Which of the following terms represents income less tax exemptions? Gross income. Corporate income. Personal income. Taxable income.

Use 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?

In terms of the Income Tax Act, which one of the following bodies is not exempt from income tax?(1) Non-resident companies.(2) Foreign banks who are not residents of the Republic.(3) Section 21 Companies approved by SARS.(4) Political party.(5) Any level of government in the Republic.

The 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)

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 tax

Which tax is paid on individual income from sales of assets? a-sales tax b-excise tax c-estate tax d-capital gains tax

Why are sales taxes considered regressive?

then tax revenue for the

It refers to the amount subtracted from the gross income in determining the net taxable income.  a. Exclusions b. Deductions c. Exceptions d. Exemptions

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.