Description : 4. Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax
Last Answer : c. the sales tax
Description : If the tax rate increases with the higher level of income, it shall be called - (1) Proportional tax (2) Progressive tax (3) Lump sum tax (4) Regressive tax
Last Answer : (2) Progressive tax Explanation: A progressive tax is a tax by which the tax rate increases as the taxable base amount increases." Progressive" describes a distribution effect on income or expenditure, ... -to-pay, as they shift the incidence increasingly to those with a higher ability-to-pay.
Description : If the tax rate increases with the higher level of income, it shall be called (1) Proportional tax (2) Progressive tax (3) Lump sum tax (4) Regressive tax
Last Answer : Progressive tax
Description : Which of the following taxes is such which does not cause rise in price ? (1) Import duty (2) Income tax (3) Octoroi (4) Sales tax
Last Answer : Income tax
Description : 1. The largest source of tax revenue for the federal government is: a. the personal income tax b. the social security tax c. the property tax d. the sales tax
Last Answer : a. the personal income tax
Description : Indirect taxes by nature are - (1) degressive (2) regressive (3) progressive (4) proportional
Last Answer : (2) regressive Explanation: An indirect tax is one in which the burden can be shifted to others. The tax payer is not the tax bearer. The impact and incidence of indirect taxes are on ... nature. Therefore, individuals would not be de-motivated to work and to save, which may increase investment.
Description : Indirect taxes by nature are (1) degressive (2) regressive (3) progressive (4) proportional
Last Answer : regressive
Description : A commission or fee paid, when an agent or an individual sells an investment such as mutual funds or annuity is known as _________ A. Redemption fee B. Service Charge C. Regressive tax D. Sales tax
Last Answer : A. Redemption fee Explanation: A mutual fund redemption fee, also referred to as a -market timing fee , or -short-term trading fee , is a charge by a mutual fund company to discourage investors from ... (i.e. a purchase, typically a transfer, followed by a sale within a short period of time).
Description : The rate of tax increase as the amount of the Lax base Increases is called- (1) Proportional tax (2) Progressive tax (3) Regressive tax (4) Degressive tax
Last Answer : (2) Progressive tax Explanation: A progressive tax is a tax in which the tax rate increases as the taxable amount increases. The term "progressive" refers to the way the tax rate progresses from low to ... with the result that a taxpayer's average tax rate is less than the person's marginal tax rate
Description : A tax is said to be regressive when its burden falls - (1) less heavily on the poor than on the rich (2) more heavily on the poor than on the rich (3) equally on the poor as on the rich (4) None of these
Last Answer : (2) more heavily on the poor than on the rich Explanation: In terms of individual income and wealth, a regressive tax imposes a greater burden on the poor than on the rich. There is an inverse ... to reduce the tax burden of the well-todo, as they shift the burden disproportionately to the needy.
Description : The tax is question #2 is: a. progressive b. regressive c. proportional
Last Answer : a. progressive
Description : . The tax is question #2 is: a. progressive b. regressive c. proportional
Description : The rate of tax increase as the amount of the tax base increases is called (1) Proportional tax (2) Progressive tax (3) Regressive tax (4) Degressive tax
Description : A tax is said to be regressive when its burden falls (1) less heavily on the poor than on the rich (2) more heavily on the poor than on the rich (3) equally on the poor as on the rich (4) None of these
Last Answer : more heavily on the poor than on the rich
Description : What online personal income tax software for both federal and state taxes can you recommend?
Last Answer : I recommend online personal income tax software for both federal and state taxes, as well as software to help you file an extension if you need it.cutt.ly/JjWSDSE
Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement
Last Answer : (4) Taxes on Advertisement Explanation: Apart from taxes levied and collected by the States, the Constitution has provided for the revenues for certain taxes on the Union List to be allotted ... exchanges and future markets; and Taxes on sale and purchase of newspapers and advertisements therein.
Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement
Last Answer : Taxes on Advertisement
Description : Which one of the following taxes is collected and utilized by the State Governments? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties
Last Answer : (3) Land revenue Explanation: The Constitution allocates the taxation of agricultural income to states. Lan revenue is a major source of revenue for states in India. For purpose of ... Commissioner, also known as Collector indicating his responsibility for the realization of all Government revenues.
Description : What is Value Added Tax (VAT)? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods
Last Answer : (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. Explanation: A value added tax (VAT) is a form of consumption tax. A VAT is like a sales tax in that ... under the single tax system based primarily or exclusively on one tax, typically chosen for its special properties.
Description : Which one of the following taxes is collected and utilized by the State Governments ? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties
Last Answer : Land revenue
Description : What is Value Added Tax (VAT) ? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods
Last Answer : A single tax that replaces State taxes like, surcharge, turnover tax, etc.
Description : Do you believe that, during your lifetime, the current USA federal income tax (and the IRS) will be eliminated and replaced with a federal sales tax?
Last Answer : I don't think a national sales tax is the answer. Now, I'm no economist, so my logic may be faulty but here goes: For the purposes of this example, assume all 3 families consist of 2 adults and ... fair and across the board is to go with a flat percentage rate tax on income only, paid by everyone.
Description : Forced Savings refer to - (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees
Last Answer : (1) Reduction of consumption consequent to a rise in prices Explanation: Forced saving is an economic situation in which consumers spend less than their disposable income, not because they want to ... free economy, this situation would normally result in increase in prices and inflow of more goods.
Description : Which of the following taxes is not collected by the Central Government? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty
Last Answer : (3) Professional tax Explanation: A professional tax, also known as an occupation tax or a professional privilege lax, is a tax that a professional must pay to receive the right to practice a ... and a professional who has clients in more than one state may owe professional taxes in several states.
