Answered: The federal income tax is

Business

Accounting

The federal income tax is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The federal income tax is

Group of answer choices

flat rate.

progressive.

integrative.

regressive.

Expert Solution

Different types of taxes

A progressive tax is the tax rate which increases as the income rises.

Integrative tax is the tax where multiple taxes are levied and collected by the government under one tax. All the taxes come under one umbrella

A regressive tax is the opposite of a progressive tax. A higher tax rate is paid as income decreases.

Flat tax as the name suggests are when the tax amount is same regardless of income.

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