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Questions and Answers
Which of the following is a characteristic of income tax?
Which of the following is a characteristic of income tax?
- It is a proportional tax
- It is a fixed tax
- It is a progressive tax (correct)
- It is a regressive tax
What is the primary purpose of income tax?
What is the primary purpose of income tax?
- To regulate international trade
- To raise revenue for the government (correct)
- To control inflation
- To encourage saving
Who is responsible for paying income tax?
Who is responsible for paying income tax?
- The government
- Employers only
- Individuals and businesses earning income (correct)
- Self-employed individuals only
