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5.2 Graduated Income Tax

5.2 Graduated Income Tax
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  • 7. South Carolina State Income Tax

    Use the circle graphs to analyze South Carolina's state income tax. (See Example 3.)

    • Worked-Out Solution

      South Carolina's state income tax is a graduated income tax system that is similar to the federal income tax system in the United States. The top 25% of all wage earners in South Carolina pay

      of all income tax paid to South Carolina. When comparing this to all income, this seems equitable because the top 25% of all wage earners in South Carolina earn

      of all the income.

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     _    _    __   __  __    __    _____     ______  
    | \  / ||  \ \\/ // \ \\ / //  |  ___||  /_   _// 
    |  \/  ||   \ ` //   \ \/ //   | ||__      | ||   
    | .  . ||    | ||     \  //    | ||__     _| ||   
    |_|\/|_||    |_||      \//     |_____||  /__//    
    `-`  `-`     `-`'       `      `-----`   `--`     
                                                      
    
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  • 8. Comparing State and Federal Income Tax

    Use the six income groups to compare South Carolina's state income tax to the federal income tax. (See Example 3)

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      ______     ___       _____    _____     ____    
     /_____//   / _ \\    / ___//  |  ___||  |  _ \\  
     `____ `   | / \ ||   \___ \\  | ||__    | |_| || 
     /___//    | \_/ ||   /    //  | ||__    | .  //  
     `__ `      \___//   /____//   |_____||  |_|\_\\  
     /_//       `---`   `-----`    `-----`   `-` --`  
     `-`                                              
    
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  • 9. South Carolina State and Local Tax Revenue

    What percent of South Carolina's state and local tax revenue comes from individual income taxes? (See Example 4.)

    • Worked-Out Solution

      Add the values in the graph to find the total tax revenue for South Carolina in 2008.

      This implies that the percent derived from individual income tax is

      So, South Carolina derives about 22% of its tax revenue from individual income taxes.

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               __   __    _____      ___      _____   
        ___    \ \\/ //  |__  //    / _ \\   |__  //  
       /   ||   \ ` //     / //    | / \ ||    / //   
      | [] ||    | ||     / //__   | \_/ ||   / //__  
       \__ ||    |_||    /_____||   \___//   /_____|| 
        -|_||    `-`'    `-----`    `---`    `-----`  
         `-`                                          
    
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  • 10. South Carolina State and Local Tax Revenue

    What percent of South Carolina's state and local tax revenue comes from sales taxes? (See Example 4.)

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      _____     ______   _    _     ______     _____  
     /  ___||  /_   _// | |  | ||  /_   _//   / ___// 
    | // __     -| ||-  | |/\| ||   -| ||-    \___ \\ 
    | \\_\ ||   _| ||_  |  /\  ||   _| ||_    /    // 
     \____//   /_____// |_// \_||  /_____//  /____//  
      `---`    `-----`  `-`   `-`  `-----`  `-----`   
                                                      
    
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  • 11. South Carolina State and Local Tax Revenue

    Compare South Carolina's sources of state and local tax revenue with the federal government's sources of tax revenue. (See Example 4.)

    • Worked-Out Solution

      The sources of revenue for the two governments are quite different.

      • The 2 largest sources of tax revenue for South Carolina are property taxes and sales taxes. The federal government doesn't collect either of these taxes.
      • The 2 largest sources of tax revenue for the federal government are Social Secuirty & Medicare taxes and individual income taxes. South Carolina does collect an income tax, but it does not collect Social Security or Medicare taxes.
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      ____      ______     _____    _____    _    _   
     |  _ \\   /_   _//   / ___//  |  ___|| | || | || 
     | |_| ||   -| ||-    \___ \\  | ||__   | || | || 
     | .  //    _| ||_    /    //  | ||__   | \\_/ || 
     |_|\_\\   /_____//  /____//   |_____||  \____//  
     `-` --`   `-----`  `-----`    `-----`    `---`   
                                                      
    
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  • 12. Comparing Graphs

    Enter the data into a spreadsheet. (See Example 4.)

    1. Make a circle graph and label each section with its title, amount, and percent.
    2. Use the spreadsheet to create a third graph of the data.
    3. Which type of graph do you prefer? Explain.

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     _    _     _____      _____    _____     _  __  
    | || | ||  |  ___||   / ___//  |  ___||  | |/ // 
    | || | ||  | ||__     \___ \\  | ||__    | ' //  
    | \\_/ ||  | ||__     /    //  | ||__    | . \\  
     \____//   |_____||  /____//   |_____||  |_|\_\\ 
      `---`    `-----`  `-----`    `-----`   `-` --` 
                                                     
    
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