5 Questions
What is income tax generally computed as?
The product of a tax rate times the taxable income
What is the tax imposed on companies usually known as?
Corporate tax
What is the term for tax rates that increase as taxable income increases?
Graduated or progressive tax rates
What may be allowed to reduce tax according to the text?
Credits of various sorts
What types of income are generally taxed at lower rates?
Income from investments
Test your knowledge of income tax with this quiz. Explore different tax rates, taxable income, and taxpayer characteristics. See how taxation rates can vary based on income type and taxpayer characteristics.
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