Q: Income tax is a a. Local tax b. Special tax c. Tax on persons d. Regressive tax e.…
A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…
Q: If GNPFC is $1900 million and net indirect taxes are $110 million Find GNPMP
A: The information being given to us is as follows:- Gross national product at factor cost = $1900…
Q: Which is included in indirect tax? Ca) Excise duty c) Both (a) and (b) (b) Sales tax (d) Wealth tax
A: According to the given question the one which is included in the indirect tax is Option(C) is…
Q: Churches have been considered a lucrative business in the country. Do agree with the idea that…
A: Churches benefit from a range of legal advantages as nonprofit "religious companies" under Section…
Q: Most businesses pay corporate income tax to the federal government based on the company's corporate…
A: The corporate income tax is paid based on the company's operating earnings.
Q: Calculate net indirect taxes if indirect taxes is $30 million and the subsidies are $16 million
A: The given information is as follows:- Indirect taxes = $30 million Subsidies = $16 million We have…
Q: iscuss various ways to handle property tax reform
A: Tax reform is usually carried out to increase the efficiency of tax administration. To maximise the…
Q: It is a scheme to collect taxes on businesses and industries based on the amount of fossil fuels…
A: A kind of pollution tax that is imposed on businesses and individuals to burn carbon-based fuels…
Q: Year 1 Tax Worksheet Income taxed at 30% Total Tax Paid Person Year 1 Income Income taxcd at 15% Amy…
A: Given, Tax rate:15% below income of 50,000,30% above income of 50,000Government budget =…
Q: Percent of Income Paid in Total amount Income Tax of Tax Paid Family $10,000 20% $2,000 A Family…
A: Here, there are three families having different income levels and paying the same tax rate. A income…
Q: The sources of revenue for state and local governments are ["the same…
A: Revenue is the income generated by the activities carried out by the business organization or by the…
Q: Tax revenue of the government includes : (a) Income tax (b) Corporate tax (d) All of these (c)…
A: According to the given question In simple words we can generally said that tax revenue is defined as…
Q: Find the net indirect taxes if the indirect taxes are $60 and the subsidies are $15?
A: indirect taxes = $60 subsidies = $15 net indirect taxes = ?
Q: Diffrentiate between direct tax and indirect tax
A: Tax is compulsory payments which is made to government, There is no direct quid pro quo. or taxpayer…
Q: The state has decided to increase funding for public education. They are considering four…
A: Here so as to increase the funding for public education, the alternative taxes to finance the…
Q: If sellers are taxed $6 a ball, the price that sellers receive for a basketball is $ The number of…
A: There are supply and demand curves showing the basketball markets when no taxes are imposed. The tax…
Q: A levy upon liquor, jewelry, tobacco, etc. is called_ a. Occupation tax b. Nuisance tax c. Personal…
A: The government earns revenue through taxation policy. This tax revenue is important for the…
Q: Income Amount of tax 10,000 2,000 50,000 10,000 100,000 20,000…
A: 1)20% 2)20% 3)20%
Q: 23. Which of the following is an indirect tax? A tax on company profits consumer goods and services…
A: Hi Student, Thanks or posting the question. As per the guideline, we are providing answer for the…
Q: Company tax is a: (a) Progressive, direct tax; (b) Progressive, indirect tax; (c) Proportional…
A: Q.1.2 Tax imposed on net income of the company is called corporate tax. The corporate tax or company…
Q: Taxes on corporate income generate more revenuethan individual income taxes.True______ False______
A: The individual income tax is the largest source of revenue generation since 1950. It contributes…
Q: Income amount of tax 10,000 2,000 50,000 2,000 100,000 2,000…
A: A Progressive Tax is a tax for which the percentage of income paid in taxes increases as income…
Q: Determine government revenue and dead weight loss after tax.
A: Taxes are imposed on individuals or companies involuntarily to fund government operations by a…
Q: Use the information in the table to answer the following question Income Amount of % of Income Tax…
A: There are three types of tax: 1. Progressive 2. Regressive 3. Proportionate
Q: Discuss the objectives of Taxation.
