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TAX 4001 - Chapter 1 Questions with Complete Solutions
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What are the two components of a Tax? Correct Answer-1) A tax rate (the percentage) 2) A tax base (the actual item being taxed) What are the three different tax rates and define each? Correct Answer-1) Progressive ( the overall tax rate increases as taxable income increases) 2) Regressive (the overall tax rate decreases as taxable income increases) 3) Proportional (the overall tax rate stays the same as taxable income increases Calculate Average Tax Correct Answer-Tax liability (Taxes dues)/Taxable Income Give an example of a Progressive Tax Rate Correct Answer-Federal Income tax Give an example of Regressive Tax Correct Answer-FICA (although the tax rate increases at first, the ce
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