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The tax rate paid on your last dollar of income is called the average tax rate.
a. true
b. false
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- What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is the reduction, and how is this determined?Your average tax rate a. equals your marginal tax rate. b. is none of these. c. is less than your marginal tax rate. d. is greater than your marginal tax rateTarget profit before taxes is calculated as target profit after tax divided by one minus the tax rate. True False
- In step 2 how did you get the excess income tax of 19,520.00?You pay personal taxes on your calculated _________________ income. Group of answer choices A.marginal B.taxable C.adjusted gross D. grossThe marginal tax rate is equal to Question 11 options:the change in the tax payment divided by the change in income.the average tax payment divided by the total tax payment.the percent of total income that goes to taxes.the total tax payment divided by total income.
- HOW MUCH IS THE NET INCOME AFTER TAX?How much is the income tax expense/(benefit) for the fourth quarter? NOTE: If your answer is an expense, indicate a positive amount. If your answer is a benefit, indicate a negative amountYou pay personal taxes on your calculated ____ income. a. adjusted gross b. marginal c. taxable d. gross
- Which statement is NOT true about the structure of the Earned Income Tax Credit (EITC)? A. EITC payments decrease as earnings increase, but everyone qualifies for some amount. B. At a particular range of income, government reduces EITC payments based on a certain fixed percent of income earned. C. EITC pays a fixed amount at a range of income. D. Up to a threshold, EITC pays a certain fixed percent of wage earned.How did you come up the number for Income before income tax, why did you subtract the quipment cost.. What is the 'low income tax offset' (LITO)? What is the maximum LITO amount payable toeligible taxpayers? PLEASE PUT 3 REFERENCES