A. Progressive tax = Property tax, federal US personal income tax, Corporate tax
B. Proportional tax = sales tax
C. Regressive tax = Medicare , Social security
Please match tax with type Federal US personal income tax Social security A) Progressive Property tax...
6. Federal Income Tax in the US in general are: Regressive tax system Flat tax system Progressive tax system Proportional tax system
Please mark ALL correct statements A) Federal personal income tax - has no incidence, carried by individuals, no one to push it to B) (general) Sales tax - pushed from sellers to consumers O Property tax-owners can't push it to anyone, unless a rental property D) Specific excise tax - incidence depends on elasticity Corporate tax - no incidence in short run carried by shareholders, no one to push to. In the long E) run it is pushed to workers...
3. Many years ago, there were calls to simplify federal personal income tax code. One proposal was a flat tax. Under this proposal, each individual is allowed a standard deduction of, say, $20,000, and each family is allowed a standard deduction of $40,000. No other exemptions and deductions are allowed. The remaining income is subject to one flat tax rate of say, 20%. (2 Point) Please analyze the vertical equity of a flat tax designed like this, from both marginal...
thank you guys The Social Security Tax is Progressive Regressive Flat Flat to a limit, then regressive Question 10 (5 points) Although C comprises about 68% of GDP, why is not the "drivers of the business cycle? OC is stable over time OC fluctuates too much to be accurate OC tends to decline in expansion phases O C is unreliable Question 11 (5 points) Why does Federal Government spending stimulate the economy in recessions? The spending fools people into spending...
The largest source of federal revenue in the US is a. corporate income tax b. federal aid to the US c. individual income tax d. social insurance tax
Salaries $689,000 Federal income tax withheld 137,800 The salaries were all subject to the 6.0% social security tax and the 1.5% Medicare tax. In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $13,091 of salaries.
Gross Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax withheld Employee Earnings Arnett 42,000 $ 5,880 $ 630 2,520 918 Cruz 2,754 — 230 15,300 22,950 Edwards 2,873 1,327 344 7 Harvin 4,800 600 7 Nicks 66,700 15,008 → 288 4,002 222 Shiancoe 3,700 574 1,001 56 1,139 Ward 75,900 16,324 4,554 13,881 $ 3,472 ✓ 2. Calculate the following employer payroll taxes for the year: (a) social security; (b) Medicare; (c) state unemployment compensation at 5.4% on...
A major source of tax revenue for developing countries is personal income taxes. social security taxes. property taxes. international trade taxes. excise taxes.
19) A flat tax is a tax with a single margional tax rate. If households could deduct $15,000 and then face a marginal tax rate of 25% on all additional income, would the tax be: A) Proportional B) Regressive C) Progressive D) Regressional 20) Disposable income is defined as A) Income you throw away. B) Income after taxes. C) Income after taxes and essentials. D) Income after rent and insurance. 21) Which of the following statement about Social Security is...
Correctly answer each part of question #8 In general, is the U.S. federal tax system progressive or regressive? Regressive O Progressive You bought 1,000 shares of Tund Corp. stock for $60.59 per share and sold it for $82.35 per share after a few years. How will your gain or loss be treated when you file your taxes? O As a capital gain taxed at the long-term tax rate O As a capital gain taxed at the current ordinary-income tax rate...