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TAX1501 ASSIGNMENT 1 -

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TAX1501 ASSIGNMENT 1 -

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  • May 27, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • tax1501 assignment 1
  • tax1501 assignment
  • tax1501 assignmen

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TAX1501 ASSIGNMENT 1(COMPETE ANSERS) SEMESTER 1
2024(750362)-DUE 25 MARCH 2024




What are some benefits of paying taxes? Check all that apply. - ANSWER-Ensuring that
the needs of the nation are fulfilled

Paying for public works such as highways and museums

Paying for government programs that help citizens



What is the best definition of income tax? - ANSWER-A tax on money earned



Jamal and Diamond are calculating their taxes for the year. They both have no
dependents, so their federal tax rates are the same.

Who would pay more in federal income taxes?

Who would pay more in sales taxes when making purchases? - ANSWER-Diamond

Diamond



Who would pay more in state income taxes?

Both Jamal and Diamond decide to buy a new computer at a store near their homes. The
computer costs $500. Who will end up paying more? - ANSWER-Jamal

Diamond



LaTonya was just hired as an engineer for an electric company. She will make a salary of
$50,000 a year.

How much of LaTonya's salary will be taxed at the 10 percent rate?

How much of LaTonya's salary will be taxed at the 28 percent rate? - ANSWER-$8,925

$0

, To spend the least amount total, Amir should buy the computer in ________.

Amir would pay the most sales tax in ________.

Amir would pay $60 in sales taxes in ______________. - ANSWER-Virginia

Maryland

Washington, DC



How much will Terrill and Natalia be required to pay in property tax per year? - ANSWER-
$1,500



_______ was withheld specifically for the tax that is used to pay for a healthcare
program.

_________ was withheld for the payroll tax that specifically supports retired and disabled
citizens.

If this individual made more money, the amount withheld for Social Security would
________. - ANSWER-$612.65

$2,567.45

Increase



In three to four sentences, explain how taxes influence consumer decisions and buying
power. - ANSWER-Income taxes reduce the amount of money that an employed
individual brings home. This causes individuals to have less disposable income to
spend. Additionally, when taxes are applied to goods that consumers purchase, they are
spending more for individual items. This means that many consumers must weigh their
opportunity costs and decide between items to purchase.



according to the article "sales tax holidays: politically expedient but poor tax policy
2017", which of the following was a key finding from the researchers? - ANSWER-sales
tax holidays create complexities for tax code compliance, efficient labor allocation, and
inventory management



according to the article, "sales tax holidays: politically expedient but poor tax policy
2017", which of the following was a key finding from the researchers? - ANSWER-

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