Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in the table.
Income range; Tax rate
$0-$20,000; 0%
$20,001-$39,000; 31%
$39,001-$70,000; 42%
$70,001; 50%
Use the table to calculate the average tax rate and marginal tax rate for each of the families. Where applicable, round your answer to the nearest whole number.
Byrne family
Income=$25,000
Smith family
Income=$48,000
Washington family
Income=$62,000
Lee family
Income=$123,000

Answers

Answer 1

The Lee family with an income of $123,000, the tax rate of 50% is applied to calculate the total tax paid, which is $61,500. Dividing the total tax paid by the income gives an average tax rate of approximately 50%.

Byrne family:

Income: $25,000

Average tax rate = Total tax paid / Income

Total tax paid = Income * Tax rate

Total tax paid = $25,000 * 31% = $7,750

Average tax rate = $7,750 / $25,000 ≈ 31%

Smith family:

Income: $48,000

Average tax rate = Total tax paid / Income

Total tax paid = Income * Tax rate

Total tax paid = $48,000 * 42% = $20,160

Average tax rate = $20,160 / $48,000 ≈ 42%

Washington family:

Income: $62,000

Average tax rate = Total tax paid / Income

Total tax paid = Income * Tax rate

Total tax paid = $62,000 * 42% = $26,040

Average tax rate = $26,040 / $62,000 ≈ 42%

Lee family:

Income: $123,000

Average tax rate = Total tax paid / Income

Total tax paid = Income * Tax rate

Total tax paid = $123,000 * 50% = $61,500

Average tax rate = $61,500 / $123,000 ≈ 50%

For the Byrne family with an income of $25,000, the tax rate of 31% is applied to calculate the total tax paid, which is $7,750. Dividing the total tax paid by the income gives an average tax rate of approximately 31%.

Similarly, for the Smith family with an income of $48,000, the tax rate of 42% is applied to calculate the total tax paid, which is $20,160. Dividing the total tax paid by the income gives an average tax rate of approximately 42%.

The same calculation is performed for the Washington family with an income of $62,000, resulting in an average tax rate of approximately 42%.

Lastly, for the Lee family with an income of $123,000, the tax rate of 50% is applied to calculate the total tax paid, which is $61,500. Dividing the total tax paid by the income gives an average tax rate of approximately 50%.

The average tax rate represents the proportion of income that is paid in taxes, on average, by each family.

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Related Questions

Theta Inc. uses normal costing and applies overhead based on direct material costs. The predetermined overhead rate for the current year is 250% of direct material costs. During the year, $3,500,000 of direct material costs and $4,000,000 of direct labor costs were incurred. Theta's applied overhead is:

a. $9,375,000.

b. $1,600,000.

c. $8,750,000.

d. $1,400,000.

Answers

Answer:

a. $9,375,000.

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review of the nigerian economy​

Answers

Answer:

amazing

Explanation:


Nigeria's economic freedom score is 57.2, making its economy the 116th freest in the 2020 Index. Its overall score has decreased by 0.1 point, reflecting a decline in the fiscal health score.

In what type of economy do people officials determine the 3 basic economic questions?

Answers

Most likely a Command economy.

Question 2 (1 point)
Kelsi works in a toy manufacturing company assembling small dolls. Her job falls into
the Maintenance, Installation & Repair pathway of the Manufacturing career cluster.

1:) True

2:) False

Answers

True




I guess don’t be mad if I’m wrong

Devon, a Project Manager is working on a software development project. He needs more coders to complete the project on time. As a result, he hires people and they are given on-the-job training by their coworkers. However, this significantly reduces the output of th team and leads to a delay in the project. The given scenario exemplifies:

Answers

Answer: the mythical man-month effect

Explanation:

The scenario given in the question above signifies the mythical man-month effect.

According to the mythical man-month effect, it explains that when more programmers are added to a particular project, this eventually led to a delay in the project.

Since we are told that Devon needs more coders to complete the project on time and therefore hired more people to complete the project but eventually led to a delay, thus signifies the mythical man-month effect.

