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1. If individual income tax accounts for more total revenue than the payroll tax in the U. S., why would over half the households in the country pay more in payroll taxes than in income taxes?

2. If the state of Washington's government collects $75 billion in tax revenues in 2013 and total spending in the same year is $74.8 billion, the result will be a:

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Ozzy

29 December, 20:58

Home / study / business / economics / questions and answers / 1. if individual income tax accounts for more total ...

Question

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1. If individual income tax accounts for more total revenue than the payroll tax in the U. S., why would over half the households in the country pay more in payroll taxes than in income taxes?

2. If the state of Washington's government collects $75 billion in tax revenues in 2013 and total spending in the same year is $74.8 billion, the result will be a:

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Raiden · Answer 1

1) this is because the households that make 40 000 dollars a year or less, while not paying income taxes at all, pay payroll taxes.

2) What we see here is that the government collects more than it spent (0.2 billion) - we call this situation a budget surplus.