Please dont answer the ones you know and leave the rest you dont. Please only answer if you know all the questions. Thank you!!!

359758id-37365328 Finance in Action Taxes The sheaf of papers accompanying the journal describes several potential revisions to the Rodosian personal and business tax code, including replacing the existing system with a progressive tax system, the assessment of different luxury and sin taxes, and/or modifications of the provisions of the current system. Two of the specific proposals include the fo lowing: Policy Proposal i: Replace the existing system with a progressive tax system that would tax business and individuals, using these schedules Business Tax Rates You Pay This Amount on the Base of the Bracket SRO SR960,000 SR2,220,000 SR6,060,000 SR10,860,000 Plus This Percentage on If your Taxable Income Is Up to 8,000,000 8,000,000-15,000,000 15,000,000-31,000,000 31,000,000-47,000,000 Over 47,000,000 the Excess over the Base 12% 18% 24% 30% 36% Personal Tax Rates You Pay This Amount on the Base of the Bracket SRO SR480 SR2,480 SR7,920 Plus This Percentage on If your Taxable Income Is Up to 8,000 8,000-28,000 28,000-62,000 Over 62,000 the Excess ovar the Base 6% 10% 16% 25% Given these tax schedules, calculate the tax liabilities for: Taxpayer Tax Obligation Average Tax Rate . Ferskt Fishmongers Company, which earns an income of Ferskt Fishmongers Bjork Frida An SR35,000,000 . The folowing three ndvidual taxpayers: (3) Byork, a beekesper earning SR24,000 per year; (2) Frida, a cooper (barrel maker) earning SR54,000 per year; (3) Arl, a banker earning SR96,000 per year rationial Assume that Bjork owes the same tax liability under both the current tax system and the proposed (progressive) system. As an economicaly taxpayer, why should he prefer the current system? sodor earned would be taxed at the rate of 1.2%; under the progressive system, it would not be subject to n Perause unde the current system the next Finance in Action- Taxes 28,000-62,000 Over 62,000 SR2,480 SR7,920 16% 25% Given these tax schedules, calculate the tax liabilities for: . Ferskt Fishmongers Company, which earns an income of Taxpayer Tax Obligation Average Tax Rate SR35,000,000 Bjork Frida Ari . The following three individual taxpayers: (1) Bjork, a beekeeper earning SR24,000 per year; (2) Frida, a cooper (barrel maker) earning SR54,000 per year; (3) Ari, a banker earning SR96,000 per year Assume that Bjork owes the same tax liability under both the current tax system and the proposed (progressive) system. As an economically rational taxpayer, why should he prefer the current system? O Because under the current system the next sodor earned would be taxed at the rate of 1.2%; under the progressive system, it would not be subject to any tax. Because under the progressive tax system the next so or earned would be taxed at the highest tax rate (25%); under the ament sys em, it would be exempt from additional taxes. Because under the progressive tax system the next sodor earned would be taxed at the rate of 10%; under the arrent system, it would not be subject to any tax. 0 Policy Proposal 2: Impose a special tax on individual taxpayers who purchase or own a cart and wagon that costs more than si 2,000(The average cost of a Rodosian cart or wagon is SR6,000.) What effect will this tax have on Rodosian businesses? O This example of an income tax is designed to punish rich Rodosians for earning sufficient income to afford expensive carts and wagons. This progressive tax is designed to encourage the purchase and use of carts and wagons costing more than SR12,000 O This luxury tax effectively punishes individual consumers, as well as the manuf acturers and sellers, of what King Valdimar or his advisors construe as excessively expensive carts and wagons