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Amiraneli [1.4K]
2 years ago
4

In a certain country, income tax is assessed as follows. There is no tax on income up to $15000. Any income over $15000 is taxed

at a rate of 15%, up to an income of $25000. Any income over $25000 is taxed at 20%.a) Sketch the graph of the tax rate R as a function of the income I.
b) How much tax is assessed on an income of $14,000? On $26,000?
c) Sketch the graph of the total assessed tax T as a function of the income I.

Business
1 answer:
Iteru [2.4K]2 years ago
5 0

Answer:

Explanation:

a) attached graph

b) 14,000 income will be exempt of taxation

   26,000 income

amount above 15,000 --> 11,000

11,000 x 15% = 1,650

c) attached graph

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Percentage of completion method                    

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revenue(10mil*%complete)  $3888890        $5258030    $853080

cost incurred                       -$2184000       - $3860000    -$4080000

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cost incurred/ estimated cost        38.3889%           91.4692%             100%

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Explanation:

COMPLETE QUESTION BELOW

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

2018 2019 2020

Cost incurred during the year $ 2,184,000  $ 3,860,000  $ 4,080,000  

Estimated costs to complete as of year-end  5,616,000   4,220,000   0  

2018 2019 2020

Revenue    

Gross profit (loss)    

UPDATE: Contract price is $10,000,000

7 0
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