Income Tax Knowledge Quiz
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Questions and Answers

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?

  • Flat tax
  • Individual tax
  • Corporate tax (correct)
  • Progressive tax

    • 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?

    <p>Credits of various sorts</p> Signup and view all the answers

    What types of income are generally taxed at lower rates?

    <p>Income from investments</p> Signup and view all the answers

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