Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What does individual taxation refer to?
What does individual taxation refer to?
- Taxing the income, investments, and financial activities of individual taxpayers (correct)
- Taxing only the income of self-employed individuals
- Taxing the income of corporations
- Taxing only the investments of retirees
What is another term for individual income tax?
What is another term for individual income tax?
- Employee income tax
- Personal income tax (correct)
- Wage income tax
- Retiree income tax
What are businesses generally subject to tax on?
What are businesses generally subject to tax on?
- Revenue
- Investments
- Profits (correct)
- Expenses
What types of income are individual taxpayers typically taxed on?
What types of income are individual taxpayers typically taxed on?
Signup and view all the answers
What does business taxation refer to?
What does business taxation refer to?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
Individual Taxation
- Refers to the taxation of an individual's income, including wages, salaries, and other forms of earnings
Individual Income Tax
- Also known as personal income tax
Business Taxation
- Businesses are generally subject to tax on their profits, which include revenue minus expenses
Types of Income Taxed
- Individual taxpayers are typically taxed on various forms of income, including:
- Wages and salaries
- Interest and dividends from investments
- Capital gains from the sale of assets
- Rent and royalty income
- Self-employment income
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
