A country has two income tax brackets: people pay 10% on their first $50,000 and 20% on everything they earn over $50,000.It also has a personal exemption of $5,000.Who benefits more from the personal exemption,a person making $35,000 or a person making $75,000?
A) the person making $35,000
B) the person making $75,000
C) they benefit equally
D) It is impossible to tell.
Correct Answer:
Verified
Q42: The tax deduction for interest paid on
Q43: Currently,marginal tax rates are:
A) greater than in
Q44: Total tax payments divided by total income
Q45: If tax rates are 10% on income
Q46: The marginal tax rate is the tax
Q48: Because the alternative minimum tax (AMT)is not
Q49: Which of the following reduces taxable income?
A)
Q50: If you purchased 10 shares of Goldman
Q51: The alternative minimum tax has become an
Q52: The income tax exemption for each individual
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents