Question

The nation of Fishkasar has a tax rate of 5% on the first 20,000 wallops (the...

The nation of Fishkasar has a tax rate of 5% on the first 20,000 wallops (the national currency) fo taxable income, then 20% on the next 30,000 wallops, then 50% on all taxable income above the 50,000 wallops. Fishkasar provides a 5,000-walop exemption per family member.

a)Jamil's family has three members and earns 60,000 wallops per year. Calculate the family's marginal and average tax rates.

Homework Answers

Answer #1

data derived from the question

slab tax rate
0-20000 5%
21000-50000 20%
51000 and above 50%

per family menber excemption

5000

income tax calculation with the explanation and formula

Formula used and explanation
Jamil's income $60,000.00
exemption under family member $45,000.00 (60000-15000)
5% tax rate $1,000.00

(5% of 20000) first tax slab

20% tax rate $5,000.00

(20% of 25000) second tax slab

total tax $6,000.00
average tax rate for jamil 10.00%

(total tax paid / jamil's income

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