Income Tax Basics Quiz
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Questions and Answers

What is income tax generally computed as?

  • A fixed amount per taxpayer
  • The product of a tax rate times the taxable income (correct)
  • A percentage of total income
  • A flat rate for all types of income

    • How is individual income often taxed?

  • Based on total assets
  • At progressive rates (correct)
  • At regressive rates
  • At a flat rate for all income levels

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

  • Progressive tax
  • Corporate tax (correct)
  • Flat tax
  • Income tax

    • 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

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