Question
In: Statistics and Probability
the internal revenue service reports that the mean federal income tax paid in a recent year...
the
internal revenue service reports that the mean federal income tax
paid in a recent year was $8040. Assume that the standard deviation
is $5000. The irs plans to draw a sample of 1000 tax returns to
study the effect of a new law.
A) what is the probability that the sample mean tax is less
than $8000?
B) what is the probability that the sample mean tax is between
$7600 & $7900?
C) Find the 40th percentile of the sample mean
D) would it be unusual if the sample mean were less than
$7500
E) can you tell whether it would be unusual for an individual
to pay tax of less than $7500? Explain?
Solutions
Expert Solution
Let 
denotes the sample mean of federal income tax paid for a a sample
of 1000 tax returns.
or 
a) The probability that the sample mean tax is less than $8000
b) The probability that the sample mean tax is between $7600 & $7900
c) To find 40th percentile of the sample mean
d) The probability that the sample mean tax is less than $7500
e) Since 
is quite low, so it will be unusual for an individual to pay tax
of less than $7500.
orchestra answered 1 year agoRelated Solutions
Taxes: The Internal Revenue Service reports that the mean federal income tax paid in the year...
Taxes: The Internal Revenue Service reports
that the mean federal income tax paid in the year
2010
was
$8040
. Assume that the standard deviation is
$4700
. The IRS plans to draw a sample of
1000
tax returns to study the effect of a new tax law.
(a) What is the probability that the sample mean tax is less
than
$8000
? Round the answer to at least four decimal places.
The probability that the sample
mean tax is...
The Internal Revenue Service reports that the mean federal income tax paid in the year 2010...
The Internal Revenue Service reports that the mean federal
income tax paid in the year 2010 was $8040. Assume that the
standard deviation is $4600. The IRS plans to draw a 1000 sample of
tax returns to study the effect of new tax law.
A) What is the probability that the sample mean tax is less than
$8100? Round the answer to at least four decimal places. The
probability that the sample mean tax is less than $8100 is...?
B)...
Taxes: The Internal Revenue Service reports that the mean federal income tax paid in the year...
Taxes: The Internal Revenue Service reports that the mean
federal income tax paid in the year 2010 was $8040.
Assume that the standard deviation is $490. The IRS plans to draw a
sample of 1000 tax returns to study the
effect of a new tax law.
Part 1 of 5
(a) What is the probability that the sample mean tax is less than
$8200? Round the answer to at least four decimal places.
The probability that the sample mean tax...
The Internal Revenue Service reports that the mean federal income tax paid in the year 2010...
The Internal Revenue
Service reports that the mean federal income tax paid in the year
2010 was $8040. Assume that the standard deviation is $4800. The
IRS plans to draw a sample of 1000 tax returns to study the effect
of a new tax law.
What is the
probability that the sample mean tax is less than $1800?
What is the
probability that the sample mean tax between $7400 and $8000?
40th percentile of the
sample mean is ?
According to the Internal Revenue Service, the average income tax refund for the 2011 tax year...
According to the Internal Revenue Service, the average income
tax refund for the 2011 tax year was $2,913. Assume the refund per
person follows the normal probability distribution with a standard
deviation of $950. a. What is the probability that a randomly
selected tax return refund from the 2011 tax year will be 1. more
than $ 2000 2. between $1,600 and $2,500? 3. between $3,200 and
$4,000? b. Confirm the answers to part a using Excel or PH
Stat.
According to the Internal Revenue Service, income tax returns one year averaged $1,332 in refunds for...
According to the Internal Revenue Service, income tax returns
one year averaged $1,332 in refunds for taxpayers. One explanation
of this figure is that taxpayers would rather have the government
keep back too much money during the year than to owe it money at
the end of the year. Suppose the average amount of tax at the end
of a year is a refund of $1,332, with a standard deviation of $725.
Assume that amounts owed or due on tax...
According to the Internal Revenue Service, income tax returns one year averaged $1,332 in refunds for...
According to the Internal Revenue Service, income tax returns
one year averaged $1,332 in refunds for taxpayers. One explanation
of this figure is that taxpayers would rather have the government
keep back too much money during the year than to owe it money at
the end of the year. Suppose the average amount of tax at the end
of a year is a refund of $1,332, with a standard deviation of $725.
Assume that amounts owed or due on tax...
According to the Internal Revenue Service, income tax returns one year averaged $1,332 in refunds for...
According to the Internal Revenue Service, income tax returns
one year averaged $1,332 in refunds for taxpayers. One explanation
of this figure is that taxpayers would rather have the government
keep back too much money during the year than to owe it money at
the end of the year. Suppose the average amount of tax at the end
of a year is a refund of $1,332, with a standard deviation of $725.
Assume that amounts owed or due on tax...
Pay your taxes: According to the Internal Revenue Service, the proportion of federal tax returns for...
Pay your taxes: According to the Internal
Revenue Service, the proportion of federal tax returns for which no
tax was paid was =p0.326. As part of a tax audit, tax officials
draw a simple sample of =n140 tax returns. Use Cumulative Normal
Distribution Table as needed. Round your answers to at least four
decimal places if necessary.
Part 1 of 4
(a)What is the probability that the sample proportion of tax
returns for which no tax was paid is less...
Federal income tax allows a deduction for any state income tax paid during the year. In...
Federal income tax allows a deduction for any state income tax
paid during the year. In addition, the state of Alabama allows a
deduction from its state income tax for any federal income tax paid
during the year.
The federal corporate income tax is equivalent to a flat rate of
34% of the taxable federal income and the Alabama rate is 5% of the
taxable state income. Both the federal and Alabama taxable income
for a certain corporation are $1,000,000...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A tourist is driving a car along a straight road at a constant speed of 22.5...
- Module 2 Programming Assignment – Battleship Refactor Refactor your Battleship drawing code from Module 1. Download...
- There are various limitations to employing the PE Ratio for company to company comparisons. Describe several...
- Write code in MIPS ,read tow number from the user that do the following: 1- multiply...
- 1) how does the adolescent brain develope? 2) illustrate the middle adult era of adulthood. how...
- Ethylene glycol at 40 degree C flows along a heated vertical plate L = 0.5 m...
- E16-16. (EPS: Simple Capital Structure) (LO 4) On January 1, 2018, Wilke Corp. had 480,000 shares...
ADVERTISEMENT