National Income DataSpending CategoryCorporate profitsDepreciationGross private domestic investmentPersonal taxesPersonal savingGovernment spendingImportsNet interestCompensation of employeesRental incomeExportsPersonal consumption expendituresIndirect business taxesContributions for Social Security (FICA)Transfer payments and other incomeProprietors' incomeAmount(Billions of dollars)3054797165651209245473372,648194272,966370422Based on the data table, personal income is equal to $991328billion.Based on the data table, disposable personal income (DI) is equal to $billion.

Disposable income is total personal income minus current income taxes. In national accounts…

Answered: Proprietors' income Based on the data…

Proprietors' income Based on the data table, personal income is equal to $ 328 Based on the data table, disposable personal income (DI) is equal to billion. billion.

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Design Of The Tax System

Section12.1: An Overview Of U.S. Taxation

Problem 1QQ

See similar textbooks

Related questions

Q: 1. Imagine a person who wants to find a job within two months. Define X corresponding to the…

Q: QUESTION 22 Price if no tax- P If we introduce a tax in this example, who will pay a lower share of…

A: Tax burden fall more on consumers if the demand curve in inelastic. And The tax burden falls more…

Q: Dennis sells cars for a living. Each month, he earns $1,200.00 of base pay, plus a certain…

Q: A firm has two plants. Plant one has the total cost function TC₁ =q₁² and plant 2 has the total cost…

A: Given The cost function in plant 1: TC1=q12 ......(1) The total cost function in plant…

Q: The first condition for price discrimination is having a separate market. The second condition is to…

A: Price discrimination occurs when a company charges different rates to different consumers for the…

Q: A typical profit-maximizing firm in a perfectly competitive constant-cost industry is earning a…

A: DISCLAIMER “Since you have asked multiple questions, we will solve the first 3 subparts for you as…

Q: Suppose that the total variable cost for 5 outputs is equal to $100 and the total fixed cost for the…

A: The economic cost of any resource utilized to produce a good is the value or worth the assets would…

Q: 3. Factors that influence international trade In the 1950s, imports and exports of goods and…

A: International trade is also known as economic exchanges that are made between nations. Among the…

Q: 6 Find the derivative of f with respect to x of f(x) = In x The derivative off with respect to x of…

A: Derivatives are known as the rate of change of something with respect to a particular thing. In…

Q: What is a factory building an example of? * O technology Ohuman capital physical capital an economic…

A: The opportunity cost is time spent analyzing and that money to spend on something other. A farmer…

Q: The football coach at a university was given a 5-year employment contract that paid $1,000,000 the…

A: Given that, Total year contract = 5 year Amount paid in first year = 1,000,000 Rate of every year…

Q: 16. Determine the exact simple interest on a 226-day loan of $ 3439.43 at 10%. 17. Compute for the…

A: Disclaimer- “Since you have asked multiple questions, we will solve the first questions for you as…

Q: Most economics textbooks do not mention kickbacks since they assume: Consumers spend their own money…

A: In economics the kickback refers to a type of a negotiated bribery wherein the bribe-taker receives…

Q: The regression equation Netincome = 2,049 +.0478 Revenue was estimated from a sample of 100 leading…

A: Regression is a procedure that relates a dependent variable to at least one independent variable. A…

Q: What will happen to the equilibrium price and quantity in a market, if more buyers enter the market…

A: The demand and supply of a commodity depends on a lot of factors other than its own price. When the…

Q: QUESTION 6 A price ceiling below the equilibrium price will O Create a surplus. Not affect the…

A: A price ceiling is an upper limit on the price. It is a type of price control.

