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Ludmilka [50]
2 years ago
5

Choose the letter of the item that best completes the statement or answers the question. Last year Jackson earned $500,000, Vele

z earned $50,000, and Bari earned $5,000. According to their states’s tax laws, each one had to pay a tax of $500. Which one of the following terms best describes this tax? (a) progressive (b) proportional (c) regressive
(d) inexpensive.
2. Which one of the following is an example of an excise tax? (a) individual income tax (b) tax on perfume (c) corporate income tax
(d) ticket of admission to Yosemite National Park.
3. Rose Chin just purchased $12 worth of school supplies. The state
sales tax is 5 percent. How much did Rose have to pay for the supplies? (a) $12.60 (b) $11.40 (c) $18 (d) $6.
4. Which of the following would be an example of a property tax? (a) a
tax based on the value of one's home (b) admission to Yellowstone
National Park (c) a tax deducted from one's weekly wages (d) a tax
added to the price of gasoline.
5.
Which one of the following is the best example of the ability-to-pay
principle? (a) bridge toll (b) income tax (c) sales tax (d) property tax.
6. Which one of the following is an example of a tax based on the benefits-received principle? (a) bridge toll (b) income tax (c) sales tax
(d) property tax.
7. In the United States, taxes are used to accomplish all of the following except (a) help pay for the cost of government (b) take from the
rich and give to the poor (c) determine which brands consumers
buy (d) keep certain goods out of the country.
8. Brown owns an apartment house in the city. There are 50 units
in the building. Brown must pay $7,200 a year in property taxes
to the city. To make up for this tax, Brown has added $12 to the
monthly rent on each apartment unit. For the apartment tenants,
the tax is (a) an indirect tax (b) a direct tax (c) an income tax (d) a
sales tax.
9. Who ultimately bears the burden of the tax in question 8? (a) the
city (b) Brown (c) the tenants and Brown (d) the tenants.
10. Which one of the following is an example of a protective tariff?
(a) tax on theater tickets (b) sales tax on clothing (c) bridge toll
(d) tax on the importation of foreign-made cars.
Business
1 answer:
Vitek1552 [10]2 years ago
5 0

1. According to their states’ tax laws, which require each one to pay a tax of $500 despite their different earnings, the best description of the tax is <u>(c) regressive</u>.

<h3>What is a regressive tax system?</h3>

A regressive tax system is one where taxpayers pay a disproportionate share of the tax burden, given their earning levels.

A regressive tax system is not proportional or progressive.

2. An example of an excise tax is (b) tax on perfume.

3. The amount Rose Chin paid for the purchase of school supplies based on the state sales tax of 5% is <u>a) $12.60</u> ($12 x 1.05).

4. An example of a property tax is a) a tax based on the value of one's home.

5. The best example of the ability-to-pay principle is <u>b) income tax</u>.

6. An example of a tax based on the benefits-received principle is (a) bridge toll.

7. In the United States, taxes are used to accomplish all of the following except (c) determine which brands consumers buy.

8. For the apartment tenants, the tax is <u>d) a sales tax</u>.

9. The ultimate tax-burden bearer in question 8 is <u>(d) the tenants</u>.

10. An example of a protective tariff is (d) tax on the importation of foreign-made cars.

Thus, while income tax is mostly progressive in the United States, sales taxes are proportional, while some taxes are regressive because the amount paid is fixed and does not depend on the ability-to-pay principle.

Learn more about tax systems at brainly.com/question/12890967

#SPJ1

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Actors and actresses wear costumes to give people the impression that they are someone else. This makes their performances seem
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Answer:

wearing a suit to a job interview: ethical wearing an expensive suit to impress others not ethical, wearing your best dress suit to a formal banquet ethical wearing a law enforcement uniform to gain respect not ethical, finally wearing a certain type of style clothes to fit in with the desired crowd not ethical hope this helps good luck!

6 0
1 year ago
Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mar
Oduvanchick [21]

Answer:

C. Neither Mary nor Sharon can claim breach of contract.

Explanation:

Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away.

Sharon agrees to do so, provided she has the time for it.

If Sharon fails to check the results and Mary wins the lottery,  then it would be true of the contract between Mary and Sharon that Neither Mary nor Sharon can claim breach of contract.

The reason is Mary's promise is based on the condition that Sharon checks the result, Sharon's promise is based on the condition that 'if she has the time for it.'

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4 0
3 years ago
The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of Medicare tax withheld on total
Anna [14]

Answer:

From the information provided

Federal rate tax of earnings = 30000 × 0.6%

= 30000 × 0.006

= 180

State rate tax of earnings = 30000 × 5.4%

= 30000 × 0.054

= 1620

Medicare taxes = 2625

Social security taxes = 10500

Total payroll tax expenses = Medicare taxes + social security taxes + state rate tax on earnings + federal rate tax on earnings

= 10500 + 2625 + 180 +1620

= $ 14925

THUS,

JOURNAL ENTRY

___Accounts_______Debit ($)____Credit ($)

Payroll Tax Expense__ 14925

Social Security Payable___________ 10,500

Medicare Payable________________2625

FUTA Payable ___________________180

SUTA Payable ___________________1620

6 0
3 years ago
Read 2 more answers
Which of the following is the advantage of cash-based accounting?
Alexxandr [17]
A) it is more accurate than accrual accounting.
4 0
3 years ago
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Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)
Mariulka [41]

Answer:

<u>GOMEZ CORPORATION </u>

<u>Comparative Income Statements</u>

<u> For Years Ended December 31</u>

<u>                                           Current Year                     Prior Year</u>

<u>                                               $                 %                          $                      % </u>

Sales                                  $785,000      100                    $640,000         100

Cost of goods sold                568,100     72.4                     288,800         45.1

Gross profit                            216,900     27.6                     351,200         54.9

Operating expenses                130,400    16.6                     221,600         34.6

Net income                               $86,500   11.0                       $129,600     20.3

The figure used to calculate the percentages is that of sale revenue. Each figure is expressed as a percentage of sales to determine the percent of expenses , profits etc.

5 0
3 years ago
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