SWFT Comprehensive Vol 2020
43rd Edition
ISBN: 9780357391723
Author: Maloney
Publisher: Cengage
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What do these four phrases regarding taxes mean?
(a) Payroll withholding
(b) difference between gross and net pay
(c) similarities and differences between state and federal taxation of inheritance
(d) importance of record keeping for audits
If a government wants to obtain the maximum tax revenue it should
A.
use static tax analysis.
B.
not assess the highest possible tax rate.
C.
assess the highest possible tax rate.
D.
use an ad valorem system for collecting taxes.
Which of the following statements are correct?
i. A tax is a statutory obligation that is imposed by an act of parliament in a country.
ii. A tax is any deduction taken from a person’s salary by the government.
iii. Taxation is the major source of government income.
iv. Direct and indirect taxes are the two broad categories of taxation.
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