Q: If a entrepreneur's accounting profit is positive but their economic profit is negative should they…

A: In a market, an entrepreneur enters and able to make accounting profit, it is the Sita when his…

Q: Suppose Swaziland is considered to be a small country. In 2022, the South African producers…

A: When a small country imposes tariffs on imports of goods that compete with those produced by a small…

Q: .Engr. Dy deposited an amount of Php 8635.9 in a bank’s savings account with interest 7.5%…

A: Deposit Amount = 8635.9 Interest rate = 7.5% Monthly interest rate = 7.5/12 = 0.625% Duration = 19…

Q: Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can…

A: Given Loaves of bread per hour Muffins per hour Martha 10 40 Julia 12 60 Number of…

Q: (1) Od 50 60 ВО 90 100 (2) Qd 40 50 Multiple Choice 60 70 80 $9 and 70 units $10 and 60 units $8 and…

A: The study of how buyers and sellers interact to establish transaction prices and quantities is known…

Q: 1. Use the graph below to answer these questions: a) What type of market structure finds the profit…

A: Monopoly market refers to the market structure that can be identified by one seller, who sells a…

Q: In a project, total 10 products will be produced by each worker. The time needed for producing the…

A: Learning rate refers to the proportion of amount saved by the increase in efficiency of labor every…

Q: What do you understand by social security? What do you understand by the “pension crisis” and how…

A: The government offers financial aid that is in the form of social security to the general populace.…

Q: 10. Why international trade happens countries have absolute advantage A country has more ability to…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: If buyers expect the price of a good will be lower in the future, then? Group of answer choices…

A: The Equilibrium price is established where the demand and supply are equal.

Q: Burger King has introduced new strategy by reducing the price of its Whopper by 75 percent if…

A: Game theory Game theory provides a theoretical framework for imagining social interactions between…

Q: Suppose you are a peanut farmer, and this year, there is a drought that harms the peanut crop.…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: In Italy, firms pay tax on reported profits at a constant proportionate rate t€ (0,1). If th firm's…

A: AUDITING PROBABILITY- Baselining and polarization are often detected by independently evaluating…

Q: 6. Consider the Solow growth model with aggregate production function F(K, L) = AK¹/312/3 and saving…

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: What are the disadvantages of using loans to financial institutions to prevent bank panics?

A: We are well known that A bank panic is a situation when there are rumors of the bank being closed…

Q: 1. Joseph's utility is given by: U=X² + y² (Note that this is the equation of a circle with the…

A: In the study of economics, the term utility can be defined as the total satisfaction or benefit that…

Q: Would usury laws help or hinder resolution of a shortage in financial markets?

A: Shortage entails excessive demand and a relatively low supply. Due to lower than equilibrium rates,…

Q: P D S S2 Z 0 5 10 15 20 25 30 35 This graph is representing the equilibrium change when input prices…

A: Rightward shift in supply curve= increase in supply without increase in price of output. And…

Q: Your mother is a mother coal mine owner with a benevolent streak. Someday you will take on the…

A: Demand function : PD = 100-0.6qi Supply function : Ps=40+0.4qi Discount rate = 3% Equilibrium…

Q: Consider a fixed price model of a closed economy. An increase in savings at each level of disposable…

A: In an economy, the IS-LM framework is the graphical representation of the relationship between goods…

Q: A consumer is observed choosing the bundle (3, 1) at prices (1, 2) and the bundle (2, 2) at prices…

A: The utility maximization point or the consumer equilibrium are other names for the optimum bundle.…

Q: Consider the macroeconomic model shown below: C = 500+ 0.80Y | = 1,500 G = 1,000 NX = - 100 Y=C+I+G…

A: The provided equations are: C=500+0.80YI=1500G=1000NX=-100Y=C+I+G+NX

Q: A restaurant hires cooks and walters. Cooks earn $10 an hour, walters earn $5 an hour. The manager,…

A: Cook Earns = 10 Waiter Earns = 5 Fixed Payroll = 45

Q: If frozen food is an inferior good then an increase in income causes an increase in quantity…

A: Demand means the willingness and ability of consumers to buy certain goods or services.

Q: c) What does your answer to (b) suggest about the price elasticity of demand for eggs? The price…

A: Price elasticity of demand It is a gauge of how price-sensitive the quantity demanded is. For…

Q: Protection costs $338 and returns $507 after 6 years. What is the interest rate?

