LB na Name Date MTH 116 Foundations of Quantitative Literacy Section de investigation Exercise Income Taxes Please werk work through the following items. For questions referencing items online, please do a sererat search using your laptop, phone, or tablet. For items found online, please list the publication Information, or the site's URL. Be able to answer and discuss each of the items presented Introduction: The federal government collects taxes from workers through their income. An employer can withhold a portion of your income to cover your tax liabilities. Annually, each individual files a report with the government comparing what they paid over the prior year versus what, based on their earnings, they Owed. The government collects taxes based on income levels, but does so based on 'dollars earned up to specific benchmarks. For instance, everyone who earns up to $9,325 (single, based on table included below), pays 10% of that amount, up to that $9,325 value. For every dollar earned beyond that, a different rate is applied. Final values can vary based on marital status, deductions, exemptions, and credits Question: Recall from in chapter 4E (it is attached for your reference) Example 3 showed the marginal income tax calculations for three sets of people: Dierdre, Robert, and the married couple Jessica and Frank. A) Calculate the overall tax rate for each set as a percentage of the adjusted gross income. VD Tom B) All of these individuals have the same adjusted gross income, yet they pay differing amounts in taxes. Do you believe that this is fair? Why do you believe that the individuals end up paying different amounts in taxes? (Could their gross incomes have differed even though their adjusted gross incomes were the same? Explain.) ? LB na Name Date MTH 116 Foundations of Quantitative Literacy Section de investigation Exercise Income Taxes Please werk work through the following items. For questions referencing items online, please do a sererat search using your laptop, phone, or tablet. For items found online, please list the publication Information, or the site's URL. Be able to answer and discuss each of the items presented Introduction: The federal government collects taxes from workers through their income. An employer can withhold a portion of your income to cover your tax liabilities. Annually, each individual files a report with the government comparing what they paid over the prior year versus what, based on their earnings, they Owed. The government collects taxes based on income levels, but does so based on 'dollars earned up to specific benchmarks. For instance, everyone who earns up to $9,325 (single, based on table included below), pays 10% of that amount, up to that $9,325 value. For every dollar earned beyond that, a different rate is applied. Final values can vary based on marital status, deductions, exemptions, and credits Question: Recall from in chapter 4E (it is attached for your reference) Example 3 showed the marginal income tax calculations for three sets of people: Dierdre, Robert, and the married couple Jessica and Frank. A) Calculate the overall tax rate for each set as a percentage of the adjusted gross income. VD Tom B) All of these individuals have the same adjusted gross income, yet they pay differing amounts in taxes. Do you believe that this is fair? Why do you believe that the individuals end up paying different amounts in taxes? (Could their gross incomes have differed even though their adjusted gross incomes were the same? Explain.)