Ask Question
BusinessBusiness
31 December, 04:36

What type of tax system does the United States use?

+3
Answers (1)
  1. 31 December, 08:01
    0
    Answer: Progressive tax system

    Explanation: The progressive tax system is where the income of an individual is taxable based on his or her capacity to pay. The individuals who earn less pay lesser tax as compared to higher-earning individuals.

    The tax system doesn't impose a burden on those who don't have a sufficient amount to pay as taxes. By doing this the people who earn low income will be able to maintain a high living standard and the people who earn more are able to afford the basic necessities. So it balances the economy.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “What type of tax system does the United States use? ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
According to the conceptual framework, the objectives of financial reporting for business enterprises are based on The need for conservatism The needs of the users of the information. Generally Accepted Accounting Principles.
Answers (1)
Explain the importance of decision making for managers at each of the three primary organization levels along with the associated decision characteristics.
Answers (1)
good theory should have the virtue of, or refutability. In other words, not only must a theory predict thing that we should observe if it is right, but it should predict things that we should observe if it is wrong.
Answers (1)
What percentage of the loan does PMI insure to protect the lender in case the borrower defaults on the loan?
Answers (1)
The account number 13 tells you that the account A. is the 13th account in the ledger. B. is the first account in the third division. C. is the third account in the first division. D. was posted on the 13th day of the month.
Answers (1)
New Questions in Business
During an economic downturn when businesses must cut expenses, managers must be creative in motivating employees.
Answers (1)
Angela's monthly disposable income is $1 comma 973. She has monthly expenses of $1 comma 755 (including recreational expenses of $241 ) and net cash flow of $218 per month. Angela makes a budget based on her personal cash flow statement.
Answers (1)
Locally manufactured Bubbles is a popular brand of detergent in Germany. However, with the entry of a foreign multinational into the market, Bubbles begins to lose market share.
Answers (1)
According to a summary of the payroll of Scotland Company, total salaries were $500,000. Assume that social security taxes are payable at a 6% rate and Medicare taxes are payable at a 1.5% rate with no maximum earnings.
No Answers
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 652,000 Direct labor cost $ 81,000 Raw material purchases $ 133,000 Selling expenses $ 102,000 Administrative expenses $ 43,000
Answers (1)
Home » Business » What type of tax system does the United States use?
Sign Up Forgot Password?