WGU Advanced Tax C239

WGU Advanced Tax Concepts Study Set, Questions & Answers, 100% Accurate, Rated A+ An individual has taxable income of $60,000. The first $20,000 is taxed at 20%, the next $20,000 is taxed at 20%, and all income above $40,000 is taxed at 20%. Which tax structure is being applied to the individual's taxable income? - -Proportional Which federal income tax structure imposes an increasing marginal tax rate as the tax base increases? - -Progressive tax What describes a gift tax? - -Tax o...

WGU Advanced Tax C239, Questions and answers, rated A+/ VERIFIED. What qualifies as a tax? - -Is to fund the government agencies that's required, imposed by a government and not tied directly to the benefit received by the taxpayer. Earmarked tax - -a tax that is assessed for a specific purpose Tax base - -Is the item being taxed x the tax rate Flat tax - -A tax in which a single tax rate is applied throughout the tax base Graduated taxes - -taxes in which the tax base is divided into ...

What qualifies as a tax? - -Is to fund the government agencies that's required, imposed by a government and not tied directly to the benefit received by the taxpayer. Earmarked tax - -a tax that is assessed for a specific purpose Tax base - -Is the item being taxed x the tax rate Flat tax - -A tax in which a single tax rate is applied throughout the tax base Graduated taxes - -taxes in which the tax base is divided into a series of monetary amounts, or brackets, where each successive brac...