WGU C237 Taxation Questions | Questions with 100% Correct Answers | Verified | Latest Update

What year was the US income tax on individuals permanently established? - 1913 What is the second-highest level of legislative authority of tax law in the United States? - Internal Revenue Code In which publications does the IRS provide information on the tax consequences of specific transactions encountered in practice? - Revenue Rulings How are tax systems evaluated in terms of equity? - Each taxpayer pays a different amount based on their income level What is horizontal equity? - When two taxpayers in similar situations pay the same tax. What is the nature of a progressive tax rate structure? - The rate of tax increases as the tax base increases. Which tax rate structure is exemplified by the FICA portion of Social Security taxes? - Regressive