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Alenkinab [10]
3 years ago
14

A _________________________ is calculated as a flat percentage of income earned, regardless of level of income.

Business
2 answers:
Korvikt [17]3 years ago
7 0

Answer:

(C) proportional tax

Explanation:

A proportional tax is that tax system whose tax rate is always the same, regardless of the tax base, the same tax rate will always apply. It is the opposite of progressive tax.

These types of taxes do not establish differences depending on the level of income of people. Unlike the progressive taxes, the same percentage will always be applied to the tax base. Unlike progressive taxes, proportional taxes do not fulfill a redistribution of income function.

Monica [59]3 years ago
4 0

Answer: C

Explanation:

A proportional tax is an income tax system where the same percentage of tax is levied on all taxpayers, regardless of their income. A proportional tax applies the same tax rate across low, middle, and high-income taxpayers.

In contrast, the progressive tax system adjusts tax rates by incomes. A marginal rate taxing system, such as the flat tax, has a constant rate for both businesses and individual taxpayer . In some instances, a sales tax can also be considered a type of proportional tax since all consumers, regardless of earnings, are required to pay the same fixed rate. The sales tax rate applies to goods and services, and the income of the purchaser is not a part of the equation. Other examples include poll taxes and the capped portion of the Federal Insurance Contributions Act (FICA) payroll deductions.

In a proportional tax system, all taxpayers are required to pay the same percentage of their income in taxes. For example, if the rate is set at 20%, a taxpayer earning $10,000 pays $2,000 and a taxpayer earning $50,000 pays $10,000. Similarly, a person earning $1 million would pay $200,000.

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DaniilM [7]

Answer:

a. $1.2800

Explanation:

The AUD/SF cross exchange rate is as computed below:

==> AUD/$ ÷ SF/$

==> $1.60 / $1.25

==> $1.2800

So, the AUD/SF cross exchange rate is $1.2800

6 0
2 years ago
When your local Internet service provider increased its monthly charge from $40 to $50, the number of subscribers fell from 2,00
love history [14]

Answer: Inelastic

Explanation:

Based on the information given, we would calculate the elasticity of demand which would be:

= (Change in Quantity / Change in Price) (Initial Price/ Initial Quantity)

Change in Quantity = 1800 - 2000 = -200

Change in Price = 50 - 40 = 10

Initial Price = 40

Initial Quantity = 2000

Elasticity of demand would then be:

= (-200/10)(40/2000)

= (-20)(0.02)

= -0.4

Since elasticity of demand is less than 1, it is an inelastic demand.

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Three attraction places found in SA ​
tatuchka [14]

Answer:

The Garden Route

The Cape Town

5 0
3 years ago
A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. Advertising and Promotion Expenses 262,700 Incom
iren2701 [21]

Answer:

A. Net Income = $304,560

B. Ending Retained Earnings = $420,740

Explanation:

Req. (A)

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Income Statement

For the year ended, 31 December, 20Y3

Revenues:

Sales Revenues $1,866,300

Expenses:

Salaries and wages expenses $725,000

Advertising and Promotion Expenses 262,700

Income Tax Expense 56,520

Interest Expense 43,920

Other Expenses 122,600

Other Selling & Administrative Expenses 351,000

Total Expenses = ($1,561,740)

Net Income = $304,560

Note: We can use a multiple step income statement. However, as there is no instruction, we use single step income statement.

Req. (B)

Green Thumb, Inc.

Statement of Retained Earnings

For the year ended, 31 December, 20Y3

Balances, January 1 $162,200

Add:

Net income for the current year $304,560

Less: Dividends ($46,020)

Balances, December 31 $420,740

Note: Here, Balances, January 1 = Beginning Retained earnings Balance

Balances, 31 December = Ending retained earnings.

3 0
3 years ago
An applicant for a health insurance policy returns a completed application to her agent, along with a check for the first premiu
Yuki888 [10]

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Explanation:

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