Question :
8.2 Income Tax and Social Security Tax
1) If we look : 1239152
8.2 Income Tax and Social Security Tax
1) If we look at the percentage of total tax revenue collected by different taxes in the United States, we see that
A) personal income taxes are the largest.
B) Social Security taxes are the largest.
C) excise taxes, while not the largest, are second only to Social Security taxes.
D) sales taxes are the smallest.
E) corporate income taxes are by far the largest.
2) Which of the following types of taxes generates the most revenue for governments in the United States?
A) Social Security tax
B) personal income tax
C) property tax
D) sales tax
E) excise tax
3) For the United States, which tax is the single biggest source of tax revenue?
A) Social Security tax
B) sales tax
C) property tax
D) personal income tax
E) corporation income tax
4) Taxes on corporate profit are a type of ________ tax.
A) sales
B) property
C) income
D) regressive
E) selling
5) The percentage of an additional dollar that is paid in tax is called
A) the average tax rate.
B) the marginal tax rate.
C) a proportional tax.
D) a progressive tax.
E) a regressive tax.
6) The marginal tax rate equals 100 ×
A) (total tax ÷ change in income).
B) (change in tax ÷ total income).
C) (total tax ÷ total income).
D) (change in tax ÷ change in income).
E) (average tax rate × total income).
7) The marginal tax rate is the
A) average amount paid as taxes.
B) percentage of total income that is paid in tax.
C) percentage of an additional dollar of income paid in tax.
D) total amount of tax paid as a percentage of total income earned.
E) same as the average tax rate for a progressive tax.
8) Which of the following is correct?
A) If your income is $20,000 and you are paying $2,000 in taxes, your marginal tax rate is 10 percent.
B) If your income is $20,000 and you are paying $2,000 in income taxes, the income tax you are paying is progressive.
C) If you paid $0.39 as tax from an additional dollar you earned, your marginal tax rate is 39 percent.
D) If your marginal tax rate falls as your income increases, the tax is progressive.
E) If your income is $20,000 and you are paying $2,000 in income taxes, the income tax you are paying is proportional.
9) ________ tax rate equals ________.
A) A marginal; the percentage of total income that is paid in tax
B) A progressive; the percentage of an additional dollar of income that is paid in tax
C) An average; the percentage of total income that is paid in tax
D) A regressive; the percentage of an additional dollar of income that is paid in tax
E) A proportional; the percentage of total income that is paid in tax
10) The average tax rate is the
A) percentage of an additional dollar of income paid in tax.
B) percentage of income paid in tax.
C) total amount of taxes paid by an individual.
D) average of the rates at which income and taxes increase.
E) same as the marginal tax rate for a progressive tax.
