The state of indiana charges a retail sales tax of 7, Ask an Expert

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The state of Indiana charges a retail sales tax of 7%. Consider the following information for three households:

Household 1: Income: 150,000 Consumption: 45,000

Household 2: Income: 80,000 Consumption: 40,000

Household 3: Income 30,000 Consumption 21,000

a. Calculate tax liability for each household.

b. What is the average tax rate for each household?

c. What is the marginal tax rate for each household?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91266581

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