The state of indiana charges a retail sales tax of 7, Financial Management

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The state of indiana charges a retail sales tax of 7

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: The state of indiana charges a retail sales tax of 7

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Financial Management: The state of indiana charges a retail sales tax of 7

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Q : The state of indiana charges a retail sales tax of 7