09 May WHAT IS THEIR CURRENT MARGINAL TAX RATE?
Tax problems –1. Chuck a single taxpayer earns $75 250 in taxable income and $26 250 in interest from an investment in City ofHeflin bonds. (Use the U.S. tax rate schedule.)a. If Chuck earns an additional $64 000 of taxable income what is his marginal tax rate on this income? b. What is his marginal rate if instead he had $64 000 of additional deductions? 2. Jorge and Anita married taxpayers earn $185 000 in taxable income and $20 000 in interest from an investmentin City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly how much federal tax will theyowe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? 3. Song earns $257 500 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e. $51 500 of tax).a. If Congress increases the income tax rate such that Song’s average tax rate increases from 20 percent to 25percent how much more income tax will she pay assuming that the income effect is descriptive?b. If the income effect is descriptive the tax base and the tax collected will increase. True or False?4. Congress would like to increase tax revenues by 12.5 percent. Assume that the average taxpayer in the UnitedStates earns $63 000 and pays an average tax rate of 20 percent.a. If the income effect is in effect for all taxpayers what average tax rate will result in a 12.5 percent increase intax revenues?b. This is an example of what type of forecasting? Dynamic or Static?
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