What is a regressive tax - Study guides, Class notes & Summaries

WGU C239 PA | Questions and Correct Solutions 2024 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? Base Regressive Progressive Proportional - Answer -Proportional Which federal income tax structure imposes an increasing marginal tax rate as the tax base increases? Regressive tax Incremental tax Progres...

Proportional Tax Correct Answer--applies the same rate on all income, ex: Sales Tax -Also known as a flat tax rate = Tax Base X Tax Rate Regressive Tax Correct Answer--applies a decreasing rate as the tax base increases, ex: Social Security Taxes (Payroll Taxes) -as the tax base increases, the taxes paid increase, but the marginal tax rate decreases (not common) Progressive Tax Correct Answer--imposes an increasing marginal rate as the tax base increases, ex: Federal & State Income Taxe...

WGU C239 Pre-Assessment Test Questions With 100% Correct Answers Latest Updated 2024/2025 (VERIFIED A+) Which federal income tax structure imposes an increasing marginal tax rate as the tax base increases? Regressive tax Incremental tax Progressive tax Proportional tax - ️️Progressive What would a graph look like for Progressive, Proportional, Incremental, and Regressive tax structures? - ️️Progressive- ascending Proportional- flat line Incremental- stair-steps Regressive- des...

A competitive firm is said to maximize its profit when....... - the price is equal to marginal cost. A Firm's Cost Curve - A firm's demand for a factor input, for example labour, slopes _____________. A) upward, due to the increasing marginal product of labour B) downward, due to the diminishing marginal product of labour C) downward, due to the increasing wage rates D) upward, due to the decreasing wage rates - B A profit-maximizing competitive firm should hire workers up to the point ...

WGU C239 PA Questions and Answers Already Passed 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? Base Regressive Progressive Proportional Proportional Which federal income tax structure imposes an increasing marginal tax rate as the tax base increases? Regressive tax Incremental tax Progressive tax Proport...

operating costs - ANSWER A tax is defined as a contribution that supports the _____ of a government. progressive - ANSWER A _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples) regressive - ANSWER A _____ tax charges the same percentage of the cost of a good or service, no matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples) fees or surcharges - ANSWER Sometimes taxes are called _____. ...

Select the statement that correctly describes a progressive tax. - ANSWER A progressive tax requires people to pay more as they earn more. Pick the statement that best describes a regressive tax. - ANSWER A regressive tax charges the same tax rate regardless of the taxpayer's income. Why are government fees and surcharges sometimes described as a form of tax? - ANSWER Because they generate income for the government. Which taxing authorities are worthy of the member's attention? - ANSW...

McGraw-Hill's Taxation of Individuals and Business Entities 2023 Edition 14th Edition by Brian Spilker Benjamin Ayers John Barrick Troy Lewis John Robinson Version 1 2 TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Taxes influence many types of business decisions but generally do not influence personal decisions. ⊚ true ⊚ false 2) Taxes influence business decisions such as where a business should locate or how a business should be stru...

FICEP Final: CUNA Review Questions and Answers 2024 Select the statement that correctly describes a progressive tax. A progressive tax requires people to pay more as they earn more. Pick the statement that best describes a regressive tax. A regressive tax charges the same tax rate regardless of the taxpayer's income. Why are government fees and surcharges sometimes described as a form of tax? Because they generate income for the government. Which taxing authorities are ...

Federal Taxation FINAL Exam With Questions And 100% Correct Answers Which of the following characteristics would not be used to describe the generic nature of a "tax"? a. Normally, there is a direct relationship between the exaction of revenue and the benefits received by the taxpayer. b. A tax is levied on the basis of predetermined criteria. c. A tax is levied on the basis of recurring periods. d. A tax may be distinguished from a penalty because it is not specifically designed to contr...