A: Taxation and government spending are component of fiscal policy which is used by the government in…
Q: Define direct and indirect taxes
A: Since you have asked multiple questions, we will answer only first question. If you want some…
Q: Question 3 A regressive tax is one where those with higher incomes pay a higher share of taxes out…
A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…
Q: The largest source of federal government revenue is which of the following? Other royalties and…
A:
Q: The statutory marginal tax rate for income levels between $0 and $100,000 is 25%. The statutory…
A: Statutory tax rate: It refers to the rate which is legally imposed by the government of a country.…
Q: Give a brief example of progressive tax system.
A: Out of the three taxes system one of these is a progressive tax system. In a progressive tax system…
Q: Percent of Income Paid in Total amount Income Tax of Tax Paid Family $10,000 10% $1,000 A Family…
A: Proportional Tax is the tax which is levied as the same percentage on each individual despite of the…
Q: The revenue expenditure is given as $1350 and the revenue receipts are $732 find a revenue deficit
A: Generally in the given question Revenue expenditure is given as = $1350 Revenue receipts = $732…
Q: The revenue receipts of the government is $3200 million and the revenue expenditure is $5000 million…
A: The information given to us is as follows:- Revenue receipts of the government = $3200 million…
Q: Q.1.2 Company tax is a: (a) Progressive, direct tax; (b) Progressive, indirect tax; (c)…
A: Progressive tax refers to the situation where the tax amount increases as the taxable income…
Q: In 2020, the government of Brazil had a tax revenue of $70 million and the non tax revenue of $120…
A: The information being given is:- Tax revenue = $70 million Non tax revenue = $120 million We have to…
Q: What is the nature of this income tax system? regressive progressive O proportional
A: Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Define income tax.
A: A tax is a compulsory payment to the government. It is a source of revenue receipts for the public…
Q: Reduction and elimination of corporate income taxes (CIT) and the economic result: Examples from…
A: Sound tax policy refers to the tax policy which fulfills the 4 principles. Those 4 principles are:…
Q: Primary deficit is $430 million and interest payments is $22 million Find fiscal deficit
A: The information being given to us is as follows:- Primary deficit = $430 million Interest payments =…
Q: Find the indirect taxes when the net indirect taxes are 4300 and the subsidies are 2100
A:
Q: Provide an Illustration to illustrate one of the Final Income Taxes.
A: Taxes are unintended fees placed on individuals or companies and levied by a government agency –…
Q: then tax revenue for the
A: Due to tax imposed , govt moved the market from market equilibrium to social optimum That is at…
Q: What is the difference between a general sales tax and an excise tax?
A: A tax is a mandatory fee collected by the governments from individuals, firms and businesses to…
The total tax revenue of the government is $400 million and the non tax revenue is $270 million
Calculate the tax revenue
Step by step
Solved in 2 steps
- Given the market value of indirect taxes are 630 and subsidies are 34 what will be the value of net indirect taxes?Proposed Regressive Plan (Regressive Tax) Calculate the tax for $25,000. For example, $10,000x40%=$4,000 in tax. Show your work!! 40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):The per-unit tax on a good is the Select one: a. difference between the list price and the actual price paid by the buyer. b. licensing fees and other business taxes paid by sellers, averaged over the total quantity of goods sold. c. difference between wholesale and retail prices. d.difference between the total price paid by the buyer and the price received by the seller.
- Reduction 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…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 taxesQuestion: Which of the following is an example of a regressive tax? a) Value-added tax (VAT) b) Progressive income tax c) Corporate income tax d) Property tax Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- The sources of revenue for state and local governments are ["the same as", "different from"] those of the federal government.The largest source of revenue for state governments is ["Sales tax", "Miscellaneous taxes and fees, such as tolls on roads and public transportation tickets.", "Individual (federal) income tax.", "Property tax."]The vertical distance between points A and C represent the amount of the tax. The amount of tax revenue received by the government is $4000 $6000 $10000 $24000Federal 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
- Define the three principles of sound tax system (Fiscal Adequacy, Equality or Theoretical Justice, Administrative Feasibility)(please do not copy answers on the internet, a brief explanation will do. thank you)Q.1.2 Company tax is a: (a) Progressive, direct tax;(b) Progressive, indirect tax;(c) Proportional direct tax;(d) Regressive indirect taxFind the indirect taxes when the net indirect taxes are 4300 and the subsidies are 2100