1) List and describe the four major categories of taxes. 2) For each of the following situations,...
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Question:
1) List and describe the four major categories of taxes.
2) For each of the following situations, list the type of tax that is being described.
Financial planning situation
(a) A tax on the value of a person’s house.
(b) The additional charge for gasoline and air travel.
(c) Payroll deductions for federal government retirement benefits.
(d) Amount owed property received from a deceased person.
(e) Payroll deductions for a direct tax on earnings.
3) What factors might be considered when creating a tax that is considered fair by most people in a society?
Related Book For
Finance Applications and Theory
ISBN: 978-0077861681
3rd edition
Authors: Marcia Cornett, Troy Adair
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