 $18,526 plus 29% of the amount over $90,850 $46,592 plus 34% of the amount over $189,500 $119,622 plus 36% of the amount over $411,650 $120,135 plus 40.2% of the amount over $414,500 hp

I need the other side of the chart for regressive tax

Antipoverty programs are often set up so that the amount of government benefits will decline substantially as poor people earn more income. This can cause a poverty trap an income inequity a poverty line a safety net

The accompanying table lists the incomes of five citizens of a hypothetical economy. Suppose the government introduces a new program for low-wage carners. Under this program, cach citizen is given a refund that is paid for with tax revenues and is equal to a percentage of the citizen's income. The chart shows applicable income brackets and the percentage to be refunded. Citizen Income ($) Income Range ($) Income Supplement (% of Original) Frankie 27000.00 0-17,000 40% Vinnie 33000.00 17,001-36,000 25% Artie 15000.00 36,001-52,000 10% Nicky 62000.00 52,001 and above 0% Jackie 25000.00 What is the amount of Frankie's refund? What is the amount of Artie's refund? What is the amount of Nicky's refund? Which of the following is a problematic feature of a welfare state that is mitigated by the supplement's gradual decline? the implicit marginal tax inflation a revenue shortfall recession

Q6

Should the government be involved to create more equality in income disparities

4. An economist produced the following Lorenz curves for the current income distribution and the projected income distribution 10 years from now in a certain country: Current Lorenz curve: f(x) = 0.15x+0.85x Projected Lorenz curve: g(x) = x'6 Compute the Gini index of income concentration ( to 2 decimal places ) for the current and projected curves. What can you say about the distribution of income 10 years from now? Is it more equitable or less?

Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,900. He is single. Before this payroll, Barrett's cumulative earnings were $142,100. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1) Note: Round your answers to 2 decimal places. FIT Social Security taxes $ 737.80 Medicare taxes $ 172.55