Complete the following table and answer one question. a. Assuming an 8 percent sales tax is levied on all consumption, complete the following table: Instructions: Round your responses for "Sales Tax" to the nearest whole number. Round your responses for "Percentage of Income Paid in Taxes" to one decimal place. Income Consumption Sales Tax $11,000 $ 770 20,000 $ 1,400 36,000 $ 2,520 60,000 $ 4,200 $10,000 20,000 40,000 80,000 Percentage of Income Paid in Taxes 7.7% 7.0% 6.3% 5.3%

Complete the following table and answer one question. a. Assuming an 8 percent sales tax is levied on all consumption, complete the following table: Instructions: Round your responses for "Sales Tax" to the nearest whole number. Round your responses for "Percentage of Income Paid in Taxes" to one decimal place. Income Consumption Sales Tax $11,000 $ 770 20,000 $ 1,400 36,000 $ 2,520 60,000 $ 4,200 $10,000 20,000 40,000 80,000 Percentage of Income Paid in Taxes 7.7% 7.0% 6.3% 5.3%

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter3: Economic Decision Makers

Section: Chapter Questions

Problem 3.10P

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