A: given that: Protection costs(lets assumed principal(P)) is $338 returns(let's assumed as an…

Q: George Akerloff focused the market for used cars and discussed an issue later generally called the…

A: Adverse selection is a market situation where both buyer and seller have different information about…

Q: Prediction markets allow traders to bet on future events. One prediction market that is particularly…

A: Given information Utility function U=ln(X+1) Initial wealth=4 Probability of winning=0.5 So, the…

Q: Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can…

A: "Since you have posted a question with multiple sub-parts,we will solve first three subpart for…

Q: Bob le Flambeur is offered a raffle ticket. With probability p, the raffle ticket wins, and pays 5…

A: The entire benefit or satisfaction a customer derives from purchasing a particular commodity or…

Q: The price elasticity of demand for gasoline is estimated to be -0.25. If the current price of…

A: Elasticity of demand = -0.25 Current Price = 2.50 If quantity decreases by 5% the price will change…

Q: Who answers the three key economic questions in a Market economic system? custom & tradition…

A: Market economic systems are based on the concept of free markets.

Q: Consider the graph showing the production function for coffee houses. The graph shows how output per…

A: Capital is an enormous amount of cash that you use to begin a business, or which you put resources…

Question

National Income Data
Spending Category
Corporate profits
Depreciation
Gross private domestic investment
Personal taxes
Personal saving
Government spending
Imports
Net interest
Compensation of employees
Rental income
Exports
Personal consumption expenditures
Indirect business taxes
Contributions for Social Security (FICA)
Transfer payments and other income
Proprietors' income
Amount
(Billions of dollars)
305
479
716
565
120
924
547
337
2,648
19
427
2,966
370
422
Based on the data table, personal income is equal to $
991
328
billion.
Based on the data table, disposable personal income (DI) is equal to $
billion.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Using the information provided on the income tax systems in two hypothetical countries, Country A and Country B, complete the following tables.Country ACountry BTaxable Income (Dollars) Tax Liability (Dollars) Taxable Income(Dollars) Tax Liability (Dollars )20,0002,000.0020, 000$2,00040, 00010, 000.0040,000 $4,00060,00024,000.0060, 000$6,000Complete the following table by deriving the marginal tax rates in the income ranges of $20,000 to $40,000 and $40,000 to $ 60,000 for each country.Taxable Income Range Country A Marginal Tax Rate Country B Marginal Tax Rate( Dollars)(Percent)(Percent) 20,000 to 40,00040,000 to 60,000Complete the following table by deriving the average tax rates at each income level for each country.Taxable Income (Dollars)(Percent) Country A Average Tax Rate Country B Average Tax Rate(Percent )20,00040, 00060,000
Calculate Your Taxes To find your net pay, you'll need to first calculate your taxes. Start period 02 | 01|2019 End period 02 | 15| 2019 Find the tax percentages for each type of tax on your pay stub and insert them here. Then, press the calculate button when you're ready. Gross Pay $1,837.00 Earnings Taxes Deductions FEDERAL % of $1,837.00 $1,837.00 Federal (8.24%) FICA Medicare (1.45%) FICA MEDICARE % of $1,837.00 FICA Social Security (6.20%) FICA SOCIAL SECURITY % of $1,837.00 State - OK (3.86%) STATE % of $1,837.00 Total Disclaimer: Tax numbers are for illustrative purposes only. Net Pay Calculate
Eric Yang earns $603.16 weekly, is married, and claims 3 withholding allowances. Use the Percentage Method to calculate tax withholding. FICA tax is 4.2% and Medicare tax is 1.45%. Find his net earnings for this pay period.
Use the information in the table below to answer the questions that follow.Tax rates for individuals: 2019/2020 tax yearTaxable Income (R) Tax Payable1 – 195 850 18% of taxable income195 851 – 305 850 R35 253 +26% of the amountabove R195 850305 851 – 423 300 R63 853 +31% of the amountabove R305 850423 301 – 555 600 R100 263 +36% of the amountabove R423 300555 601 – 708 310 R147 891 +39% of the amountabove R555 600708 311 – 1 500 000 R207 448 +41% of the amountabove R708 3101 500 001 and above R532 041 +45% of the amountabove R1 500 000 Calculate how much tax an individual earning a taxable income of R425 000 per annum would pay Calculate the average tax rate of an individual earning a taxable income of R425 000 per annum
