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Questions and Answers
What is income tax generally computed as?
What is income tax generally computed as?
- A fixed amount for all taxpayers
- A percentage of the taxpayer's age
- A percentage of the taxpayer's gender
- The product of a tax rate times the taxable income (correct)
What is the tax imposed on companies usually known as?
What is the tax imposed on companies usually known as?
- Individual tax
- Flat tax
- Progressive tax
- Corporate tax (correct)
How is individual income often taxed?
How is individual income often taxed?
- At a variable rate based on gender
- At a flat rate
- At regressive rates
- At progressive rates (correct)
What may be allowed to reduce tax?
What may be allowed to reduce tax?
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What type of income may be taxed at different (generally lower) rates than other types of income?
What type of income may be taxed at different (generally lower) rates than other types of income?
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