Assignment #10 Quantitative and Analysis Problems

Directions: For the following questions please provide succinct, yet correct, responses. You may provide type written responses on a separate sheet or handwritten responses using this form.

11.Table: Tax Brackets Income Marginal Tax Rate $0-17,000 10% 17,001-69,000 15 69,001-139,350 25 139,351-212,300 28 212,301-379,150 33 379,151 and above 35 Consider the tax brackets shown in the accompanying table. If your income is $90,000, what will be your tax liability, marginal tax rate, and average tax rate?

12. A nation has $6 billion in revenue in year 1 and $7 billion in spending. In year 2, it has $8 billion in revenue and $10 billion in spending. In year 2, what is the national debt and what is the deficit, assuming the nation can borrow at 0% interest without paying on the principal?

13.What is the difference between the deficit and the national debt?