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Income Tax Knowledge Quiz

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Questions and Answers

What is income tax generally computed as?

The product of a tax rate times the taxable income (correct)

A percentage of the taxpayer's total assets

A fixed amount set by the government

A percentage of the taxpayer's total expenses

What is the tax imposed on companies usually known as?

Corporate tax (correct)

Profit tax

Business tax

Individual tax

How is individual income often taxed?

At a decreasing rate

At a flat rate

At progressive rates (correct)

At regressive rates

What is generally included in the taxable income of taxpayers?

Net gain from the sale of property (C) Signup and view all the answers

What may be allowed to reduce tax?

Credits of various sorts (C) Signup and view all the answers

Explain the concept of graduated or progressive tax rates.

Graduated or progressive tax rates refer to tax rates that increase as taxable income increases. This means that individuals or entities with higher incomes will be subject to a higher tax rate, while those with lower incomes will be subject to a lower tax rate. Signup and view all the answers

What are some differences between the taxation of individual income and corporate income?

Individual income is often taxed at progressive rates, where the tax rate applied to each additional unit of income increases. On the other hand, corporate tax is commonly levied at a flat rate. Signup and view all the answers

How are credits used in the context of income tax?

Credits of various sorts may be allowed to reduce tax. These credits can directly reduce the amount of tax owed by the taxpayer. Signup and view all the answers

What is generally included in the taxable income of taxpayers?

The taxable income of taxpayers resident in the jurisdiction is generally total income less income producing expenses and other deductions. Generally, only net gain from the sale of property, including goods held for sale, is included in income. Signup and view all the answers