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# The U.S. federal income tax is a progressive tax.This means that the more a person

ISBN: 9781259915727 450

## Solution for problem 20 Chapter 16

Microeconomics | 21st Edition

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Problem 20

The U.S. federal income tax is a progressive tax.This means that the more a person makes, thehigher percentage of that income he or shepays in taxes. Look at the tax rate schedulebelow and answer the questions that follow. a. What is the range of tax rates that a singleperson might pay?b. If Kim made \$30,000 in 2006, how much didshe pay in taxes? c. If Kim got a raise to \$45,000 per year in 2007and tax rates stayed the same, how muchdid she pay in taxes?d. If Joe made \$1 million in 2006, how much didhe pay in taxes?

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Wednesday, September 21, 2016 Business Law 1 Notes ______________________________________________________________________ From previous sections - Last week we learned about the Bill of Rights and The Constitution and how it benefits Businesses. ______________________________________________________________________ Chapter 6: Torts  Tort...

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