Suppose that tax paid by a certain person per year is denoted T,, and is calculated...

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Suppose that tax paid by a certain person per year is denoted T,, and is calculated using the following relationship to that persons gross income (G₁): T, = 0.25(G₁ - 10000) (ie, only people who have an income over $10,000 per year are taxed, and only the income beyond $10,000). You are told that the total gross income for an area with 200 people is $6,000,000. Assume that all the people measured make over $10,000 a year. (a) Find the total taxes collected for the 200 people. (b) Find T. for the 200 people. (c) Find (2G, -40) for the 200 people. Suppose that tax paid by a certain person per year is denoted T,, and is calculated using the following relationship to that persons gross income (G₁): T, = 0.25(G₁ - 10000) (ie, only people who have an income over $10,000 per year are taxed, and only the income beyond $10,000). You are told that the total gross income for an area with 200 people is $6,000,000. Assume that all the people measured make over $10,000 a year. (a) Find the total taxes collected for the 200 people. (b) Find T. for the 200 people. (c) Find (2G, -40) for the 200 people.

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a To find the total taxes collected for the 200 people we need to calculate the tax paid by each per... View the full answer