5. Which of the following taxes are regressive? (There may be more than one corr

Question

5. Which of the following taxes are regressive? (There may be more than one correct answer. Circle all that apply.) A) Indiana state sales tax B) Indiana state income tax C) Federal income tax D) Social security tax 6. Which of the following taxes are proportional? (There may be more than one correct answer. Circle all that apply.) A) Indiana state sales tax B) Indiana state income tax C) Federal income tax D) Social security tax 7. Calculate the federal income tax liability (taxes paid) in 2016 for a single individual earning $30,000 in taxable income. Use the marginal tax rates from the presentation or IRS Form 1040 ES.

Explanation / Answer

Q5 D-Social security tax is regressive as it imposes a decreasing marginal tax rate as the tax base increases

Q6 B- Indiana sales tax is proportional as it imposes a constant tax rate across the tax base

Q7 Tax amount is $ 4,040 for a single individual earning $ 30K in year 2016.

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