Income tax ch. 1 quiz
Tameka has taxable income of $97,075 that is taxed as follows: $9,700 × 10% =$970.00 ($39,475 − $9,700) × 12% =3,573.00 ($84,200 − $39,475) × 22% =9,839.50 ($97,075 − $84,200) × 24% =3,090.00 Total tax liability$17,472.50 Her average tax rate is:
18%
Jordan and Paul, a married couple, have taxable income of $87,175, which is taxed as follows: $19,400 × 10% =$1,940.00 ($78,950 − $19,400) × 12% =7,146.00 ($87,175 − $78,950) × 22% =1,809.50 Total tax liability$10,895.50 Their marginal tax rate is
22%
Federal tax legislation generally originates in what body?
House ways and means committee
Which is a statutory source of tax authority?
Internal Revenue code
Which is a primary source of tax authority?
Judicial sources, Statutory sources, Administrative sources
Which is not a proportional tax?
federal income tax
Which of the following types of Regulations take the place of the Internal Revenue Code and have the full effect of law?
legislative
a tax rate that increases as the tax base increases is an example of what kind of tax rate structure?
progressive
A state or local sales tax is an example of
proportional rate structure
Victoria determined her tax liability was $6,451. Her employer withheld $6,145 from her paychecks during the year. Victoria's tax return would show
tax due of $306