. Discuss the three types of taxation system with example.
2. Discuss the most important federal taxes with example.
3. How double taxation occurs and what measures Congress has undertaken to reduce its negative effect?
4. Read the policy example of page 130 titled Inducing disability insurance recipients not to work causes payouts to exceed taxes. Summarize in your own words focusing its main idea.
5. Consider the table below when answering the questions that follow. Show your work.
|
Antanio |
Portia |
Lorenzo |
|||
|
|
Taxes |
|
Taxes |
|
Taxes |
|
Income |
Paid |
Income |
Paid |
Income |
Paid |
|
$1,000 |
$200 |
$1,000 |
$200 |
$1,000 |
$200 |
|
$2,000 |
$300 |
$2,000 |
$400 |
$2,000 |
$500 |
|
$3,000 |
$400 |
$3,000 |
$600 |
$3,000 |
$800 |
What is the marginal tax rate for Antanio, Portia and Lorenzo?
PART III (30 Points)
Indicate True or False:
1. Under proportional taxation, as a persons taxable income increases, the percentage of income paid in taxes increases.
2. With progressive taxation, a smaller percentage of taxable income is taken in taxes as taxable income increases.
3. For State and Local governments, key taxes are individual income taxes, corporate income taxes, Social Security taxes, and excise taxes on items such as gasoline and alcoholic beverages.
4. Only U.S. citizens who earn income in the United States are required to pay federal income taxes on all taxable income, including income earned abroad.
5. Corporate tax is the main source of government tax receipts.
6. The difference between the purchase price and sale price of an asset, such as a share of stock or a plot of land, is called a capital gain if it is a profit.
7. Tax brackets for the purposes of calculating marginal tax rates each year are expanded at the rate of inflation, that is, the rate at which the average of all prices is rising.
8. Corporations can function only as long as consumers buy their products, employees make their goods, stockholders (owners) buy their shares, and bondholders buy their bonds.
9. The question of tax incidence applies to all taxes, excluding sales taxes and Social Security taxes.
10. The Social Security tax is imposed on earnings up to roughly $120,000 at a rate of 7.2 percent on employers and 8.2 percent on employees.
11. Federal unemployment insurance tax, which helps to pay for unemployment insurance are paid by the employee.
12. For most state and local governments, income taxes yield more revenues than taxes imposed on sales of goods and services.
13. Sales taxes are a form of ad valorem taxation, which means that the tax is applied to the value of the good.
14. According to dynamic tax analysis, a likely response to an increase in a tax rate is a decrease in the tax base.
15. A tax levied on purchases of a particular good or service is the unit tax.
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