Which sentences best describes a regressive tax?
The correct option is this: REGRESSIVE TAXES PLACE A HIGHER BURDEN ON PEOPLE WHO EARN LESS COMPARED TO WEALTHIER TAX PAYERS.
Which best describes a regressive tax a tax that charges low-income earners a lower percentage than high-income earners a tax that charges an equal P?
Answer: D) The tax that charges raised-income earners a lower portion than low-income earners. Explanation: A regressive tax is commonly a tax that is applied equally, which means it affects lower-income individuals more, with regressive tax the rate of tax decrease as the income rise.
Which terms best describes sales tax check all that apply?
Answer Expert Verified. The answer is Sales Tax can be described as Indirect and Regressive.
What is the best explanation for why governments collect taxes?
Explanation:Governments pay for these services through revenue obtained by taxing three economic bases: income, consumption and wealth. The Federal Government taxes income as its main source of revenue.
Why do we need to pay income tax?
By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
Is tax yearly or monthly?
A tax year refers to the 12-month period that a tax return covers. Individuals are subject to a calendar tax year beginning Jan. 1 and ending Dec. 31.
Is tax calculated yearly or monthly?
You do pay tax every pay period, week or month. Your tax is calculated on a cumulative basis, and the allowance is apportioned by the current period. So the first week 1/52nd of your allowance is applied, 1/12th if paid monthly. The tax code works on a cumulative basis.
How many times do you pay income tax?
For most of us, tax day comes just once a year ” on or around April 15. But for people who owe estimated personal federal income taxes, Uncle Sam expects a check four times a year. Unfortunately, you may be one of those beleaguered quarterly taxpayers if any of the following scenarios applies to you.
How much will I get back on my taxes with 1 dependent?
The child tax credit is worth up to $2,000 for the 2020 tax year, for those who meet its requirements. Having dependent children may also allow you to claim other significant tax credits, including the earned income credit (EIC).
How much do you get back in taxes for two dependents?
The credit is worth up to $2,000 per dependent for tax year 2020, but your income level determines exactly how much you can get.
How much does a single mom get back in taxes for one child?
For tax years before 2018, a single mom filing as head of household and making less than $75,000 as of publication, can claim a $1,000 child tax credit for each child.
Can I claim my mother as a dependent if she receives Social Security?
To qualify as a dependent, Your parent must not have earned or received more than the gross income test limit for the tax year. Generally, you do not count Social Security income, but there are exceptions. If your parent has other income from interest or dividends, a portion of the Social Security may also be taxable.
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