gnment OX + nsert Page Layout References Review View Section Tools EEA A AaBbCeDd AaBbCcDd AaBbCc AaBbc Normal Head... Head... Head... AA New Style enjoy the first 7 days for free! Buy Now Written Homework: Introduction to taxes You only pay taxes on your taxable income. A tax deduction is an amount that is subtracted from your gross income before the tax rate is applied. The result of this calculation is your "taxable income": (Taxable income) is (original gross income) - (deductions) (Taxable income toniginal gross income) - deductions Taxes owed are a percent of your income and is always much less that your gross or taxable income. The amount of tax that you owe changes if you have a tax credit. A tax credit is an amount that is subtracted from your taxes owed AFTER the taxes owed have been caloulated. The example problems in this assignment will show you how to answer these questions. The examples are in a fie in human and are separate from this file Show all work and answer with a compete sentence. Round all money to the nearest dollar and all percentages to the nearest tenth for example, report 10.1% not 10%) 1) A taxpayer has gross income of $125,000 and tax deductions of $12.000. How much income tax does the taxpayer owe if the country has a flat tax rate of 11%? Show al work 21 A taxpayer has a gross income of $84.250 and tax deductions of $8.000. How much income tax doop the taxpayer owe if the country has a lot tax rate of 13.557 Show all work 3) A taxpayer has taxable income of $130.500 and tax credits of $14,000. How much income tax does the taxpayer owe the country has a fiatax rate of 16.8%? Show all work 4 A taxpayer has a gross income of $52.800, tax deductions of $0,400, and tax credits of $1.200. How much income tax does the taxpayer owe the country has a fal tax rate of 9.77 Show at work 5 Which saves a payer more, a tax deduction of $1.000 or a tax credit of $1,000? Provide an example of each Explain causing your calculations and complete sentences. Problems through above ask you to use a fat tax when calculating the However, this is not the sort of income taxes that we pay here in the U.S. or here in New York States, we pay graced progressive income are dedergraduated income taves and state graduated income tead section in the Matbandyou.com fost Wie graph to describe the difference between a fat tax which led proportional a) and graduated income tax Explain/describe to one poslivet, and one negative spect of using a grade progressive Income to the thing to com Experbest one positive pect, and one negative aspect of a tarinomat rather than using a graduated pressive axonome It Format Tools Tables Workspace Window Help HW 3. Intro_to_taxes individualassignment.docx + Home Insert Page Layout References Review View Section Tools A AQEEDA. 5-8 Abeced Abbcod AaBb Cc AaBbc A.XX AAA 2:. Normal Head. Head Head. AA New Style ds of privileges, Buy now and roy the first days for free You only pays on your bome. A distracted from your groncone before the taxes pled. There is your one Table income income dictions Tundra percent of your hoor dames may containere sutracted from your owed AFTER The mount of text you can change the excedentice The same problems in how you how to open han and are from Show wow.com Round money to the port 1615 not 1094) 1) A has grown income 125.000 de son of 30.000 to there the country as of 197 Show As a rosome 250 and to deaction of How muchos te byer ower country of 135N7 Show Anasancome of 130 and tax credit$14.00. How does the erweithechas a total of 10 Show 4 Agronom 16.00 un an xort 200 much come to the percent Which mo, 100 1000 of Esports and me Post be you wong the who the son of income with Yowe progressivemedel en grado Head section in the Moon Woodenbescheda proto and are not describe to one of comment on income above and one of ongo 9 | Ph 30 W so DO S 4 % 5 6 7 00 6 0 Written Homework: Introduction to taxes L You only pay taxes on your taxable income. A tax deduction is an amount that is subtracted from your gross income before the tax rate is applied. The result of this calculation is your "taxable income": (Taxable income) is (original gross income) - (deductions) (Taxable income) = (original gross income) - deductions) Taxes Owed are a "percent of your income and is always much less that your gross or taxable income, The amount of tax that