Answer:
A rite of passage
Explanation:
The concept of a rite of passage was developed by the French ethnographer Arnold van Gennep. A rite of passage describes a ceremony or ritual that people undergo in order to leave a particular social group and enter another one. The most commonly known rite of passage is that of transitioning from childhood into adulthood. This is most likely what Smita is experiencing in this event.
Full question:
Indicate whether the following statements are "True" or "False" regarding the concept of gross income.
a. While the Constitution grants Congress the power to tax income, it does not define the term.
b. The Supreme Court has held that there is no income subject to tax until the taxpayer has recovered the capital invested.
c. Economists measure income (economic income) by first determining the fair market value of the individual's net assets (assets minus liabilities) at the beginning and end of the year (change in net worth).
d. Accounting and tax rules regarding income are the same.
e. The accounting concept of income is founded on the realization principle.
f. Gross income is not limited to cash received.
Answers:
a. True
b. True
c. True
d. False
e. True
f. True
Explanation:
1.The constitution of the United States allows for power to tax income however it doesn't define tax.
2.income is not subject to tax until there is profit from capital invested as ruled by the Supreme Court of the United States
3. Measurement of income in Economics involves applying the concept of fair value to measure income at the beginning and end if the year and notice any changes that may have occurred
4. Accounting and tax rules regarding income are not the same. Accounting however complies with tax rules for accounting purposes.
5.the realization principle involves income earned or losses incurred(not necessarily received in cash or given out)
6.Gross income encompasses all(recognizable) earned income for the period(cash or not)
<span>Which merit good does the U.S. government provide through a payroll tax? Retirement benefits. Payroll taxes are taxes that employers and employees that are based off a percentage of their salaries. These taxes are paid into accounts that people can draw from once they reach a certain age. Retirement benefits are benefits that people receive once they have paid in a certain amount and reach a certain age. </span>