If the country wants to move from its current point and produce 10 more tons of food, it must produce...

O 5 more tons of clothing

O 5 fewer tons of clothing

10 more tons of clothing

O 10 fewer tons of clothing

Answers

5 fewer tons of clothing

Which of the following tips can help you avoid electrical
shock from a computer? (Select three answers.)
Unplug the computer before performing maintenance.
| Keep liquids away from the computer.
Open up the computer while it is turned on to see
what's wrong.
D Use only the keyboard and not the mouse when
performing maintenance.
Make sure the computer doesn't have worn out wiring.
Wash the inside of the computer with water to keep it clean.

Answers

Answers:


1) Unplug the computer before preforming maintenance.

2) Keep liquids away from computer.

3) Make sure the computer doesn’t have a worn out wiring.


I hope this helped :)

What are three ways to discover how to involved in your chosen career field

Answers

Answer:

Research industry information. ...

Find out about professional associations. ...

Research career options using LinkedIn.

HELP ME PLEASE!!!
when is it usually best to choose a variable rate home mortgage?
A. if you plan to stay there many years.
B. if you plan to stay there a short time before moving again.
C. if you plan to rent it out.
D. if you plan to have a large family.

Answers

Answer:

A...............maybe D

5. Describe how Chris used networking to his advantage in getting an internship
Witter and signing new clients.

Answers

Answer:

is there more information for this question?

Besides individuals, who else pays taxes in our country?

Answers

Answer:

Aliens?

Explanation:

2) On the basis of the calculations you have made, explain which location Saber should
choose.

Answers

Answer:

Explanation:

physical attributesphysical attributesphysical attributesphysical attributesphysical attributesphysical attributesphysical attributesphysical attributesphysical attributes

Which economic system is based on an idea of equality of result; that regardless of how well off somebody starts, all
should be guaranteed an equal success?
O A. Traditional
B. Command
OC. Mixed
D. Market

Answers

B. Command

What your describing sounds a lot like communism which would be found under a command economic system

Answer:

D.Market

Explanation:

A market economy conforms to formal equality of opportunity only if jobs offered by business firms are publicized in advance, so that anyone who might want to apply has a reasonable opportunity to do so.

On 3/1/X1 Landlord Co. received a $36,000 cash payment from Renter Co. to pay for a total of 17 months, starting in the current month. How much revenue should Landlord Co. recognize in the year ending 12/31/X1? Round your answer to the nearest penny.

Answers

Answer: $21177

Explanation:

First and foremost, we should note that since the revenue that Landlord Co. wants to recognize in the year ending 12/31/X1 will be for a period of 10 months that is, from 1st of March to 31st of December.

Therefore, the revenue that Landlord Co. should recognize in the year ending 12/31/X1 will be:

= $36000 × 10/17

= $21176.471

= $21177

Which of the following explains how revenue is determined?

A. The total amount of money brought in by sales.

B. Gross domestic product is calculated.

C. Costs are subtracted from revenues.

D. The maximum level of benefits is figured.​

Edit: Its not C

Answers

Answer:

A. The total amount of money brought in by sales.

3. Why are people who are unemployed but not looking for work not included in
the unemployment figures? (Hint: think of teenagers)
Need help due TODAY

Answers

Answer:

Because they don't keep track on it.

Explanation:

Basically they are just included in it because they don't keep track of it. Hope that helps!

The user growth rate of a social media platform decreased by 15% per month. On January 1, the platform had 20 million users. If growth decreases at 15% each month, how many will it have by year end?

Answers

Answer:

2.844835 million current users

Explanation:

20 million x .85 x .85 x .85 x .85 x .85 x .85 x .85 x .85 x .85 x .85 x .85 x .85

Click this link to view O*NET's Tasks section for Actors.
Note that common tasks are listed toward the top, and less common tasks are listed toward the bottom. According to
O*NET, what are common tasks performed by Actors? Check all that apply.
creating artwork for use in stage sets
collaborating with other actors
working closely with directors, other actors, and playwrights to find the interpretation suited to the role
studying and rehearsing roles from scripts
learning about characters in scripts and their relationships to each other
teaching college classes and training other people how to become actors

Answers

Answer: B C D E

Explanation:

Did the assignment

To find the interpretation suited to the role, studying and rehearsing roles from scripts, learning about characters in scripts and their relationships to each other and teaching college classes and training other people how to become actors are common tasks performed by Actors. Hence, options B, C, D and E are correct.

