The table below shows an income tax schedule, expressed in nominal terms, for the year 2014...
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The table below shows an income tax schedule, expressed in nominal terms, for the year 2014 Taxes due (percent of income) 14 12 25 20 Featly Income $20,000 $20,001-536,000 330,001-550,000 $50,001-140,000 $40,000 The legislature wants to ensure that families with a given real income are not pushed up into higher tax brackets by inflation. The CPI (times 100) is 178 in 2014 and 188 in 2016. Instructions: To calculate the adjusted income tax, enter the percentage rate of inflation rounded to one decimal place Rate of inflation between 2014 and 2016 To meet the legislature's goal, the income tax schedule for the year 2016 should be adjusted as shown in the following table Instructions: Use your rounded rate of inflation when calculating the income tax schedule in the table below. Enter your responses es whole numbers. Family Income to 1 to $ Tases due (percent of ince] 18 12 45 W 25 Help The table below shows an income tax schedule, expressed in nominal terms, for the year 2014 Taxes due (percent of income) 14 12 25 20 Featly Income $20,000 $20,001-536,000 330,001-550,000 $50,001-140,000 $40,000 The legislature wants to ensure that families with a given real income are not pushed up into higher tax brackets by inflation. The CPI (times 100) is 178 in 2014 and 188 in 2016. Instructions: To calculate the adjusted income tax, enter the percentage rate of inflation rounded to one decimal place Rate of inflation between 2014 and 2016 To meet the legislature's goal, the income tax schedule for the year 2016 should be adjusted as shown in the following table Instructions: Use your rounded rate of inflation when calculating the income tax schedule in the table below. Enter your responses es whole numbers. Family Income to 1 to $ Tases due (percent of ince] 18 12 45 W 25 Help
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