you owe changes if you have a tax credit. A tax credit is an amount that is subtracted from your taxes owed AFTER the taxes owed have been calculated. The example problems in this assignment will show you how to answer these questions. The examples are in a file in Lumen and are separate from this file. Show all work and answer with a compete sentence Round all money to the nearest dollar and all percentages to the nearest tenth (for example, report 10.1% not 10%) 1) A taxpayer has gross income of $125,000 and tax deductions of $12,000. How much income tax does the taxpayer owe if the country has a flat tax rate of 11%? Show all work. 2) A taxpayer has a gross income of $84.250 and tax deductions of $8,000. How much income tax does the taxpayer owe if the country has a flat tax rate of 13.5%? Show all work. 3) A taxpayer has taxable income of $130,500 and tax credits of $14,000. How much income tax does the taxpayer owe if the country has a flat tax rate of 16.8%? Show all work. 4) A taxpayer has a gross income of $52,800, tax deductions of $9,400, and tax credits of $1,200. How much income tax does the taxpayer owe if the country has a flat tax rate of 9.7%? Show all work 5) Which saves a taxpayer more, a tax deduction of $1,000 or a tax credit of $1,000? Provide an example of each. Explain clearly using your calculations and complete sentences. 6) Problems #1 through #5 above ask you to use a flat tax when calculating the tax. However, this is not the sort of income taxes that we pay here in the U.S. or here in New York State. Instead, we pay graduated/progressive income taxes (federal graduated income taxes and NY state graduated income taxes). Read Section 5.2 in the Mathand You.com text. a) Write a paragraph to describe the difference between a flat tax (which is also called a proportional tax) and a graduated income tax. b) Explain/describe at least one positive aspect, and one negative aspect of using a graduated/progressive income tax rather than using a fiat tax on income. c) Explain/describe at least one positive aspect, and one negative aspect of using a flat income tax rather than using a graduated/progressive tax on income. Spell Check gnment OX + nsert Page Layout References Review View Section Tools EEA A AaBbCeDd AaBbCcDd AaBbCc AaBbc Normal Head... Head... Head... AA New Style enjoy the first 7 days for free! Buy Now Written Homework: Introduction to taxes You only pay taxes on your taxable income. A tax deduction is an amount that is subtracted from your gross income before the tax rate is applied. The result of this calculation is your "taxable income": (Taxable income) is (original gross income) - (deductions) (Taxable income toniginal gross income) - deductions Taxes owed are a percent of your income and is always much less that your gross or taxable income. The amount of tax that you owe changes if you have a tax credit. A tax credit is an amount that is subtracted from your taxes owed AFTER the taxes owed have been caloulated. The example problems in this assignment will show you how to answer these questions. The examples are in a fie in human and are separate from this file Show all work and answer with a compete sentence. Round all money to the nearest dollar and all percentages to the nearest tenth for example, report 10.1% not 10%) 1) A taxpayer has gross income of $125,000 and tax deductions of $12.000. How much income tax does the taxpayer owe if the country has a flat tax rate of 11%? Show al work 21 A taxpayer has a gross income of $84.250 and tax deductions of $8.000. How much income tax doop the taxpayer owe if the country has a lot tax rate of 13.557 Show all work 3) A taxpayer has taxable income of $130.500 and tax credits of $14,000. How much income tax does the taxpayer owe the country has a fiatax rate of 16.8%? Show all work 4 A taxpayer has a gross income of $52.800, tax deductions of $0,400, and tax credits of $1.200. How much income tax does the taxpayer owe the country has a fal tax rate of 9.77 Show at work 5 Which saves a payer more, a tax deduction of $1.000 or a tax credit of $1,000? Provide an example of each Explain causing your calculations and complete sentences. Problems through above ask you to use a fat tax when calculating the However, this is not the sort of income taxes that we pay here in the U.S. or here in New York States, we pay graced progressive income are dedergraduated income taves and state graduated income tead section in the Matbandyou.com fost Wie graph to describe the difference between a fat tax which led proportional a) and graduated income tax Explain/describe to one poslivet, and one negative spect of using a grade progressive Income to the thing to com Experbest one positive pect, and one negative aspect of a tarinomat rather than using a graduated pressive axonome It Format Tools Tables Workspace Window Help HW 3. Intro_to_taxes individualassignment.docx + Home Insert Page Layout References Review View Section Tools A AQEEDA. 