You make $17,500/year. You pay $100 in gasoline tax, which is the same amount your parents pay.

Question:

a. What percentage of your income goes towards this “gasoline” tax?

b. Is this a regressive or progressive tax?

c. How might you reduce the rate of this tax?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Personal Finance Building Your Future

ISBN: 978-0073530659

1st edition

Authors: Robert B. Walker, Kristy P. Walker

See More Books

Question Posted: Apr 18, 2018 07:55 AM

See More Questions

In October 2015, the Village of Mason levied $80 million of property taxes for its 2016 scal year (which is the same as the calendar year). The taxes are payable 50 percent by December 31, 2015, and...
In October 2018, the Village of Mason levied $80 million of property taxes for its 2019 fiscal year (which is the same as the calendar year). The taxes are payable 50 percent by December 31, 2018,...
Zachary Mayo is a new staff accountant participating on his first audit engagement. He has been assigned to the Foley Company engagement and is examining Foleys accounts receivable. Foley maintains a...
kindly interpret the R squared In order to test its job candidates' technical skills, a company creates a timed Excel test (in minutes) to be completed during the interview. The company asks its...
1. How do you define psychoactive and addictive drugs? 2. Why are they defined as the most addictive? Is there any one or more of them that the US Government does not seek to limit its use?
Suppose that the U.S. dollar has appreciated relative to the Chinese yuan and depreciated relative to the Mexican peso. What has happened to the value of the dollar based on the effective exchange...
How does a service contract differ from a warranty? What rights do purchasers of products have even if no written warranty exists?
Customer to the Lotus Tea Importer Company places an order with a sales representative by phone or fax. The sales department employee then transcribes the customer order into a standard sales order...
Check my work Required information The following information applies to the questions displayed below. In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
Pal Corporation acquired a 90 percent interest in Sor Corporation on January 1, 2011, for $270,000, at which time Sor's capital stock and retained earnings were $150,000 and $90,000, respectively....
Karri is about to graduate and she landed a job making $32,000 a year. However, her love of shoes and her latest trip to New York City left her with $10,000 in credit card debt. She is also...
You make $100,500/year. You budget $5,000 for gasoline annually, half of which is tax. What percentage sales tax do you pay?
Perform the indicated operations and express the result in simplest radical form with rationalized denominators.
Determine the magnitude of the magnetic flux through the south-facing window of a house in British Columbia, where Earth's B field has a magnitude of 5.8 x 10-5T and the direction of B field is 72...
A wedge with an inclination of angle rests next to a wall. A block of mass m is sliding down the plane, as shown. There is no friction between the wedge and the block or between the wedge and the...
Conner Leonard worked for Purges Manufacturing for 32 years. Along with four other men, he helped to start the company that designed and built products sold around the world. Purges Manufacturing...
Reconsider the collision between two objects diagrammed below where two objects move on a frictionless surface. Before collision After collision Experiment 1 A, 1 B A B Draw complete and properly...
3. Now the bomb arrives. Please catch fx,y(x, y) = = cx cx - dy, where 0 < x < 1, 0 y x. 13 a) Please find coefficients c, d such that cd= 8 b) Please find fx(x) and fy (y). Are X and Y independent?...
Carnival Corporation has recently placed into service some of the largest cruise ships in the world. One of these ships, the Carnival Breeze, can hold up to 3,600 passengers, and it can cost $750...
Why do CPA firms sometimes use a combination of positive and negative confirmations on the same audit?
List some items that appear on the credit card statement. What accounts for the difference between your previous balance and your new balance?
What should you consider when comparing credit cards?
What are the three methods used by financial institutions to calculate finance charges on outstanding credit card balances? Briefly describe how interest is computed under each method.
Saly paid $52,000 a year paid on a weekly basis. last pay she had $250 withheld in Income Tax, $48.97 for CPP and $15.80 for EI. an additional $and 25.00 in tax are deducted each pay. She allowed to...
Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Asset Drill bits (5-year) Drill bits...
Which of the following partnership items are not included in the self-employment income calculation? Ordinary income. Section 179 expense. Guaranteed payments. Gain on the sale of partnership...

You make $17,500/year. You pay $100 in gasoline tax, which is the same amount your parents pay.

Question:

Step by Step Answer:

a Tax as a percentage of income 10017500 0 0057 057 b T...View the full answer

Personal Finance Building Your Future

Students also viewed these Business questions