Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Q.) Suppose that tax paid by a certain person per year is denoted T i , and is calculated using the following relationship to that

Q.) Suppose that tax paid by a certain person per year is denoted Ti, and is calculated using the following relationship to that persons gross income (Gi):

Ti = 0.25(Gi 10000)

(i.e, only people who have an income over $10,000 per year are taxed, and only the income beyond $10,000). You are told that the total gross income for an area with 200 people is $6,000,000. Assume that all the people measured makeover $10,000 a year.

a.) Find the total taxes collected for the 200 people.

b.) Find the summation 1/100 times Tifor the 200 people.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing a risk based approach to conducting a quality audit

Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg

9th edition

9781133939160, 1133939155, 1133939163, 978-1133939153

Students also viewed these Mathematics questions