In a regressive tax system, as taxable income increases, the effective tax rate decreases ◻ True False
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- What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is the reduction, and how is this determined?When DTA reverses, income tax payable is reduced, while when DTL reverses, income tax payable is increased. TRUE OR FALSEthe process of reducing the allowable deduction of interest expense by a certain percentage is called? a) tax arbitrage b) tax minimization c) tax avoidance d) tax limitation
- If you earn enough extra income to be placed in a higher tax bracket and have a higher marginal tax rate, the new rate will be applied to all of your taxable income. a. true b. falseThe "income tax benefit" account reduces the current tax expense for the year and is a deduction from deferred tax asset. a. TRUE b. FALSERegressive tax takes a higher proportion of a poorer person’s income than of a richer person’s income. Is the statement true or false?
- 1. Deferred tax expense or benefit is the net change in DTL and DTA for the period. If the increase in D.TL exceeds the increase in DTA, the difference is a deferred tax expense. 2. When DTA reverses, income tax payable is reduced, while when DTL reverses, income tax payable is increased True or FalseA tax that requires a higher-income person to pay a higher percentage of his or her income in taxes is called a ____ tax. a. proportional b. progressive c.marginal d. regressiveValuation allowances reduce deferred tax liabilities to the amount that is more likely than not to be payable in the future. O True False
- If the valuation allowance for a deferred tax asset is decreased, there is a(n) ________ to income tax expense, which is a(n) ________ to income tax benefit. Group of answer choices increase; decrease increase; increase decrease; decrease decrease; increaseThe key to reducing one's tax liability is to a. reduce taxable income b. reduce gross incomeTax rates other than the current tax rate may be used to calculate the deferred income tax amount on the balance sheet if O it is probable that a future tax rate change will occur. O it appears likely that a future tax rate will be greater than the current tax rate. O the future tax rates have been enacted into law. O it appears likely that a future tax rate will be less than the current tax rate.
