Income Tax Knowledge Quiz

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Questions and Answers

  1. What is income tax generally computed as?

The product of a tax rate times the taxable income.

  1. What is the tax rate applied to each additional unit of income in progressive tax rates?

Increases.

  1. What is the tax imposed on companies usually known as?

Corporate tax.

  1. What are taxation rates based on?

<p>Type or characteristics of the taxpayer and the type of income.</p> Signup and view all the answers

  1. What is generally included in the taxable income of taxpayers resident in the jurisdiction?

<p>Total income less income producing expenses and other deductions.</p> Signup and view all the answers

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