Week 8
- Submitted by: johnr0000003
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- Category: English
- Date Submitted: 05/06/2012 02:18 PM
- Pages: 3
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University of Phoenix College Material
Appendix P
Appendix P – Assignment Instructions:
• Use your text as a reference to complete this assignment.
• Please do not delete any assignment text.
• Complete Section A using the directions below
• Complete Section B – highlight in yellow the correct answer for each multiple choice question.
• Complete Section C – Fill in short answers for each question.
• Save completed assignment as a word document and submit to the assignments section of the courseroom.
Section A: Essay
In at least 50 words, describe the meaning of taxable income and taxes owed.
(10 points) Taxable income is your gross income before you take out any deductions or exemptions. Taxable income is your wages and salary and any other things such as lottery winnings or bonuses. To find out how much tax you owe you need to have all of your information as far as your income and deductions and exemptions and your filing statues to file your taxes and this gives you your taxes owed.
Section B: Multiple choice
(10 questions at 2 points each)
1. A progressive tax is
a. A tax that places a disproportionate burden on taxpayers with lower incomes
b. A tax that imposes higher tax rates on taxpayers with higher incomes
c. A flat tax
d. A tax that increases as taxpayers get older
2. A regressive tax is
a. A tax that places a disproportionate burden on taxpayers with lower incomes
b. A tax that imposes higher tax rates on taxpayers with higher incomes
c. A flat tax
d. A tax that increases as taxpayers get older
3. FICA tax is an example of
a. A regressive tax
b. A progressive tax
c. A flat tax
d. Both a and c
4. The marginal tax effect is
a. A reduction in taxes paid as a result of a financial decision
b. A reduction in taxes owed as a result of a financial decision
c. An increase in taxes paid as a result of a financial decision...
Appendix P
Appendix P – Assignment Instructions:
• Use your text as a reference to complete this assignment.
• Please do not delete any assignment text.
• Complete Section A using the directions below
• Complete Section B – highlight in yellow the correct answer for each multiple choice question.
• Complete Section C – Fill in short answers for each question.
• Save completed assignment as a word document and submit to the assignments section of the courseroom.
Section A: Essay
In at least 50 words, describe the meaning of taxable income and taxes owed.
(10 points) Taxable income is your gross income before you take out any deductions or exemptions. Taxable income is your wages and salary and any other things such as lottery winnings or bonuses. To find out how much tax you owe you need to have all of your information as far as your income and deductions and exemptions and your filing statues to file your taxes and this gives you your taxes owed.
Section B: Multiple choice
(10 questions at 2 points each)
1. A progressive tax is
a. A tax that places a disproportionate burden on taxpayers with lower incomes
b. A tax that imposes higher tax rates on taxpayers with higher incomes
c. A flat tax
d. A tax that increases as taxpayers get older
2. A regressive tax is
a. A tax that places a disproportionate burden on taxpayers with lower incomes
b. A tax that imposes higher tax rates on taxpayers with higher incomes
c. A flat tax
d. A tax that increases as taxpayers get older
3. FICA tax is an example of
a. A regressive tax
b. A progressive tax
c. A flat tax
d. Both a and c
4. The marginal tax effect is
a. A reduction in taxes paid as a result of a financial decision
b. A reduction in taxes owed as a result of a financial decision
c. An increase in taxes paid as a result of a financial decision...