learn-us-east-1-prod-fleet01-xythos.content.blackboardcdn.comBb https://..aBbSDBbBb6. A transfer payment is a government paymentnot made in exchange for a good or service.to companies that provide goods or services to government agencies.C. to foreign countries that provide goods or services to government agencies.D. designed to transfer funds from one government agency to another.E. which transfers revenue from the federal government to state government.А.В.7. Use Exhibit 1. If Alice has $80,000 in taxable income, her tax liability isA. $11,581.В.Exhibit 1$16,181.C. $20,000.D. $24,881.E. None of the aboveTaxable IncomeTax Rate$0 to $8,375From $8,375 to $34,000From $34,000 to $82,400From $82,400 to $171,850From $171,850 to $373,650Over $373,65010%1525288. Use Exhibit 1. Which of the following statements is (are)correct?33(x) If Bob has $50,000 in taxable income, his average tax rateis less than 17.5 percent but more than 17.2 percent.(y) If Agatha has $90,000 in taxable income, her marginal tax rate is 28 percent.(z) If Carla has $34,000 in taxable income, her average tax rate is less than 15 percent.А. (х), (у) and (z)В.35(x) and (y) onlyC. (x) and (z) onlyD. (y) and (z) onlyЕ. (x) only9. The federal taxes owed by a taxpayer dependA. only upon the average tax rate on the taxpayer's first $25,000 of income.B. only upon the marginal tax rate on the taxpayer's first $25,000 of income.C. only upon the marginal tax rate on the taxpayer's last $10,000 of income.D. upon all the marginal tax rates up to the taxpayer's overall level of income.E. upon all the marginal tax rates, including those for income levels that exceed the taxpayer's overall levelof income.10. Which of the following statements is (are) correct?(x) A person's tax liability refers to the amount of tax a person receives from the government.(y) The average tax rate measures the fraction of income paid in taxes and the marginal tax rate measuresthe incremental rate of tax on income.(z) If your income is $40,000 and your income tax liability is $8,000, then your average tax rate is 20 percentbut your marginal tax rate may be equal to, greater than or less than 20 percentА. (х), (у) and (z)В.(x) and (y) onlyC. (x) and (z) onlyD. (y) and (z) onlyЕ. (у) only11. Which of the following statements is (are) correct?(x) A payroll tax is a tax on the wages that a firm pays its workers and in the United States the payroll tax isalso referred to as a social insurance tax.(y) The payroll tax differs from the individual income tax in the U.S. because the payroll tax is primarilyearmarked to pay for Social Security and Medicare.(z) Taxes on specific goods such as cigarettes, gasoline, alcoholic beverages and tires are called excisetaxes.А. (х), (у) and (z)В.(x) and (y) onlyC. (x) and (z) onlyD. (y) and (z) onlyЕ. (х) only12. If one is trying to gauge the sacrifice made by a taxpayer, then the learn-us-east-1-prod-fleet01-xythos.content.blackboardcdn.comBb https://..aSDBbBbBb1. From the time of George Washington's presidency to the present, the percentage of the average American'sincome that goes to pay taxesA. has decreased from about 20 percent to about 10 percent.has decreased from about 50 percent to about 25 percent.C. has remained constant at about 10 percent.D. has risen from less than 2 percent to above 45 percent.Е.В.has risen from less than 5 percent to above 25 percent.2. According to the textbook, which of the following statements is (are) correct for the United States?(x) The individual income tax and the payroll tax are the two largest sources of revenue for the U.S. federalgovernment.(y) Corporate income taxes and excise taxes make up more than 30 percent of the tax revenue for the U.S.federal government.(z) In general, the two most important taxes for state and local governments in the U.S are sales taxes andproperty taxes.А.(x), (y) and (z)В.(x) and (y) onlyC. (x) and (z) onlyD.(y) and (z) onlyЕ. (x) onlythe following statements is (are) correct?3. According to the textbook, which(x) As a nation gets richer, the government typically takes a larger share of income in taxes.(y) In 1902 the government (federal, state and local) in the U.S collected about 7 percent of total income intaxes and in current times, it collects around 26 percent of income in taxes(z) In the early 2000s, the U.S had a larger tax burden, as a percent of income, then all of the majoreconomies in Europe.А. (х), (у) and (z)(x) and (y) onlyC. (x) and (z) onlyD. (y) and (z) onlyE. (z) onlyВ.4. The U.S. federal government collects approximately what percentage of the taxes in the economy?10%40%C. 50%А.В.D. 67%E. 85%5. Which of the following statements is (are) correct?(x) One of the largest categories of federal government spending is Social Security and it is growingbecause the elderly population is increasing due to longer life expectancy for U.S citizens.(y) Although government spending on national defense includes weapons, military vehicles, and salaries ofmilitary personnel, tax revenue is not used to pay for those items.(z) The largest single expenditure category for most state and local governments is education.A. (x), (y) and (z)(x) and (y) onlyC. (x) and (z) onlyD. (y) and (z) onlyЕ. (x) onlyВ.6. A transfer payment is a government paymentA. not made in exchange for a good or service.B. to companies that provide goods or services to government agencies.C. to foreign countries that provide goods or services to government agencies.D.designed to transfer funds from one government agency to another.E. which transfers revenue from the federal government to state government.7. Use Exhibit 1. If Alice has $80,000 in taxable income, her tax liability isA. $11,581.B. $16,181.C. $20,000.D. $24,881.E. None of the aboveExhibit 1Taxable IncomeTax Rate$0 to $8,375From $8,375 to $34,000From $34.000 to $82.40010%1525

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