m110-chapter-3-4-homework

m110-chapter-3-4-homework - Math 110 Chapter 3.4 Homework...

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Math 110 Chapter 3.4 Homework Name:________________________________ 1. Suppose a state has a “flat” income tax of 5% on amounts over $10k. Fill in this table. One example is shown so you can figure out if your calculations are correct. You may use a spreadsheet if your instructor allows it. Income Tax $ Amount Overall Tax % 0 N/A 25000 50000 $2,000 4.00% 75000 100000 150000 200000 2. Similarly, suppose the state has a “flat” income tax of 10% on amounts over $50k instead of the tax system mentioned above. Fill out this table: Income Tax $ Amount Overall Tax % 0 N/A 25000 50000 75000 100000 $5,000 5.00% 150000 200000 3. Similarly, suppose the state has a “flat” income tax of 15% on amounts over $100k, instead of the tax systems mentioned above. Fill out this table: Income Tax $ Amount Overall Tax % 0 N/A 25000 50000 75000 100000 150000 $7,500 5.00% 200000 4. Suppose that a group of 10 households has the following incomes: 3 households each make $25k/year 4 households each make $50k/year
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m110-chapter-3-4-homework - Math 110 Chapter 3.4 Homework...

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