Income Tax Basics
4 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the purpose of income tax?

  • To determine the price of goods and services
  • To discourage people from saving money
  • To fund public services and government operations (correct)
  • To control the stock market fluctuations

    • Who is typically responsible for paying income tax?

  • Children under the age of 10
  • Retired individuals
  • Employers only
  • Self-employed individuals and employees (correct)

    • When is the deadline for filing income tax returns in most countries?

  • April 15th (correct)
  • January 1st
  • July 4th
  • October 31st

    • What happens if an individual fails to pay their income tax?

    <p>They face penalties and interest charges</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser