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- Define individual income tax. A. Individual income tax is the tax an individual pays to the government based on their income from wages.B. Individual income tax is a tax levied on corporations.C. Individual income tax is a tax levied on the value of property or land.D. Individual income tax is a tax paid on a specific product. The producer often passes the cost of the tax to the consumer.Match the term and the definition: flat tax Places heavier burden on poor than on rich as your income increases, the percentage that you pay increases A. Progressive taxes B. Proportional taxes C. Regressive taxesReduction and elimination of corporate income taxes (CIT) and the economic result: Examples from North Carolina and Ohio The corporate income tax (CIT) is levied by federal and state governments on business profits, which are revenues (what a business makes in sales) minus costs (the cost of doing business). State-level corporate income tax rates vary across the country. Six states (Nevada, Ohio, South Dakota, Texas, Washington, and Wyoming) levy no corporate income tax, while the remaining states and the District of Columbia do tax corporate profits. Note: Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax. Lowering the CIT: North Carolina North Carolina’s tax environment is one of the nation’s most competitive. As of 2021, the state boasted the nation’s third-lowest effective tax rates for newly established firms and fifth-lowest rates for mature firms. Just eight years ago, North…
- The government must increase its tax revenues to cover the higher federal deficit. It imposesa sales tax of $5 on salad.1st statement – The Legislative Department levies the taxes.2nd statement – The Executive Department, through the Department of Finance’s line agency, the Bureau of Internal Revenue makes the assessment and collection of internal revenue taxes. a. Only the 1st statement is trueb. Only the 2nd statement is truec. Both statements are trued. Both statements are false1. Statement 1: Police power can be used to raise revenue for the government. Statement 2: The primary purpose of taxation is to implement police power. Statement 3: One example of the principle fiscal adequacy is the Introduction of electronic Filing (Electronic Filing and Payment System (EFPS) or e-BIR Forms Package A. Only statement 2 is false. B. Only statement 1 is true. C. Only statement 2 is true. D. Only statement 3 is false. 2. Statement 1: If Nicanor are both engaged in trade or business, both must be taxed alike. Statement 2: Nicanor reported to the BIR that Inday is a tax evader. The BIR cannot forthwith collect the tax because it has to go through a process. A. Inherent limitation, Inherent limitation B. Inherent limitation, Constitutional limitation C. Constitutional limitation, Inherent limitation D. Constitutional limitation, Constitutional limitation 3. Statement 1: The Commissioner can estimate the income and expense of a taxpayer. Statement 2: Regressive…
- Please no written by hand and no image in 2017 the mortgage interest deduction became even more regressive than in thepast. Regressive, in this context, means that it benefits the wealthy significantlymore than those lower on the income scale. The reason is simple: Mortgage interestis a function of the size of the mortgage. Since the wealthy tend to buy moreexpensive homes, their mortgages are larger and their tax benefits larger. Does thatmatter to your opinion of the subsidy?There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. Peter earns a gross income of $53,000, and Sandy earns a gross income of $65,000. Out of his income, Peter pays $3,000 in local taxes; out of her income, Sandy pays $5,000 in local taxes. Which of the following statements is true? a. Peter’s total (local + federal) tax bill is greater than Sandy’s total tax bill. b. The federal tax system is progressive. c. The federal tax system is proportional. d. The federal tax system is regressiveIn 1998, the government reduced its debt by $40 billion and it spent $420 billion. How much tax revenue did the government receive in 1998? Select one: a. $340 billion b. $380 billion c. $420 billion d. $460 billion e. $500 billion
- Income: 115,000 State Tax Rate: 7 % Federal Income Tax: $0 to $29,000 10% Federal Payroll Tax Rate: 12% $29,001 to $58,300 15% $58,301 to $163,000 29% * Round all answers to 2 decimal places. Do not include any commas or percentage signs.* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate?22. The Taxes on corporate income (included in current tax receipts) for the 4th quarter of 2019 is: $______ billions. 23.The Taxes on corporate income (included in current tax receipts) for the 4th quarter of 2017 is: $______ billions. 24.The change in the Taxes on corporate income, from 4th quarter of 2017 to the 4th quarter of 2019 is: ______ billions. 25. The Contributions for government social insurance FROM PERSONS for the 4th quarter of 2019 is: $______ billions. 26. The Contributions for government social insurance FROM PERSONS for the 4th quarter of 2017 is: $______ billions. 27. The change in the Contributions for government social insurance FROM PERSONS, from 4th quarter of 2017 to the 4th quarter of 2019 is: ______ billions.3-The public welfare spending category for state and local governments includes Group of answer choices many programs that are initiated by private foundations. contributions in support of public universities. some federal programs that are administered by state and local governments. All of the above are correct. 3.1-The amount of income tax owed by a family is Group of answer choices not simply proportional to its total income. unaffected by deductions. total income minus tax credits. a constant fraction of income.
