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Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that is, an income tax that would
Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that is, an income tax that would simply be 17% of each tax payer's taxable income. Suppose that Alice was single in the year 2016 with a taxable income of $30,000.
If the 17% flat tax proposed by Mr. Forbes had been in effect in 2016, what would Alice's tax have been?
12. (-/1 Points) DETAILS CRAUDQL3 4.5.023C. MY NOTES PRACTICE ANOTHER Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that is, an income tax that would simply be 17% of each tax payer's taxable income. Suppose that Alice was single in the year 2016 with a taxable income of $30,000. If the 17% flat tax proposed by Mr. Forbes had been in effect in 2016, what would Alice's tax have been? $ eBook 13. (-/1 Points] DETAILS CRAUDQL3 4.5.024B. MY NOTES PRACTICE ANOTHER Steve Forbes ran for U.S. president in 1996 and 2000 on platform proposing a 17% flat tax, that is, an income tax that would simply be 17% of each tax payer's taxable income. Suppose that Joe was single in the year 2016 with a taxable income of $350,000. We learn that Joe actually made $700,000, but his taxable income was only $350,000 because of various deductions allowed by the system in 2016. Proponents of the flat tax say that many of these deductions should be eliminated, so the 17% flat tax should be applied to Joe's entire $700,000. How much more tax would Joe pay with a 17% flat tax than under the 2016 system? (Refer to the 2016 Tax Table for Singles for tax rates.) $ eBook 14. [-/1 Points] DETAILS CRAUDQL3 4.5.026. MY NOTES PRACTICE ANOTHER In the year 2016, Ethan was single and had a total income of $86,000. He took a deduction of $9,000 and had a tax credit of $1,500. Calculate the tax owed by Ethan. (Refer to the 2016 Tax Table for Singles for tax rates.) $ eBookStep by Step Solution
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