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Who would pay the most as a portion of income under a regressive tax?
Wiki User
∙ 12y ago
Under a regressive tax your tax rate goes down as you make more money. (Total Tax Paid) / (Income) = (Percent of income paid). As the tax rate goes down, the more you make the lower this number will be.
Wiki User
∙ 12y ago
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Will the retirement income calculator estimate your monthly income?
Yes, a retirement income calculator can estimate your monthly income. If you would like to estimate your monthly income from your yearly income, you need to divide that figure by twelve.
What is the maximum income we can have in order to pay no taxes for 2009 if married both over 65 and filing jointly?
The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 and the book is available at the IRS gov web site using the search box for the 1040 and choose instruction. Filing Requirements Do You Have To File Both over age 65 the amount would be 20900 free of federal income tax excluding social security benefits.
How long would it take to count to 2000?
false i did it in under a day
What is the meaning of you would make it through?
To make it through something is to survive it. The use of the word "would" in the phrase shows that this is a conditional use of the verb, and the word "you" shows that it is in the second person. So we have one person saying to another one, that the other will, under certain circumstances, survive something.
If you run a mile in 2 seconds how long will it take to travel 2616 miles?
If you run a mile in 2 seconds, you will be the fastest animal running. The record is just under 4 MINUTES!Still, it would take you 2616*2 = 5232 seconds = 1.4533... (recurring) hours.
Who would pay the least as a portion of income under a regressive tax?
What I would pay and what you would pay and what the next person would pay are all probably different amounts. If I assume that you are single, you are no one else's dependent, you have no dependents, this is all ordinary income, you have no other income, you are not a student, you are not self-employed, and you do not itemize (all for 2008): 35,000 - 3,500 personal exemption - 5,450 standard deduction = 26,050 taxable income Tax = $3,506.25 http://taxes.about.com/od/2008taxes/qt/2008_tax_rates.htm
What type of of tax is sales tax?
It depends how you look at it.I believe its considered regressive based on income... Assume everyone spends the same amount of money on taxable goods... A poor person would pay a higher percentage of their income in taxes.It's proportional based on expenditures, but regressive compared to income levels.
Is a benefit principle of taxation an example of a progressive tax or regressive tax?
The benefit principle of taxation is typically associated with a regressive tax system. This principle states that individuals should pay taxes in proportion to the benefits they receive from public goods and services. In practice, this can disproportionately burden lower-income individuals who rely more heavily on these public services.
What is a regressive tax system?
A regressive tax is one which doesn't charge more according to more wealth. A good example is the UK's community charge 1990-3 which charged a set amount per person, which was very expensive the poorer you were.
What is The taxable portion on the loan?
None of of the borrowed money would be taxable income to you when you receive it.
Under the system of feudalism the piece of land grabted to a lord by a king was known as a n?
Under the feudal system, a piece of land granted by the king to a lord or other noble was known as a fief. The noble would then tithe a portion of the income from the land to the king.
The demand for a luxury good whose purchase would exhaust a significant portion of one's income?
The demand for a luxury good which when purchased would exhaust a significant portion of one's income would be considered relatively price elastic. Elasticity measures how responsive a particular economic variable is to a change in another economic variable.
Are cigarette taxes regressive taxes?
Answer:Double edged sword - Regressive as it is hoped that the raising of them causes less purchases of the product, so less tax could be raised. Hopefully, the same $ would still be spent on another taxable item.Progressive as the lessening of smoking will lower society health costs and the need to fund medical programs.Answer:In economics, a progressive tax is defined as one in which the effective tax rate increases as the taxable base amount increases. In most cases, the base amount may be income or expenditure. Strictly speaking, consumption taxes are neither progressive nor regressive, since their rates do not vary with the amount of expenditure. However, a less rigorous definition of the taxable base might be the taxpayer's ability to pay. Under that definition, consumption taxes, like taxes on gasoline, alcohol and cigarettes, are perceived as regressive, since a greater proportion of the expenditures of individuals with lower income goes to paying the taxes.
What is the difference between regressive tax and progressive tax system?
Progressive Tax: The progressive tax system is commonly used throughout the world and to the average consumer is seen as "fair". In one way it may seem as a pro to the government as the more wealthy individuals there are in a society the higher the revenue of income tax. Although, this may be true, some arguments against this tax system are that it encourages the wealthy to immigrate to a country where the tax rate for high-net-worth individuals is lower and it also discourages individuals to work to gain higher incomes. Regressive Tax: Few countries around the world employ the Regressive tax system. Regressive tax systems are favored by those who make a large income because a small proportion of their income is taxed. It is an incentive for many high net worth individuals. From a government point of view, the wealthy individuals have more disposable income to invest within the economy namely capital goods which in turn would stimulate it. On the other hand, those who make moderate or lower incomes have to pay a higher percentage of their income in taxes. A disincentive for low income earners.
Does someone under the age of eighteen and working have to pay to taxes?
Sure they would be required to file a 1040 federal income tax return and pay any income taxes that may be due. Under 950 of unearned income (did not work for income) would be required to file a 1040 federal income tax return and pay some income taxes on the amount over 950 of UNEARNED income.
Who would be LEAST likely to have a high median income?
a person under the age of 24
Does disabilty income from an insurance company count as income?
Do you mean to say income as taxable income? In the event a person holding Disability Insurance becomes disabled, they will get a certain percentage of their salary. Example, if their salary is $2000 then a certain portion of it (say 50% = $1000) would come from the insurance every month.
