The top 1% of income earners makes 18.8 percent of all income and pays 28.3 percent of all taxes makes 27.6 percent of all income and pays 18.1 percent of all taxes. makes 55.1 percent of all income and pays 68.7 percent of all taxes. makes 68.7 percent of all income and pays 55.1 percent of all taxes.
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- Government collects the largest percentage of its revenue in which of the following ways? A) excise tax B) payroll tax C) corporate income tax D) personal income taxA regressive tax is a tax for which people with lower incomes Group of answer choices pay a lower percentage of their incomes in tax than do people with higher incomes. pay a higher percentage of their incomes in tax than do people with higher incomes. pay the same percentage of their incomes in tax as do people with higher incomes. do not have to pay unless their incomes exceeds a certain amount.Federal income tax is (a. progressive b. proportionate (flat) c. regressive) , Social Security tax is (a. progressive b. proportionate (flat) c. regressive ) , Medicare tax is (a. progressive b. proportionate (flat) c. regressive) and sales tax is (a. progressive b. proportionate (flat) c. regressive) when comparing an income of $50,000 per year to an income of $150,000 per year.
- 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 taxesThe government implements a negative Income tax plan with a guaranteed minimum income of $5,000 and a phase-out rate for payments of 50%. Complete the following table by calculating the negative tax and total after-tax income for each family income given. (Note: Suppose that any income above $10,800 would pay a positive tax.) Family Income Negative Tax (Dollars) (Dollars) 0 2,800 4,800 6,800 8,800 10,800 Total After-Tax Income (Dollars)According to the textbook, which of the following statements is (are) correct? (x) Taxes on specific goods such as cigarettes, gasoline and alcoholic beverages are called excise taxes (y) The government taxes corporate income on the basis of the number of employees. (z) The payroll tax differs from the individual income tax because all of the payroll tax is paid by the employer and all of the income tax is paid by the employee. (x), (y) and (z) (x) and (y) only (x) and (z) only (y) and (z) only (x) only
- Define Taxation What is Income tax What is a value-added tax What is Sales tax What is an excise tax What is a business tax What is corporate taxUse the information in the table to answer the following question. Income Amount of % of Income Tax $25,000 $6,750 25% $50,000 $10,000 20% $100,000 $15,000 15% Which kind of tax does the data in the table represent?An example of direct taxes are property taxes. True False
- Discretionary government spending includes payments made for unemployment compensation. the Department of Education deposit insurance payments. pension payments for retired Coast Guard officers. children's health insurance programs.Tax is a type of revenue receipts True/FalseThe marginal tax rate is equal to :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.