The city of Lakeland levies a 2%tax on the value of all restaurant meals served to the public within the city limits. This year, the aggregate value subject to the tax was $29.4 million, so current year revenue was $588,000. Lakeland plans to decrease the tax rate next year to 1.5%. Compute next year's restaurant tax revenue assuming: a) Next year's tax base equals the current year base. b) Next year's tax base decrease to $22 million. c) Next year's tax base increaser to $41 million. Mr. K, a single taxpayer, earns a $42,000 annual salary and pays 15% in state and federal income tax. If tax rate increases so that Mr. K annual tax rate is 20%. how much additional income must he earn to maintain his after tax disposable income? Jurisdiction B levies a flat 7% tax on the first $5 million of annual corporate income. a) Jercey Inc. generated $3.9 million income this year. Compute Jersey's income tax and determine its average and marginal tax rate on total income. b) Leray Inc. generated $9.6 million income this year Compute Leray's income tax and determine its average and marginal tax rate on total income. c) What type of rate structure does Jurisdiction B use for its corporate income tax? Jurisdiction Z. levies an excise tax on retail purchases of jewelry and watches. The tax equals 3% of the first $1,000 of purchase price plus 1% of the purchase price in excess of $1,000. a. individual C purchases a watch for $500. Compute C's excise tax and average excise tax rate. b. Individual D purchases a watch for $5,000. Compute D's excise tax and average excise tax rate. c. Is Jurisdiction Z's excise tax vertically equitable? Explain briefly