Welfare benefit formula-marginal tax rate and wages equal

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Reference no: EM13817146

Suppose the welfare benefit formula is

Benefit = $4,800 – 0.67 (Wages > $6,000)

Instructions: Enter your responses as a percent to the nearest whole number.

(a) What is the marginal tax rate on

(i) The first $6,000 of wages?

(ii) Wages above $6,000?

(b) How large is the benefit if wages equal

Instructions: Enter your responses rounded to the nearest whole number.

(i) $0?

(ii) $5,800?

(iii) $7,500?

Instructions: Enter your response rounded to two decimal places.

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Reference no: EM13817146

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