Description : When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%
Last Answer : c. 30%
Description : Forced Savings refer to (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees
Last Answer : Reduction of consumption consequent to a rise in prices
Description : Which of the following taxes is not collected by the Central Government ? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty
Last Answer : Professional tax
Description : Which of the following sets belongs to Central tax? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duly and Income tax (3) Income tax, Custom duty and House, Lax (4) Custom duty, Entertainment tax and Income tax
Last Answer : (2) Excise duty, Custom duly and Income tax Explanation: The Central Indian Government that is officially named as the "Union Government" is responsible for the imposition of both direct taxes as ... and Securities Transaction Tax. The indirect taxes are: Customs Duty; Excise Duty and Service Tax.
Description : Which of the following sets belongs to Central tax ? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duty and Income tax (3) Income tax, Custom duty and House tax (4) Custom duty, Entertainment tax and Income tax
Last Answer : Excise duty, Custom duty and Income tax
Description : Do you pay state income taxes or do they refund you like federal income taxes do?
Last Answer : The last 4 years, I have had to pay the Feds, and got less money back from the State.
Description : What do you think the chances are The President and Congress get rid of mortgage interest and property taxes being a deduction on federal income taxes?
Last Answer : From what I hear, it is Republicans who are talking about closing “loopholes” and capping deductions more than Democrats. But whether it, or anything will happen, I don’t know. And I doubt it could effect this year’s taxes anyway.
Description : I have Form 1099R in my posession, which Form do I need to file my information in order to receive my federal income taxes withheld?
Last Answer : I have Form 1099R in my posession, which form o I need to file my information in order to receive my federal income taxes with held?
Description : How much do I have to earn before I start paying federal income taxes?
Last Answer : If self-employment is your only income for the year, the filing threshold is $400 for the entire year. This figure is the total amount that you earned before your have deducted your business expenses. You will need to fill out Schedule C or C-EZ to document self-employment income and expenses.
Description : What are deductions allowed when calculating federal income taxes?
Last Answer : The deductions allowed whe calculating federal income taxes are as follow: Mortgage interest, charitable contributions, job expense, miscellanoous expense, medical expense in excess of 7.5 of income, and payment of state and local property taxes.
Description : What happens if you don't pay your federal income taxes?
Last Answer : If you don't pay federal income taxes, eventually you will eventually be investigated by the IRS. From there you will either have the money taken from you, your wages garnished or you may go to prison depending on the severity of the crime.
Description : Value of out put and value added can be distinguished if we know: (1) the value of intermediate consumption (2) the value of net indirect taxes (3) the value of the sales (4) the value of consumption of fixed capital
Last Answer : (1) the value of intermediate consumption Explanation: Intermediate consumption is an accounting flow which consists of the total monetary value of goods and services consumed or used up as inputs in ... how it is exactly defined and estimated will importantly affect the size of the GDP estimate.
Last Answer : the value of intermediate consumption
Description : A multistage sales tax with credit for taxes paid on business purchases.
Last Answer : Ans. VAT
Description : Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution? (1) Estate Duty (2) Sales Tax (3) Taxes on Railway Fares and Freights (4) Corporation Tax
Last Answer : (4) Corporation Tax Explanation: The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the State. Article ... taxes on capital of companies; estate duty in respect of property other than agricultural land, etc.
Description : Will I be able to deduct a portion of my local property taxes from my NY state income tax?
Last Answer : No. However, you can deduct property taxes from your federal tax liability.
Description : Did the United States Congress recently pass the first Federal sales tax in history?
Last Answer : Nonsense. The last thing they want to do is put the brakes on the housing market.
Description : Does it bother you that the tax laws are set up so that the very rich (i.e. Mitt Romney) pay a smaller percentage of taxes than you probably do?
Last Answer : Sure: I think it bothers most of the 99%.
Description : The incidence of Tax refers to - (1) Who pays the Tax? (2) Who bears the burden of Tax? (3) How Taxes can be shifted? (4) Who transfers the Tax burden?
Last Answer : (2) Who bears the burden of Tax? Explanation: In economics, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. Tax incidence is said to "fall' upon the group that ultimately bears the burden of, or ultimately has to pay, the tax.
Description : )The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into - (1) codification of tax laws (2) the entire structure of tax ... generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system
Last Answer : (4) aspects of generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system Explanation: The Central Board of Direct Taxes (CBDT) ... steps to prevent generation of illicit funds through transactions in property, bullion and equity market.
Description : The incidence of Tax refers to (1) Who pays the Tax ? (2) Who bears the burden of Tax ? (3) How Taxes can be shifted ? (4) Who transfers the Tax burden ?
Last Answer : Who bears the burden of Tax ?
Description : The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into - (1) codification of tax laws (2) the entire structure of tax ... generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system
Last Answer : aspects of generation of black money, its transfer abroad and bringing back such money into India’s legitimate financial system
Description : We're Not Legally Obligated to Pay State/Federal Income Tax? It is a voluntary tax?
Last Answer : I can direct you to a law on a dot-gov website that states pretty darn clearly what happens to you if you don’t pay federal income taxes. You go to jail. So if by “voluntary” you mean, your choice is your money or your freedom, the suuuure, it’s voluntary.
Description : What is income tax withheld from each paycheck and sent to the state or federal government?
Last Answer : WithholdING taxes
Description : Does anyone think this chart by xkcd should be in schools to help students understand money, taxes, expenses, income and other economic issues?
Last Answer : answer:Could you post a link to the chart? I think such a chart could be an excellent teaching tool. OTOH, such a chart has quite a potential to be abused as a political tool to skew the ... impartial teaching tool or a way to push the whole evil capitalist world view without actually seeing it.