The following table shows income tax rates in Econoland Annual Income Tax Rate Up to $80,000 10%
Question:
The following table shows income tax rates in Econoland
Annual Income Tax Rate
Up to $80,000 10%
From $80,001 to $120,000 20%
Over $120,000. 30%
This is an example of ——- income tax
Brain, a resident of Econoland, currently works 20 hours a week and earns an annual income of $80,000. After paying income taxes, Brian receives _____ per year
If Brian works an additional 10 hours a week (30 hours a week total), his annual income will be $120,000. After paying income taxes Brian will Recieve ____ per year. In other words, by working an additional 10 hours per week, Brian will Recieve an additional ___
If a Brian works 10 more hours in a week (40 hours a week total) his annual income will further increase to $160,000. After paying income taxes, Brain will Recieve ____ per year. In other words, by working 10 more hours per week, Brain will Recieve ____ more than what he would Recieve if he works only 30 hours a week
As Brian works more, the additional amount he receives from working 10 more hours ____, which means his cost of leisure ____
Expert Answer:
