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- Tax is a type of revenue receipts True/FalseWhat is the definition of Property tax50 Price (P) S2 (after tax) S; (before tax) Tax i of $35 $30 $25 $20 E 90 100 Quantity (Q) The diagram above shows a market before and after an excise tax has been levied by the government. The diagram indicates the effective price (net of tax) that sellers receive after the tax is: Select one: а. $35 b. $20 c. $25 d. $30
- Calculate Your Taxes To find your net pay, you'll need to first calculate your taxes. Start period 02 | 01|2019 End period 02 | 15| 2019 Find the tax percentages for each type of tax on your pay stub and insert them here. Then, press the calculate button when you're ready. Gross Pay $1,837.00 Earnings Taxes Deductions FEDERAL % of $1,837.00 $1,837.00 Federal (8.24%) FICA Medicare (1.45%) FICA MEDICARE % of $1,837.00 FICA Social Security (6.20%) FICA SOCIAL SECURITY % of $1,837.00 State - OK (3.86%) STATE % of $1,837.00 Total Disclaimer: Tax numbers are for illustrative purposes only. Net Pay CalculateIn State Z, the sales tax rates vary based on the type of goods sold. For clothing items, the tax rate is 5%, and for electronics, the tax rate is 8%. If Sarah purchases a jacket for $50 and a smartphone for $600, how much sales tax does she pay in total? A) $29 B) $44 C) $46 D) $506) The incidence of indirect taxes on suppliers is greatest when(a) supply is elastic and demand is inelastic .(b) supply is inelastic and demand is inelastic.(c) supply is elastic and demand is elastic.(d) supply is inelastic and demand is elastic.
- Whichofthefollowingstatementsis(are)correct? (x) A person’s tax liability refers to the amount of tax a person receives from the government. (y) The average tax rate measures the fraction of income paid in taxes and the marginal tax rate measures the incremental rate of tax on income. (z) If your income is $40,000 and your income tax liability is $8,000, then your average tax rate is 20 percent but your marginal tax rate may be equal to, greater than or less than 20 percent (x), (y) and (z) (x) and (y) only (x) and (z) only (y) and (z) only (y) onlyGovernment collects the largest percentage of its revenue in which of the following ways? A) excise tax B) payroll tax C) corporate income tax D) personal income taxEXERCISE-8 PRESENT ECONOMY 11. The gross margin of a corporation is 45% of sales. Operating expenses such as sales and administration are 15% of sales. The corporation is in a 40% tax bracket. What percent of sales is their profit after taxes?
- A) What type of taxation does a Sole proprietorship have? Single or double B) What type of taxation does a LLC have? Single or doubleWhat are the procedures of Individual Income Taxes?An accountant wants to find the average amount of taxes owed under the new tax laws. She plans to use only her clients who filed by March. What type of study would this be?