5-8 Abeced Abbcod AaBb Cc AaBbc A.XX AAA 2:. Normal Head. Head Head. AA New Style ds of privileges, Buy now and roy the first days for free You only pays on your bome. A distracted from your groncone before the taxes pled. There is your one Table income income dictions Tundra percent of your hoor dames may containere sutracted from your owed AFTER The mount of text you can change the excedentice The same problems in how you how to open han and are from Show wow.com Round money to the port 1615 not 1094) 1) A has grown income 125.000 de son of 30.000 to there the country as of 197 Show As a rosome 250 and to deaction of How muchos te byer ower country of 135N7 Show Anasancome of 130 and tax credit$14.00. How does the erweithechas a total of 10 Show 4 Agronom 16.00 un an xort 200 much come to the percent Which mo, 100 1000 of Esports and me Post be you wong the who the son of income with Yowe progressivemedel en grado Head section in the Moon Woodenbescheda proto and are not describe to one of comment on income above and one of ongo 9 | Ph 30 W so DO S 4 % 5 6 7 00 6 0 Written Homework: Introduction to taxes L You only pay taxes on your taxable income. A tax deduction is an amount that is subtracted from your gross income before the tax rate is applied. The result of this calculation is your "taxable income": (Taxable income) is (original gross income) - (deductions) (Taxable income) = (original gross income) - deductions) Taxes Owed are a "percent of your income and is always much less that your gross or taxable income, The amount of tax that you owe changes if you have a tax credit. A tax credit is an amount that is subtracted from your taxes owed AFTER the taxes owed have been calculated. The example problems in this assignment will show you how to answer these questions. The examples are in a file in Lumen and are separate from this file. Show all work and answer with a compete sentence Round all money to the nearest dollar and all percentages to the nearest tenth (for example, report 10.1% not 10%) 1) A taxpayer has gross income of $125,000 and tax deductions of $12,000. How much income tax does the taxpayer owe if the country has a flat tax rate of 11%? Show all work. 2) A taxpayer has a gross income of $84.250 and tax deductions of $8,000. How much income tax does the taxpayer owe if the country has a flat tax rate of 13.5%? Show all work. 3) A taxpayer has taxable income of $130,500 and tax credits of $14,000. How much income tax does the taxpayer owe if the country has a flat tax rate of 16.8%? Show all work. 4) A taxpayer has a gross income of $52,800, tax deductions of $9,400, and tax credits of $1,200. How much income tax does the taxpayer owe if the country has a flat tax rate of 9.7%? Show all work 5) Which saves a taxpayer more, a tax deduction of $1,000 or a tax credit of $1,000? Provide an example of each. Explain clearly using your calculations and complete sentences. 6) Problems #1 through #5 above ask you to use a flat tax when calculating the tax. However, this is not the sort of income taxes that we pay here in the U.S. or here in New York State. Instead, we pay graduated/progressive income taxes (federal graduated income taxes and NY state graduated income taxes). Read Section 5.2 in the Mathand You.com text. a) Write a paragraph to describe the difference between a flat tax (which is also called a proportional tax) and a graduated income tax. b) Explain/describe at least one positive aspect, and one negative aspect of using a graduated/progressive income tax rather than using a fiat tax on income. c) Explain/describe at least one positive aspect, and one negative aspect of using a flat income tax rather than using a graduated/progressive tax on income. Spell Check