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natima [27]
3 years ago
7

The "ability to pay" principal says people who can afford to pay more taxes should pay more taxes to help those who cant pay a l

ot. federal income tax is based is based on this philosophyA. TrueB. False
Business
2 answers:
Iteru [2.4K]3 years ago
8 0

Answer:

A. True

Explanation:

Ability-to-pay taxation maintains that higher-earning individuals to pay a greater percentage of their income towards taxes, compared to individuals with lower incomes. The tax rate increases as a percentage along with income. It is based in this principle that Federal income tax is based in the United states. For example, as of 2018 for individuals in the United States, the taxable income up to $9,525 incurs 10% income tax, while earnings over on the other hand incurs a $500,000

and face a 37% income tax rate higher than that of the $9,525 earners. Earnings between those amounts face tax rates as set by income brackets and the principle of those who can afford to pay for the taxes should pay more.

This, with the above explanation, this makes it true that Federal income tax is based on this philosophy.

Pepsi [2]3 years ago
8 0

Answer: The answer is True. The Federal Income Tax is based on the philosophy of "ability to pay" tax principle.

Explanation:

Ability to pay taxation is a progressive taxation principle in which taxes are levied on tax payers based on their level of income. What this simply means is that, an individual or organization that earns more is taxed more than an individual or organization that earns less, because it is believed that those who earn more should be able to pay more in taxes.

The Federal income tax is based on this philosophy, in that the tax rates vary, based on the level of income of an individual or organization.

Here is an instance, for the tax year 2019, a 37% tax rate is levied on single income earners who earn above $510,300, while this same rate is levied on married couples filing jointly who earn above $612,350. Also, a rate of %35 is levied on individuals who earn above $210,400, while it is $408,200 for married couples filing jointly.

The tax brackets are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. An individual's bracket will depend on their taxable income and filing status.

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TRUE OR FALSE
GenaCL600 [577]
I would say this is true

7 0
3 years ago
Read 2 more answers
Which is the difference between static storage systems and dynamic storage systems
arlik [135]

Answer:

In a static storage area each product is assigned a specific area, whereas in dynamic storage, product locations and fluid and as such are subject to change.

3 0
3 years ago
Garth Corporation sells a single product. If the selling price per unit and the variable expense per unit both increase by 10% a
Sonja [21]

Answer:

D) CM per unit: Increases

CM ratio: No change

BE in units: Decreases

Explanation:

Let us suppose that

In the first case

The selling price per unit is $100

And, the variable cost per unit is $50

The fixed expense is $100,000

So, the contribution margin per unit

= $100 - $50

= $50

The CM ratio is

= $50 ÷ $100

= 50%

And, the break even point in units is

= $100,000 ÷ $50

= 2,000 units

Now if the selling price per unit and the variable expense per unit both increase by 10%

So,

The selling price per unit is $100 × 1.10 = $110

And, the variable cost per unit is $50 × 1.10 = $55

The fixed expense is $100,000

So, the contribution margin per unit

= $110 - $55

= $55

The CM ratio is

= $55 ÷ $110

= 50%

And, the break even point in units is

= $100,000 ÷ $55

= 1,818 units

Hence, the last option is correct

8 0
3 years ago
In San Francisco there are many restaurants that specialize in a wide variety of cuisines. Patronage at these restaurants is inf
Verdich [7]

In San Francisco, there are many restaurants that specialize in a wide variety of cuisines. Patronage at these restaurants is influenced by factors such as tastes, price, and location. This market is option (b) i.e, monopolistically competitive.

<h3>What is monopolistically competitive?</h3>

An industry with a lot of companies offering similar (but not identical) replacement goods or services is known as one with monopolistic competition. In a monopolistic competitive industry, there are few barriers to entry and exit, and no firm's decisions directly affect those of its rivals.

Monopolistic competition is characterized by a number of features.

  • slight variations in the goods and services,
  • Free access to the market and exit
  • many businesses
  • Profits from incomplete consumer knowledge

Consumer electronics, apparel, restaurants, and hair salons are a few examples of industries with monopolistic competition. Each business delivers goods that are comparable to those of other businesses in the same sector. They can, however, set themselves out through branding and marketing.

To know more about monopolistic competition refer to:  brainly.com/question/13686157

#SPJ4

6 0
2 years ago
Pallet Enterprise magazine is a business publication aimed at people who are in the pallet and container industries. It is only
horrorfan [7]

Answer:

Paid circulation

Explanation:

A paid circulation magazine can be simply explained to be a magazine that requires payment to have access to. That is, the magazine is available to persons that have pre-odered the magazine by means of subscription. The subscription could be weekly, monthly, bi-monthly, quarterly or yearly.

For pallet enterprise magazine, it is available through subscriptions and that no persons without subscription can have access to the magazine except through another individual that receives the magazine.

Cheers.

3 0
3 years ago
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