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- How does a sales tax work? A. A tax is levied on the value of real property or land. B. A tax is levied on the consumer as a percentage of the sale of the good or service. C. A tax is levied on the sale of gold or silver. D. A tax is levied on a consumer at the end of the year if the consumer bought anything during the year.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?1) Exemption of food purchases from a sales tax reduces regressivity. A: True B: False 2) Federal alcohol excise taxes are designed so that the alcohol content of beer and wine is taxed at a much lower rate than the alcohol content of distilled spirits. A: True B: False
- The tax on cigarettes in New York City is one of the highest in the nation—$5.85 per pack. What are some of the secondary effects of this tax? Check all that apply.Federal alcohol excise taxes are designed so that the alcohol content of beer and wine is taxed at a much lower rate than the alcohol content of distilled spirits. A: True B: FalseMatch 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 taxes
- Which tax is the largest source of tax revenue in the United States? personal income taxes social insurance taxes corporate profit taxes value added taxes national sales taxesMustafa earns 72,000 TRY in a year. Assume that he has 8,000 TRY tax exemption. The following figure shows the marginal tax rates for different income intervals.a) Calculate total tax payments of Mustafa.b) Calculate average tax rate for Mustafa.Tax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent to which a tax is proportional. D. who bears the burden of a tax.
- Assume that the government proposes a negative income tax that calculates taxes owed using the following formula: taxes owed = 0.25 Income $20,000. If a family earns an income of $60,000, how does this tax scheme affect them? they receive a subsidy of $5000 they pay $15,000 in taxes they pay $20,000 in taxes they receive an income subsidy of $15,000.Choose the Letter of the Correct Answer. 1. It is an act of laying a tax. A. Theory of tax B. Taxation C. Taxing D. Tax 2. A tax imposed by the government at each stage in the production of goods. A. Excise B. Value –added tax C. Property D. Individual tax 3. A tax imposed for the general purposes of the government to raise revenue for the local area needs. A. National B. Municipal C. Community D. Local 4. It is sanction imposed as a punishment for violation of law or acts deemed injurious. A. Tax B. Penalty C. Fine D. Debt 5. This kind of tax is derived from the individuals, corporate estates, and trusts income. A. Income tax B. Capital gains tax C. Donor Tax D. Estate taxPlease answer in paragraph. Rate will be given! What can you say about Tax incidence in your country, who carries the burden more? Give examples and explain your answer.