Taxation

Taxation

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Multiple Choice

An individual or business entity that is obligated to pay taxes to a federal, state, or local government.

• Taxation

• Tax creditors

• Taxpayers

• Tax rate

Multiple Choice

It is a term for when a taxing authority, usually a government, levies or imposes a tax.

• Taxpayers

• Tax credits

• Taxation

• Tax rate

Multiple Choice

The amount withheld by an employer from an employee's earnings. Typically includes income taxes, FICA taxes, Group Insurance, Pension Contributions, etc.

• Excise Tax

• Payroll Deductions

• Indirect Tax

• Proportional Tax

Multiple Choice

Ideally taxes should be based on taxpayers ability to pay. In other words taxes should be:

• Lead to equality

• Reduce Inequality

• Equitable (fair)

• Rational

Multiple Choice

A tax in which the tax rate increases as the taxable amount increases.

• Indirect Tax

• Sales Tax

• Progressive Tax

• Regressive Tax

Multiple Choice

A tax in which the tax rate decreases as the amount subject to taxation increases.

• Direct Tax

• Regressive Tax

• Proportional Tax

• Progressive Tax

Multiple Choice

An income tax in which the tax rate is fixed, with no change as the taxable amount increases or decreases.

• Progressive Tax

• Indirect Tax

• Regressive Tax

• Proportional Tax