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Jurisdiction X levles a flat 12 percent tax on Individual income in excess of $35,000 per year. Individuals who earn $35,000 or less pay no
Jurisdiction X levles a flat 12 percent tax on Individual income in excess of $35,000 per year. Individuals who earn $35,000 or less pay no Income tax. Required: a. Mr. Hill earned $85,600 Income this year. Compute his Income tax and determine his average and marginal tax rate. b. Ms. Lul earned $40,700 income this year. Compute her Income tax and determine her average and marginal tax rate. c. Ms. Archer earned $29,800 Income this year and paid no Income tax. Describe her average and marginal tax rate. d. What type of rate structure does Jurisdiction X use for its Individual income tax? Complete this question by entering your answers in the tabs below. Reg A to C Reg D a. Mr. Hill earned $85,600 income this year. Compute his income tax and determine his average and marginal tax rate. b. Ms. Lui earned $40,700 income this year. Compute her income tax and determine her average and marginal tax rate. c. Ms. Archer earned $29,800 income this year and paid no income tax. Describe her average and marginal tax rate. (For all requirements, round average tax rate answer to 1 decimal place.) Show less % % a. Income tax a. Average tax rate a. Marginal tax rate b. Income tax b. Average tax rate b. Marginal tax rate C. Average tax rate C. Marginal tax rate % % % %
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