If government tax policy requires peter to pay $15,000 in tax on annual income of $200,000 and Paul to pay $10,000 in tax on annual income of $100,000, then the tax policy is: <u>regressive.</u>
<h3>What is
tax ?</h3>
- Taxes refer to a mandatory contributions collected by government agencies from businesses.
- Tax revenues fund government activities, such as public works and services such as roads and schools, and programs such as Social Security and Medicare.
- Collecting taxes and fees is a fundamental way to generate public revenues that enable countries to fund investments in human capital, infrastructure, and the provision of services to citizens and businesses. .
- Derived from the Latin taxare, meaning "to assess".
- Prior to that, the related word "task" was used in English from Old French.
- For some time both "tasks" and "taxes" were in common use, the former requiring labor and the latter requiring money.
- "Control" then came to mean tiring or challenging.
To learn more about tax from the given link :
brainly.com/question/16423331
#SPJ4
<u />
The total finance charge of the Tamora is rounding off and approx to $3,403. 53.
The given information:
Principal = 10,675
Interest rate = 4.75% per year compounded monthly.
An additional $939.25 was paid in service charges.
Computation of the Total Amount of Tamora:
The charge is very close to the amount of $3,403. 53 and therefore, the correct option is c.
To know more about the calculation of the finance charge, refer to the link below:
brainly.com/question/5450317
Answer: they will report an interest expense of $150000 in December 2020
Explanation:
firstly we calculate how much interest will be accumulated for the whole year so we are given a $5 million Dollar purchase which is the amount that will accumulate interest over time, then we have been told the company ha issued a 1 year installment note therefore we have a time frame.
so now we will calculate the yearly interest of $5 million :
$5 000000x12% = $600000 so the company will accumulate this interest yearly then we divide this amount by 12 to get the monthly interest.
$600000/12 = $ 50000 per month interest thereafter we will multiply the monthly interest of $50000 by 3 months which is months from October to December.
therefore the interest expense to be reported on the December 2020 income statement is $50000 x 3= $150000
Answer:
The journal entries shown below:
Explanation:
On October 1
Dividends A/c.................................Dr $3,000
Dividend Payable A/c...................Cr $3,000
Being company declared the dividend of 4,000 shares at the rate of $0.75 per share.
On October 15
No Journal Entry Required
On October 31
Dividends Payable A/c...................Dr $3,000
Cash A/c......................................Cr $3,000
Being Dividend is paid, so cash is decreasing and any decrease in asset is credited. Therefore, cash account is credited. And the account of dividend payable is debited.
Answer:
both measures that can be used to measure standards of living because they are both measures of how much money people have.
Explanation:
I hope this helped