The accompanying table lists the incomes of five citizens of a hypothetical economy. Suppose the government introduces a new program for low-wage carners. Under this program, cach citizen is given a refund that is paid for with tax revenues and is equal to a percentage of the citizen's income. The chart shows applicable income brackets and the percentage to be refunded. Citizen Income ($) Income Range ($) Income Supplement (% of Original) Frankie 27000.00 0-17,000 40% Vinnie 33000.00 17,001-36,000 25% Artie 15000.00 36,001-52,000 10% Nicky 62000.00 52,001 and above 0% Jackie 25000.00 What is the amount of Frankie's refund? What is the amount of Artie's refund? What is the amount of Nicky's refund? Which of the following is a problematic feature of a welfare state that is mitigated by the supplement's gradual decline? the implicit marginal tax inflation a revenue shortfall recession
Discuss the role of government in allocating health care costs which financed by taxes revenue
Discuss whether any of the following individuals are entitled to an office-in-home deduction: a. Maggie is a self-employed management consultant who maintains an office in her home exclusively used for client meetings and other business-related activities. Maggie has no other place of business and her office is the most significant place for her business. She has substantial income from the consulting practice. b. C. Marty is a college professor who writes research papers for academic journals in his office at home which is used exclusively for this purpose. Although Marty has an office at his place of employment, he finds it very convenient to maintain an office at home to avoid distractions from students and colleagues. Marty receives no income from the publication of the research articles for the year in question. Bobby operates his own sole proprietorship as an electrician. He maintains an office at home where he keeps his books, takes phone calls from customers, and does the…
Which tax is paid on individual income from sales of assets? a-sales tax b-excise tax c-estate tax d-capital gains tax
Learning 9g.cengage.com/static/nb/ui/evo/index.html?deploymentld%35982812479578414089770649020&elSBN=978035; A Tax Document E ECSI - TaxSelect Do. SeAccount Quick Car. B Calendar | Navigate Main Street Comm. CENGAGE MINDTAP Homework (Ch 10) Back to Assignment Attempts Keep the Highest/1 4. Understanding different policy options to correct for negativeexternalities Carbon dioxide emissions have been linked to increased air pollution. The following table lists some possible public policies aimed at reducing the amount of carbon dioxide in the air. For each policy isted, identify whether it is a command-and-control policy (regulation), tradable permit system, corrective subsidy, or corrective tax Tradable Permit System Corrective Subsidy Command-and- Corrective Public Policy Control Policy Tax The government orders every factory to adopt a new technology, which reduces carbon-dioxide emissions into the atmosphere. Trees take cartbon dioxide out of the air and convert it to okygen, so the…
List all the taxes that get reported on a BAS and IAS along with a short reference to their legislation regarding the lodgement schedule. Use the table below: BAS lodgement date Tax Item IAS lodgement date GST PAYGW PAYGI LCT WET
Based on the following data: Taxable income ($) Total tax ($) 1500 5 2500 110 3000 200 4500 400 5000 600 6000 900 Please answer the next questions. 1. What kind of tax is illustrated, i.e, structural, perverse, proportional or progressive. Explain. 2. If your taxable income is $5000, what is your average tax rate? 3. If your taxable income increases from $5000 to $6000, what is your marginal tax rate?
Based on the data, answer the questions. Earner Sally Pat What is Sally's tax rate? 38% 33% O 28% 24% Annual income amount $94551.00 $304557.00 What is Pat's tax rate? 0000 O 22% 31% 33% 24% Income tax amount $31201.83 $73093.68