Browse the Topics, Table of Contents, and Index
Follow us:
Twitter Facebook

5.1 Flat Tax & Political Philosophy

5.1 Flat Tax & Political Philosophy
<
>
  • 1. Indiana Income Tax

    Determine how much state income tax the person owes. (See Example 1.)

    A person who lives in Indiana has a taxable income of $49,000.

    • Worked-Out Solution

      Line 7 on the state income tax form is $49,000.

      The state income tax is 3.4% of Line 7.

    Comments (0)

    These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
    When posting a comment, you agree to our Terms of Use.

     ______    __   __    ____     _    _    __   __  
    |      \\  \ \\/ //  |  _ \\  | || | ||  \ \\/ // 
    |  --  //   \ ` //   | |_| || | || | ||   \   //  
    |  --  \\    | ||    | .  //  | \\_/ ||   / . \\  
    |______//    |_||    |_|\_\\   \____//   /_//\_\\ 
    `------`     `-`'    `-` --`    `---`    `-`  --` 
                                                      
    
    Showing 0 comments
    Subscribe by RSS
    There are no comments.
  • 2. Indiana Income Tax

    Determine how much state income tax the person owes. (See Example 1.)

    A person who lives in Indiana has a taxable income of $2,500,000.

    Comments (0)

    These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
    When posting a comment, you agree to our Terms of Use.

     _____     __   __   _____      _____     _____   
    |  __ \\   \ \\/ // |  __ \\   |  ___||  / ____|| 
    | |  \ ||   \ ` //  | |  \ ||  | ||__   / //---`' 
    | |__/ ||    | ||   | |__/ ||  | ||__   \ \\___   
    |_____//     |_||   |_____//   |_____||  \_____|| 
     -----`      `-`'    -----`    `-----`    `----`  
                                                      
    
    Showing 0 comments
    Subscribe by RSS
    There are no comments.
  • 3. Michigan Income Tax

    Determine how much state income tax the person owes. (See Example 1.)

    A person who lives in Michigan has a taxable income of $25,000.

    • Worked-Out Solution

      Line 16 on the state income tax form is $25,000.

      The state income tax is 4.35% of Line 16.

    Comments (0)

    These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
    When posting a comment, you agree to our Terms of Use.

                _____    _    _    _    _    ______   
        ___    |  ___|| | || | || | || | || |      \\ 
       /   ||  | ||__   | || | || | || | || |  --  // 
      | [] ||  | ||__   | \\_/ || | \\_/ || |  --  \\ 
       \__ ||  |_____||  \____//   \____//  |______// 
        -|_||  `-----`    `---`     `---`   `------`  
         `-`                                          
    
    Showing 0 comments
    Subscribe by RSS
    There are no comments.
  • 4. Michigan Income Tax

    Determine how much state income tax the person owes. (See Example 1.)

    A person who lives in Michigan has a taxable income of $60,000.

    Comments (0)

    These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
    When posting a comment, you agree to our Terms of Use.

      ______     ___      ______     ___       _____  
     /_____//   / _ \\   /_   _//   / _ \\    / ___// 
     `____ `   / //\ \\    | ||    | / \ ||   \___ \\ 
     /___//   |  ___  ||  _| ||    | \_/ ||   /    // 
     `__ `    |_||  |_|| /__//      \___//   /____//  
     /_//     `-`   `-`  `--`       `---`   `-----`   
     `-`                                              
    
    Showing 0 comments
    Subscribe by RSS
    There are no comments.
  • 5. Taxable Income

    Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)

    $100 gift card you receive from your parents

    • Worked-Out Solution

      According to current IRS tax regulations, taxpayers are allowed to give and receive small amounts without paying tax. Therefore, the $100 is not taxable.

    Comments (0)

    These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
    When posting a comment, you agree to our Terms of Use.

      ______     ___       _____   __   __    _  __  
     /_   _//   / _ \\    / ___//  \ \\/ //  | |/ // 
     `-| |,-   / //\ \\   \___ \\   \ ` //   | ' //  
       | ||   |  ___  ||  /    //    | ||    | . \\  
       |_||   |_||  |_|| /____//     |_||    |_|\_\\ 
       `-`'   `-`   `-` `-----`      `-`'    `-` --` 
                                                     
    
    Showing 0 comments
    Subscribe by RSS
    There are no comments.
  • 6. Taxable Income

    Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)

    $2000 per year scholarship you receive for college tuition

    Comments (1)

    These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
    When posting a comment, you agree to our Terms of Use.

     __   __   __   __   __   _     _____     ______  
     \ \\/ //  \ \\/ // | || | ||  |  ___||  /_____// 
      \   //    \ ` //  | '--' ||  | ||__    `____ `  
      / . \\     | ||   | .--. ||  | ||__    /___//   
     /_//\_\\    |_||   |_|| |_||  |_____||  `__ `    
     `-`  --`    `-`'   `-`  `-`   `-----`   /_//     
                                             `-`      
    
    Showing 1 comments
    Subscribe by RSS
    system user
    Guest   5 months ago |
    GUEST
    0
  • 7. Taxable Income

    Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)

    $ 250 bonus you receive from your employer

    • Worked-Out Solution

      Any bonuses or awards received by an employer are taxable. This also applies to noncash prizes such as vacations or other goods and services.

    Comments (0)

    These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
    When posting a comment, you agree to our Terms of Use.

                 ___     _____       ___      _____   
      ____      / _ \\  |  __ \\    / _ \\   /  ___|| 
     |    \\   | / \ || | |  \ ||  / //\ \\ | // __   
     | [] ||   | \_/ || | |__/ || |  ___  ||| \\_\ || 
     |  __//    \___//  |_____//  |_||  |_|| \____//  
     |_|`-`     `---`    -----`   `-`   `-`   `---`   
     `-`                                              
    
    Showing 0 comments
    Subscribe by RSS
    There are no comments.
  • 8. Taxable Income

    Use the Internet to determine whether the income is taxable by the federal government. (See Example 2.)

    $5000 prize you receive from a game show

    Comments (0)

    These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
    When posting a comment, you agree to our Terms of Use.

     _    _     _____     ______   _    _   __    __  
    | \  / ||  |  ___||  /_____// | || | || \ \\ / // 
    |  \/  ||  | ||__    `____ `  | || | ||  \ \/ //  
    | .  . ||  | ||__    /___//   | \\_/ ||   \  //   
    |_|\/|_||  |_____||  `__ `     \____//     \//    
    `-`  `-`   `-----`   /_//       `---`       `     
                         `-`                          
    
    Showing 0 comments
    Subscribe by RSS
    There are no comments.