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hello can someone please help me with my macroeconomics homework please everything is provided below thank you so much Consider the following tax structure: Income
hello can someone please help me with my macroeconomics homework please everything is provided below thank you so much
Consider the following tax structure: Income Bracket Marginal Tax Rate $0-$5,000 0% $5,000 - $25,000 20% > $25,000 40% a. Mr. Smith has an income of $90,000 per annum. Calculate his tax bill for the year: $ b. What is his average tax rate? | % (Round to two decimal places.) c. What is his highest marginal tax rate? %Consider the following system of taxation, which has been labelled degressive. The first $50,000 of income is not taxed. After that, all income is assessed at 20 percent (a proportional system). The table below summarizes this tax system: Income Range Marginal Tax Rate 0 - $50,000 0% > $50,000 25% a. What is the marginal tax rate on $3000 of taxable income?% $10,000?% $100,000?% b. What is the average tax rate on $3000?% $10 000?% $100 000?% c. What is the maximum average tax rate?%Step by Step Solution
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