Who is a director of a movie?

The directors are the movie's creative leaders. They uphold the artistic vision throughout pre-production and final editing. They are employed by the executive producer or producer, who is ultimately in control of a production.

A film director's responsibilities include reading and editing scripts, overseeing the cast and crew, and putting the final product together. The actors and other crew members will work with you to ensure that the movie ultimately reflects the aesthetic vision for the finished result.

Thus, options B, C, D and E are correct.

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List of the least five behaviors you feel would be behavior you feel would be considered irresponsible in the workplace. For each behavior listed, provide a detailed example/scenario to detail what makes the behavior either responsible or irresponsible.

Answers

Answer: See Explanation

Explanation:

Some of the behaviors that would be considered irresponsible in the workplace include:

1. Lateness: Every company has its working hours and it is required for the employees to adhere to the working hours and always get to work on time. Lateness is a bad habit in the workplace. For a company to achieve its goals, it's required for its workers to come to their workplace early and perform their duty well.

2. Cyberslackers: This occurs when the employees use the internet that is meant for work related activities to surf the net and browse sites that doesn't relate to their work. For example, a case whereby an employee is checking his or her social media at the workplace.

3. Lying to other employees: It is a bad behavior for an employee to lie or say something that's not true about a person in order to gain an advantage or for other person reasons Lying brings about lack of trust and disunity in the workplace.

4. Having a bad character: In an organization, it is vital for the employees to possess good characters such as being kind, caring, helpful etc. Possessing a bad character will have a negative effect on the company.

5. Theft: Employee theft is also an irresponsible behavior in the workplace. Stealing has a negative effect on the revenue of the company as it reduces the revenue such company makes. Employees should always make sure that they do not falsify information in order to gain a financial advantage or steal company's fund.

While using a debit card increases the speed and efficiency of business transactions, what effect can this have on a person's money management skills?

Answers

Often, using a debit card doesn’t feel like you are using real money, because it is so simple and efficient. This can cause people to buy more than they have in their checking account, often resulting in overdraft fees and poor budgeting.

The person can set his or her financial goal and this will result in preplanning the funds. This makes the platform an easy target to transact with and more efficient.

What is a financial goal?

A financial goal is an objective or plan for handling money. It is a function of how much money you make, spend, save, or invest. Depending on their need for a financial objective, such as pension planning, a person or individual might define their own financial goals.

The person who is a using debit card or a credit card. This would help the person in maintaining their efficiency and a budget. They can even set a limit through which they can be allowed to transit.

Also, they can use ODIs which is overdraft as well as bills receivable. This would increase their efficiency and money management.

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FINISH THIS SENTANCE
There was this blind man, right? He Was feeling his way down the street with this stick,

Answers

when he runs into a old dog who so happens to be a dog that guides blind people.

Problem 17-1A Comparing costs using ABC with the plantwide overhead rate LO P1, P3, A1, A2

Answers

Answer:

$67.50 per hour

Explanation:

Setup Cost = $312,500

Transportation Cost = $10,000

Direct Labor cost $25,500

Modification of machine cost $12,000

Insurance of Factory Premises $28,000

Raw material Cost $118,250

Machine hours = 7,500 hours

labor hours = 3,500  hours

Total manufacturing Overheads = $506,250 / 7,500 = $67.5 per hours

How can the government be both a producer and a consumer in respect to its relationship with business

Answers

Answer:

they gonna tinda and be kind to the coatumets

Answer:

they are gonna tinda and be nice to the caotmautes

What are some common spreadsheets applications?​

Answers

USES ( APPLICATIONS) of spreadsheet are;

1) to create budgets : Excel can be used in creation of budget s which is the estimation of revenue as well as expenses which covers specified future period of time.

