Income Tax Knowledge Quiz
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Questions and Answers

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?

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

    • 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?

    <p>Credits of various sorts</p> Signup and view all the answers

    What type of income may be taxed at different (generally lower) rates than other types of income?

    <p>Income from investments</p> Signup and view all the answers

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