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Calculate the income tax jade needs to pay

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Reference no: EM132405683

Suppose the marginal tax rate is 20 percent, which applies to income over $10,000. Jade earns $50,000.

a. Calculate the income tax Jade needs to pay.

b. What is the average tax rate for Jade?

c. Now suppose government increases the marginal tax rate to 25 percent, but raises the income level exempted from tax from $10,000 to $18,000. How much income tax does Jade need to pay? What is the average tax rate?

d. Jade is offered to work extra hours for $50 per hour. How much would she pay as additional tax on her hourly earnings under the original and new tax laws?

e. Discuss the implications of the new tax law on the labour supply. Will Jade work more or fewer hours?

Reference no: EM132405683

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