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7-6 Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on earnings between $10,000 and 20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. (2 pts. ca.) a) If your income is $150,000, how much will you pay in taxes? b) What is your marginal tax rate? (Hint: what does marginal mean?) c) Determine your average tax rate. (Hint: Divide total taxes by income.) d) Compare the marginal tax rate to the average tax rate. Is this a progressive tax, proportional tax, or regressive tax? Justify your answer. 7-7 a) Income tax is (circle one) (2 pts.) progressive proportional/regressive b) Payroll tax is (circle one) (2 pts.) progressive/ proportional/regressive c) Sales tax is (circle one) (2 pts.) progressive/ proportional/regressive 7-8 a) 100 years ago the Federal government collected most of its Corporate Income Tax receipts though (circle one) (2 pts.) Individual Income Tax Sales Tax Excise Tax Payroll Tax (SS & Payroll) b) Now, the Federal government collects most of its receipts Corporate Income Tax though (circle one) (2 pts.) Individual Income Tax Sales Tax Excise Tax Payroll Tax (SS & Payroll) Research 7-9 a) The budget deficit in 2013 was: (2 pts.) Download Table 1.1 at http://www.whitehouse.gov/omb/budget/Historicals b) The current U.S. gross federal debt is approximately: (2 pts.) Download Table 7.1 at http://www.whitehouse.gov/omb/budget/Historicals