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aivan3 [116]
3 years ago
9

etween 2017 and​ 2018, a small​ businessperson's income increased from​ $200,000 to​ $220,000. The annual state income taxes tha

t she paid increased from ​$5 comma 200 to ​$6 comma 300. What was her marginal state income tax rate in​ 2018? Did this individual experience​ proportional, progressive, or regressive​ taxation? Explain briefly This small​ businessperson's marginal state income tax rate in 2018 was nothing percent
Business
1 answer:
a_sh-v [17]3 years ago
8 0

Answer:

To determine the marginal tax rate that the businessman paid in 2018, we must obtain the percentage that 6,300 represents in a total of 220,000. This is obtained through a cross multiplication:

220,000 = 100

6,300 = X

(6,300 x 100) / 220,000 = X

2.86 = X

As we can see, the tax rate that this businessman had to pay in 2018 was 2.86% of his income.

Now, in 2017, having obtained a profit of $ 200,000, he paid taxes of $ 5,200:

200,000 = 100

5,200 = X

(5,200 x 100) / 200,000 = X

2.6 = X

Therefore, in 2017 he paid taxes for 2.6% of his earnings.

As we can see, his marginal tax rate increased from 2.6% to 2.86% due to higher profits, which is a situation of progressive taxation.

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the term service economy is used to describe the trend in which business have shifted from primary production and manufacturing
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Juanita receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax
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Answer:

a. The net pay is correct.

Explanation:

Suppose the missing part of the question which is the gross pay and the federal tax is 1020.00 and 107.00 respectively.

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Social Security tax 6.2% of the gross pay  = 0.062 × 1020

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the Medicare tax is 1.45% of gross pay = \dfrac{1.45}{100} \times 1020

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Hence, to determine if Juanita's net pay is correct, we have the summation of all our estimated figures minus the gross pay.

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Juanita's net pay =  $1020 - 205.36

Juanita's net pay =  $814.64

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