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Questions and Answers
What is income tax?
What is income tax?
- A tax imposed on property ownership by the government
- A tax imposed on investments by the government
- A tax imposed on individuals and businesses' income by the government (correct)
- A tax imposed on goods and services by the government
What is the purpose of income tax?
What is the purpose of income tax?
- To regulate international trade
- To fund government operations and public services (correct)
- To encourage savings and investments
- To control inflation
How is income tax calculated for individuals?
How is income tax calculated for individuals?
- Based on a percentage of the individual's taxable income (correct)
- Based on the individual's marital status
- Based on the individual's level of education
- Based on the individual's age and gender
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