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5.1–5.2 Quiz

5.1–5.2 Quiz
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  • 1. Alabama State and Local Taxes

    The income for a family in the second 20% is $25,000. How much, in dollars, does this family pay for each type of tax?

    • Worked-Out Solution
      yellow square Sales & Excise Taxes:
      orange square Property Taxes:
      blue square Income Taxes:
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    `-`  `-`     `-`'     `----`    `---`   `-----`   
                                                      
    
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  • 2. Alabama State and Local Taxes

    Determine whether each type of tax is regressive, flat, or progressive in Alabama. Explain your reasoning.

    1. Sales and exercise taxes
    1. Property taxes

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      ______    ______   __   __   __   __    _  _   
     /_   _//  /_   _//  \ \\/ //  \ \\/ //  | \| || 
     `-| |,-    -| ||-    \   //    \ ` //   |  ' || 
       | ||     _| ||_    / . \\     | ||    | .  || 
       |_||    /_____//  /_//\_\\    |_||    |_|\_|| 
       `-`'    `-----`   `-`  --`    `-`'    `-` -`  
                                                     
    
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  • 3. Alabama State Income Tax

    Alabama has a graduated income tax. The table shows the marginal tax rates for the "single" and "married filing jointly" statuses.

    data folder

    Find the state income tax and the effective tax rate for a single taxpayer with a taxable income of $30,000.

    • Worked-Out Solution

      The spreadsheet shows the calculations for a single taxpayer.

      So, the taxpayer owes $1460 in state income tax.

      Notice that Alabama's state income tax rate is essentially flat. If it was a flat rate of 5%, the taxpayer would owe $1500 in state income tax, which is only $40 more.

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               _    _     _  __     ___      _____   
        ___   | || | ||  | |/ //   / _ \\   / ____|| 
       /   || | || | ||  | ' //   / //\ \\ / //---`' 
      | [] || | \\_/ ||  | . \\  |  ___  ||\ \\___   
       \__ ||  \____//   |_|\_\\ |_||  |_|| \_____|| 
        -|_||   `---`    `-` --` `-`   `-`   `----`  
         `-`                                         
    
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  • 4. Alabama State Income Tax

    Alabama has a graduated income tax. The table shows the marginal tax rates for the "single" and "married filing jointly" statuses.

    data folder

    Find the state income tax and the effective tax rate for a married couple filing jointly with a taxable income of $100,000.

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      _  __   _    _      _____   __   __    _  _   
     | |/ // | || | ||   / ___//  \ \\/ //  | \| || 
     | ' //  | || | ||   \___ \\   \ ` //   |  ' || 
     | . \\  | \\_/ ||   /    //    | ||    | .  || 
     |_|\_\\  \____//   /____//     |_||    |_|\_|| 
     `-` --`   `---`   `-----`      `-`'    `-` -`  
                                                    
    
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  • 5. Alabama State Income Tax

    Alabama has a graduated income tax. The table shows the marginal tax rates for the "single" and "married filing jointly" statuses.

    Analyze the following statement.

    • Worked-Out Solution

      In Alabama, it is only the first $500 of income that is subject to a tax rate of 2%. The next $2500 is subject to a tax rate of 4%. All remaining income is subject to the full tax rate of 5%.

      The means that most taxpayers in Alabama pay "almost" 5% state income tax.

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