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Art [367]
2 years ago
8

If you are in the 15% tax bracket, your whole income is taxed at that rate. True False

Business
1 answer:
Eddi Din [679]2 years ago
6 0

If an individual's income falls at the 15% tax bracket then his/her income is taxed at first 10% and then the excess 5% should be levied in the next bracket.

<h3>What is a tax bracket?</h3>

A tax bracket is the income range made by the tax authorities relating to income earned by taxpayers with different rates of taxes.

According to the US taxation rules, the tax levied on the income of the taxpayer should be in the progressive system, which means, that the income should be charged with the different tax rates and not the one single tax rate. As the tax rates are started from 10%, so at the rate of 15%, it should not be the same rate rather the excess 5% would be levied.

Therefore, the provided statement relating to the imposition of tax is false.

Learn more about the taxes in the related link:

brainly.com/question/12611692

#SPJ1

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2 years ago
True or false? under medicare part a, a beneficiary can have an unlimited number of benefit periods.
Arlecino [84]
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3 years ago
The collapse of the fixed exchange rate system has been traced to the
Free_Kalibri [48]
U.S. macroeconomic policy package of 1965-1968
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4 years ago
In 1924, the famous novelist F. Scott Fitzgerald wrote an article for the Saturday Evening Post entitled ?How to live on $36,000
Maksim231197 [3]

Answer:

$4,267,059

Explanation:

to determine the equivalent amount of money between 1924 and 2008, we must divide the 2008 CPI by the 1924 CPI, and then multiply by $36,000:

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8 0
3 years ago
When a company prepares financial statements using standard costing, which items are reported at standard cost
Dmitrij [34]

Answer: Inventories and cost of goods sold.

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Standard costing is used in accounting and it simply has to do with the substitution of the cost that's expected for a product with an actual cost when preparing financial statements.

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