Which of the following statements best describes the difference between sales tax and property tax? Sales tax is applied to items as they are purchased while property tax is applied to items already owned. State income tax is usually a set percentage of federal income tax.
What’s the difference between property and sales tax?
- Sales tax is applied repeatedly while property tax is paid only once for as long as you own the item. Sales tax can be applied to a new speed boat while property tax cannot. d. Sales tax is strictly meant for food and consumables while property tax is meant for non-food items. a.
Which best describes property tax?
Property tax is a tax paid on property owned by an individual or other legal entity, such as a corporation. Most commonly, property tax is a real estate ad-valorem tax, which can be considered a regressive tax. It is calculated by a local government where the property is located and paid by the owner of the property.
Which of the following statement best describes the effect his raise will have on state income tax withholdings?
Which of the following statement best describes the effect his raise will have on state income tax withholdings? State income tax is usually a set percentage of federal income tax. With an increase in federal he will see an increase in state withholding.
Which of the following statements best describes an equitable tax system?
Which of the following statements best describes an equitable tax system? An equitable tax system is both horizontally and vertically equitable. Which of the following is least likely to be subject to an excise tax? What gives the federal government the right to impose a tax on individual and corporate income?
What is a sales tax quizlet?
STUDY. Only $35.99/ year. Sales Tax. A fee charged based on the total cost of things you buy. It is collected by the seller and added onto the price.
Which best describes Sales tax?
What is the best description of sales tax? Sales tax is an amount of money, calculated as a percentage, that is added to the cost of a product or service when purchased by a consumer at a retail location.
What is one difference between Sales tax and excise tax?
Excise duty applies to specific goods and services while sales tax is charged for a much broader range of things. Sales tax is typically charged as a percentage of the cost, while excise duty can be charged as a percentage of the cost or on a per-unit basis.
Which of the following statements best describes the difference between gross pay and net pay *?
Gross pay is the amount of money your employees receive before any taxes and deductions are taken out. Net pay is the amount of money your employees take home after all deductions have been taken out. This is the money they have in their pocket on payday.
What is the difference between tax credits and tax deductions?
A deduction can only lower your taxable income and the tax rate that is used to calculate your tax. This can result in a larger refund of your withholding. A credit reduces your tax giving you a larger refund of your withholding, but certain tax credits can give you a refund even if you have no withholding.
What is the difference between a tax credit and a tax deduction quizlet?
What is the difference between a tax deduction and tax credit? A tax credit directly reduces your tax dollar for dollar and a tax deduction reduces your taxable income.
What is an equitable tax system?
An efficient tax system raises revenue while minimizing unintended consequences, and an equitable tax system imposes obligations on taxpayers in proportion to their resources.
What is the difference between a progressive and regressive tax?
progressive tax—A tax that takes a larger percentage of income from high-income groups than from low-income groups. regressive tax—A tax that takes a larger percentage of income from low-income groups than from high-income groups.
What is the difference between direct tax and indirect tax?
While direct taxes are imposed on income and profits, indirect taxes are levied on goods and services. A major difference between direct and indirect tax is the fact that while direct tax is directly paid to the government, there is generally an intermediary for collecting indirect taxes from the end-consumer.
How is sale tax different from income tax quizlet?
Income taxes, both corporate and individual are taxes on income (Federal, State or City) Sales tax is a tax on the sale of goods and services (State and local).
What type of tax is a sales tax quizlet?
Proportional tax – “flat tax”,where everyone pays the same percentage; Sales tax is an example.
How is an excise tax different from a sales tax quizlet?
What is the difference between sales and excise tax? Sales tax is a certain percantage and excise tax is on specific items.