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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are the main categories of U.S. federal government taxes?

To determine

To state: The main categories of U.S. federal government taxes.

Explanation

Income tax:

Notwithstanding government salary assesses, the U.S. government likewise commands that businesses subtract finance charges from their laborers' checks each payroll interval, and afterward coordinate the totals deducted. These installments are called FICA charges since they are approved by the Federal Insurance Contribution Act. Absolute FICA assesses on individual laborers are 7.65 percent of salary; 6.2 percent goes to subsidize the country's Social Security framework, while 1.45 percent goes to Medicare. Independently employed people are at risk for the whole 15.3 percent, albeit one portion of that sum can be taken as an over the-line business finding on an individual's pay government form.

Capital gain tax:

Those taxes that are paid on any benefits produced using the clearance of an advantage and are normally connected to stock and bond exchanges. The capital additions charge rate has as of late been raised from 15 to 20 percent. Benefits produced using the clearance of land are additionally subject to a capital increases charge...

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