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December 20, 2014

Homework Help: economics

Posted by sheela on Monday, January 29, 2007 at 8:25pm.

income total spending
$10,000 $10,000
20,000 18,000
50,000 35,000
100,000 60,000

If a sales tax of ten percent is levied on all purchases, calculate
A. amoust of sales tax paid at each income level and

B. the fraction f income paid in taxes at each income level

Let X be pre-tax spending. For a total spending of 10000 = 1.1*X. Solve for X. X=9090.90 Meaning sales tax must be 909.1. Repeat for all other total spending levels.

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