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Income Tax Rate Quiz
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Income Tax Rate Quiz

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Questions and Answers

What is income tax generally computed as?

  • The product of a tax rate times the taxable income (correct)
  • A percentage of the total income
  • A fixed amount based on income level
  • A flat rate for all taxpayers

    • What is the tax imposed on companies commonly known as?

  • Business tax
  • Corporate tax (correct)
  • Profit tax
  • Enterprise tax

    • How is individual income often taxed?

  • At a decreasing rate as income increases
  • At regressive rates
  • At progressive rates (correct)
  • At a flat rate for all income levels

    • What may be allowed to reduce tax in most jurisdictions?

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

    What type of income may be taxed at generally lower rates than other types of income?

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

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