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Chapter 5 Review Exercises

Chapter 5 Review Exercises
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  • 9. Arizona State Income Tax

    Find the state income tax and the effective tax rate for a taxable income of $18,000.

    data folder

    • Worked-Out Solution

      The spreadsheet shows the calculation of the state income tax.

      The effective tax rate is

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     __   _     _____    _    _     ______    ______  
    | || | ||  |  ___|| | || | ||  /_   _//  /_   _// 
    | '--' ||  | ||__   | || | ||   -| ||-     | ||   
    | .--. ||  | ||__   | \\_/ ||   _| ||_    _| ||   
    |_|| |_||  |_____||  \____//   /_____//  /__//    
    `-`  `-`   `-----`    `---`    `-----`   `--`     
                                                      
    
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  • 10. Arizona State Income Tax

    Find the state income tax and the effective tax rate for a taxable income of $45,854.

    data folder

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     _    _     _____     ____     _    _     ______  
    | || | ||  |  ___||  |  _ \\  | || | ||  /_   _// 
    | || | ||  | ||__    | |_| || | || | ||    | ||   
    | \\_/ ||  | ||__    | .  //  | \\_/ ||   _| ||   
     \____//   |_____||  |_|\_\\   \____//   /__//    
      `---`    `-----`   `-` --`    `---`    `--`     
                                                      
    
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  • 11. Arizona State Income Tax

    Find the state income tax and the effective tax rate for a taxable income of $75,489.

    data folder

    • Worked-Out Solution

      The spreadsheet shows the calculation of the state income tax.

      The effective tax rate is

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      ______   _    _    __   _    _    _     _____   
     /_   _// | || | || | || | || | || | ||  / ____|| 
       | ||   | || | || | '--' || | || | || / //---`' 
      _| ||   | \\_/ || | .--. || | \\_/ || \ \\___   
     /__//     \____//  |_|| |_||  \____//   \_____|| 
     `--`       `---`   `-`  `-`    `---`     `----`  
                                                      
    
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  • 12. Arizona State Income Tax

    Find the state income tax and the effective tax rate for a taxable income of $214,500.

    data folder

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    __    __    ______    _____     ______   _    _   
    \ \\ / //  /_   _//  |__  //   /_   _// | |  | || 
     \ \/ //    -| ||-     / //     -| ||-  | |/\| || 
      \  //     _| ||_    / //__    _| ||_  |  /\  || 
       \//     /_____//  /_____||  /_____// |_// \_|| 
        `      `-----`   `-----`   `-----`  `-`   `-` 
                                                      
    
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  • 13. Revenue from Individual Income Taxes

    What percent of Arizona's state and local tax revenue comes from individual income taxes?

    • Worked-Out Solution

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

      So, individual income taxes made up

      of the total tax revenue.

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     __   __    ______  __    __    _____     _  _   
     \ \\/ //  /_   _// \ \\ / //  |  ___||  | \| || 
      \   //    -| ||-   \ \/ //   | ||__    |  ' || 
      / . \\    _| ||_    \  //    | ||__    | .  || 
     /_//\_\\  /_____//    \//     |_____||  |_|\_|| 
     `-`  --`  `-----`      `      `-----`   `-` -`  
                                                     
    
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  • 14. Revenue from Property Taxes

    What percent of Arizona's state and local tax revenue comes from property taxes?

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     _    _    __   __               ___      ______  
    | || | ||  \ \\/ //   ____      / _ \\   /_____// 
    | || | ||   \ ` //   |    \\   / //\ \\  `____ `  
    | \\_/ ||    | ||    | [] ||  |  ___  || /___//   
     \____//     |_||    |  __//  |_||  |_|| `__ `    
      `---`      `-`'    |_|`-`   `-`   `-`  /_//     
                         `-`                 `-`      
    
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  • 15. Comparing Arizona and South Carolina Tax Revenues

    Compare the percents of state and local tax revenue that come from sales taxes in Arizona and South Carolina (see Exercise 10 on page 219).

    • Worked-Out Solution

      You can use two circle graphs to compare the different percents.

      The percents are surprisingly similar. The most obvious difference is that Arizona relies more heavily on sales tax as a source of revenue than South Carolina does.

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    __    __   __   __    _____      ___     _    _   
    \ \\ / //  \ \\/ //  /  ___||   / _ \\  | || | || 
     \ \/ //    \ ` //  | // __    | / \ || | || | || 
      \  //      | ||   | \\_\ ||  | \_/ || | \\_/ || 
       \//       |_||    \____//    \___//   \____//  
        `        `-`'     `---`     `---`     `---`   
                                                      
    
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  • 16. Individual Income Taxes

    In 2008, the total personal income in Arizona was about $224 billion. Discuss using a flat tax to collect the amount of individual income taxes shown in the graph.

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