Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 25 Oct 2017 My Price 5.00

marginal tax rate

Suppose that the income tax law exempts income of less than $8000 from the tax, taxes income between $8000 and $20,000 at a 25% rate, and taxes income greater than $20,000 at a 30% rate.

a. Find the average tax rate and the marginal tax rate for someone earning $16,000 and for someone earning $30,000.

b. The tax law is changed so that income of less than $6000 is untaxed, income from $6000 to $20,000 is taxed at 20%, and income of more than $20,000 continues to be taxed at 30%. Repeat Part (a).

c. How will the tax law change in Part (b) affect the labor supply of the person initially earning $16,000? How will it affect the labor supply of the person earning $30,000?

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Maurice Tutor
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Status NEW Posted 25 Oct 2017 06:10 PM My Price 5.00

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