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Income Tax Basics
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Income Tax Basics

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Questions and Answers

What is the general formula for computing income tax?

  • $ ext{Tax rate} imes ext{Profit}$
  • $ ext{Tax rate} imes ext{Taxable income}$ (correct)
  • $ ext{Tax rate} + ext{Taxable income}$
  • $ ext{Tax rate} - ext{Taxable income}$

    • What is the tax generally imposed on companies known as?

  • Profit tax
  • Enterprise tax
  • Corporate tax (correct)
  • Business tax

    • How is individual income often taxed?

  • At proportional rates
  • At flat rates
  • At progressive rates (correct)
  • At regressive rates

    • What may be allowed to reduce tax in some jurisdictions?

    <p>Credits of various sorts</p> Signup and view all the answers

    What is generally included in the taxable income of taxpayers resident in a jurisdiction?

    <p>$ ext{Total income less income producing expenses and other deductions}$</p> Signup and view all the answers

    What is the tax generally imposed on companies known as?

    <p>Corporate tax</p> Signup and view all the answers

    How is individual income often taxed?

    <p>At progressive rates</p> Signup and view all the answers

    What may be allowed to reduce tax in some jurisdictions?

    <p>Credits</p> Signup and view all the answers

    What is generally included in the taxable income of taxpayers resident in a jurisdiction?

    <p>$ ext{Total income} - ext{Income producing expenses}$</p> Signup and view all the answers

    What is the general formula for computing income tax?

    <p>$ ext{Tax rate} imes ext{Taxable income}$</p> Signup and view all the answers

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