2)produce graphs and charts: it's application is helpful in creating graphs in mathematics as well as statistics

3 for storing and sorting data: Data sorting can be done using spreadsheet. It involves arrangements of data into an order in order to make analysis of the data easier.

SPREADSHEET APPLICATION

1)Microsoft Excel : This is used in data

crunching , it can handle large data sets.

2)LibreOffice : it's applicable in Calc for a free as well as native spreadsheet app.

4) Smartsheet: is useful when handling

task involving non-spreadsheet and can be used for project management.

5)Quip : it's useful for integration of

spreadsheets into shared documents.

Place the steps for proper lifting technique in the correct order. --Select-- --Select-- --Select- --Select-- --Select- --Select-​

Answers

Answer:hold up

Explanation:

Prepare a report on environmental sanitation. Include the impacts, causes, and prevention methods​

Answers

Answer and Explanation:

Environmental sanitation is carried out through a series of public investments that seek to promote environmental control in a region. The impacts of this type of sanitation must be positive, since it is through it that a community can present adequate garbage collection, treated water supply, sewage treatment, correct disposal of human waste, cleaning of public roads, basic sanitation, among others . All of this promotes human development, the well-being of the population and environmental preservation.

The causes of environmental sanitation are the need to establish social policies that promote better living conditions and that optimize the health of citizens without degrading the environment.

Understanding the legal ramifications what types of policies should organizations implement when using social media tools for recruitment

Answers

Answer:

Social media is a vital tool for online recruitment in the large MNCs now-a-days.

Explanation:

In the recent, there is a trend of recruiting the new professionals through various online platforms and other social media tools.

With social media many legal consideration comes into account. The organizations while handling social media tools for recruitment has to look on various important points while posting their advertisement and collecting the data of the candidates online. There are severe legal ramifications on using social media in a wrong way, so organization have to be ethical while using them.

Firstly, they should respect the privacy of the social media communities.Professionalism and rules of ethics should be applied.They should respect the copyright laws.

DO you like Anne with an E?​

Answers

Answer:

meh

Explanation:

it's okay. I kind of don't like how they stayed from the book but all the scenes were shot beautifully, and the actors did great. I only watched a few so I cant give more than a "meh" but I do like what I'm seeing so far

Pete and Shirley are filing a joint return. They have two dependent children. What is the total amount of their exemptions for tax year 2019? A. $0 B. $4,200 C. $8,400 D. $16,800

Answers

Answer:

A. $0

Explanation:

The Tax Cuts and Jobs Act eliminated personal exemptions starting 2018. It also increased standard deductions though. For example, the standard deduction for married filing jointly for 2019 was $24,400. This is a significant increase if you consider that the standard deduction for married filing jointly in 2017 was $12,700.

A. Identify a profession b. In not more than 60 words, describe the "art" and "science" of such profession in (a).

Answers

Answer:

Comedy as a Profession is a great example.

Explanation:

The science of it is related to the psychology of what makes people laugh.

If studied, one would realize that there are certain things that are bound to make people laugh (all things being equal). An example is when a person makes fun of themself to an audience.

To explain this, scientists have stated that it is inherent in humans to laugh at the misfortune of others. However, this is just a theory and does not explain why we laugh at other kinds of comedy.

A plausible explanation (which is more recent in the parlance of psychology) is that people also laugh when certain expectations are defied in a very witty manner.

As a professional stand-up comedian, knowing all the rules and tricks is just one part of the coin. Being able to, either by practice or repeated efforts during practice, internalize these principles, practice them and effectively use them is the artistic part of the picture.

There those who are gifted naturally with a principle thought process that elicits laughter from others, would be termed hilarious. However, to make a living out of comedy, one would need to fully understand the principles and practice to deliver them as naturally as possible.

Another paradigm to the art of comedy is that, it has to be very witty. Wit many times may come with an element of suprise... a new angle that was previously "unthought" of.

Cheers!

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