Podcast
Questions and Answers
What is income tax generally computed as?
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?
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?
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?
What is generally included in the taxable income of taxpayers?
What may be allowed to reduce tax?
What may be allowed to reduce tax?
Explain the concept of graduated or progressive tax rates.
Explain the concept of graduated or progressive tax rates.
What are some differences between the taxation of individual income and corporate income?
What are some differences between the taxation of individual income and corporate income?
How are credits used in the context of income tax?
How are credits used in the context of income tax?
What is generally included in the taxable income of taxpayers?
What is generally included in the taxable income of taxpayers?
How is income from investments often taxed in comparison to other types of income?
How is income from investments often taxed in comparison to other types of income?