Answer:
b) The progressive income tax system
Explanation:
The tax is compulsory contribution levied by the authority in a territory on goods, services, income and profit.
Proportional income tax :Income tax is said to be proportional where the same tax rate is paid by all irrespective of their income bracket.
A progressive income tax is that where the tax rate becomes higher for those income earners in the high income bracket. The tax rates on every dollar earned becomes higher with increase in income.
The regressive income tax is where a lower percentage is paid as tax as the income income increases. Lower rate is paid on additional dollar earned.
The scenario in the question falls under the concept of progressive income tax system
Answer:
B. An artist becomes an expert at designing websites for
restaurants,
Explanation:
Specialization means focusing on one or very few lines of business. It is concentrating on the products or services that a firm or an individual feels they are best suited. Specialization leads to mastery in the trade or craft that one focuses on.
An artist concentrating on designing websites for restaurants becomes an expert in that business. He or she acquires operational efficiency, which brings his production costs down. The artist will be specializing in website designs for restaurants.
Answer:
According to the law of demand, there is a negative or an inverse relationship between the price of the good and the quantity demanded of that good. This means that an increase in the price of a commodity will lead to decrease the quantity demanded for this commodity and a fall in the price of a commodity will lead to an increase in the quantity demanded for this commodity.
Answer:
$24,000
Explanation:
Calculation to determine How much taxable gain will Mark recognize from the sale
Mark allocated precontribution gain $20,000
($40,000-$60,000)
Add Post contribution gain $4,000
($60,000-$76,000*25%]
Taxable gain $24,000
($20,000+$4,000)
Therefore How much taxable gain will Mark recognize from the sale is $24,000
