Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is income tax generally computed as?
What is income tax generally computed as?
- A fixed amount for all taxpayers
- A flat rate applied to all types of income
- A percentage of the total income earned
- 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?
- Flat tax
- Individual tax
- Corporate tax (correct)
- Progressive tax
What is the term for tax rates that increase as taxable income increases?
What is the term for tax rates that increase as taxable income increases?
- Flat tax rates
- Proportional tax rates
- Graduated or progressive tax rates (correct)
- Regressive tax rates
What may be allowed to reduce tax according to the text?
What may be allowed to reduce tax according to the text?
Signup and view all the answers
What types of income are generally taxed at lower rates?
What types of income are generally taxed at lower rates?
Signup and view all the answers
Flashcards are hidden until you start studying
