1. Sin tax 2. Incidence of tax 3. Tax loopholes 4. Individual incom 5. Sales tax 6. Proportional tax 7. Progressive tax 8. Marginal tax rate 9. Regressive tax 10. Customs duty 11. Price level 12. Deflation 13. Recession 14. Peak 15. Depression
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- In 2020, the government of Brazil had a tax revenue of $70 million and the non tax revenue of $120 million Calculate the value of total tax revenueSocial Security taxes are regressive because :they apply only to rich people. they are applied to retired people only. they are not applied to income beyond a certain amount. they are applied to welfare recipients.There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. Peter earns a gross income of $53,000, and Sandy earns a gross income of $65,000. Out of his income, Peter pays $3,000 in local taxes; out of her income, Sandy pays $5,000 in local taxes. Which of the following statements is true? a. Peter’s total (local + federal) tax bill is greater than Sandy’s total tax bill. b. The federal tax system is progressive. c. The federal tax system is proportional. d. The federal tax system is regressive
- There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. James earns a gross income of $40,000, and Jane earns a gross income of $65,000. Out of his income, James pays $1,000 in local taxes; out of her income, Jane pays $20,000 in local taxes. Which of the following statements is true? a. The federal tax system is proportional. b. James’ total (local + federal) tax bill is greater than Jane’s total tax bill. c. The federal tax system is regressive d. The federal tax system is progressive.There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. James earns a gross income of $40,000, and Jane earns a gross income of $65,000. Out of his income, James pays $1,000 in local taxes; out of her income, Jane pays $20,000 in local taxes. Which of the following statements is true? A.The federal tax system is progressive. B.James’ total (local + federal) tax bill is greater than Jane’s total tax bill. C.The federal tax system is proportional. D.The federal tax system is regressiveFederal 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.
- Labor Income, Tax Pald, and Average Tax Rate Individual Samantha Charles Amanda Young Labor Income (dollars) $45,000 60,000 80,000 105,000 Tax Paid (dollars) $100 100 100 100 Instructions: Round your answers to 2 decimal places. Average Tax Rate (percent) de dese % deMatch the term and the definition: flat tax Places heavier burden on poor than on rich as your income increases, the percentage that you pay increases A. Progressive taxes B. Proportional taxes C. Regressive taxesWhat is the marginal tax rate? Select one: A. Total income divided by total taxes. B. The proportion of additional income which is taxed. C. Total taxes divided by total income.
- Which of these tax systems does not conform to the idea of vertical equity? a. GST. b. A flat tax where every dollar of income is taxed at 25 percent. c. A poll tax (e.g. where every taxpayer pays $10,000 in tax). d. A progressive tax system. Which one of the following defines the unemployment rate? a. (number on unemployment benefit) / (labour force). b. (number of registered unemployed) / (working age population). c.(number of unemployed) / (working age population). d. D.(number of unemployed) / (labour force).The 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.Excise taxes on tobacco and alcohol and state sales taxes are often criticized for being regressive. Although everyone pays the same rate regardless of income, why might this be so?