QUESTION 15 A tax on a good O raises the price buyers pay and lowers the price sellers receive. raises both the price buyers pay and the price sellers receive. O lowers both the price buyers pay and the price sellers receive. O lowers the price buyers pay and raises the price sellers receive.
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- Question 33 Do buyers or sellers bear more of the burden of this tax? Group of answer choices Buyers bear more of the tax burden. Seller's bear more of the tax burden. Buyers and sellers bear the burden equally.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.A tax will be split equally between buyers and sellers when: Select one: a. supply and demand are equal. b. the government splits the tax equally between buyers and sellers. c. supply and demand have equal elasticities d. the elasticity of supply is infinite and the elasticity of demand is zero.
- 24. Impact on Taxes. Lawrence has a marginal tax rate of 24%. He suddenly realizes that he neglected to include a $5,000 tax deduction. How will this oversight affect his taxes? =Lawrence paid $1200 excess tax because Lawrence neglected $ 5000 tax deduction 25. Impact on Taxes. From question 24, if Lawrence had forgotten a $5000 tax credit (instead of a $5000 tax deduction), how would his taxes be affected?Find the marked price and sales tax. Total price Sales tax rate Marked price Sales tax $396.77 6.8% Question content area bottom Part 1 Total price Sales tax rate Marked price Sales tax $396.77 6.8% $enter your response here $enter your response here (Round to the nearest cent.)Suppose a luxury tax is levied on 'luxury cars' luxury being defined as having an engine larger than 2 liters (liter is about 1/4 of a galoon just in case you aren't familiar). What can be expected to happen? Question 10 options: Some car models will be refitted with smaller engines to avoid the tax Less luxury cars will be sold Producers of luxury cars will be hurt All other answers are correct
- For the market for cigarettes with out the Tax indicate price paid by consumer Price paid by producer Quantity of cigarettes soldReduction 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…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?
- Certain items, such as gasoline, air travel, hunting equipment, cigarettes, andtelecommunications services, have a special tax added to the purchase price. What is the name ofthis tax?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 taxesDifferentiate between Direct and indirect taxes: Type this question in the form of topic paragraph.