Suppose mindy simmons earned 75000 in 2010 using the table

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Reference no: EM13572015

Below is a marginal tax table from 2010 for a single taxpayer in Springfield, Waylan Smithers. Show all calculations and include a brief explanation of about 50 words.

1.) Suppose Mr. Smithers earned $120,000 in 2010. Using the table above, what would his total tax payment be? What would his average tax rate be? Please round your answer to the nearest 10th of a percent.

2.) Suppose Mindy Simmons earned $75,000 in 2010. Using the table above, what would her total tax payment be? What would her average tax rate be? Please round your answer to the nearest 10th of a percent.

3.) Is this an example of a progressive, regressive, or proportional tax? How do you know?

If taxable income is over--	But not over--	The marginal tax rate for the bracket is:
$0	$11,000	9%
$11,000	$43,000	14%
$43,000	$105,000	24%
$105,000	$260,000	35%
$260,000	No limit	45%

Reference no: EM13572015

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