Which type of tax is imposed on specific goods and services, such as gasoline, at the time of purchase?
Excise
. A person has $4,000 in medical expenses and an adjusted gross income of $32,000.
What type of tax is imposed on specific goods and services at the time of purchase?
In general, taxes fall into one of four primary categories. Income taxes are imposed on the income earned by a person or firm; property taxes are imposed on assets; sales taxes are imposed on the value of goods sold; and
excise taxes
are imposed on specific goods or services.
Which type of tax is imposed on specific goods and services such as gasoline and cigarettes at the time of purchase?
Excise taxes
are taxes that are imposed on various goods, services and activities. Such taxes may be imposed on the manufacturer, retailer or consumer, depending on the specific tax. Form 720, Quarterly Federal Excise Tax Return, is available for optional electronic filing.
What is a tax charged on the purchase of specific goods and services?
Excise taxes
are taxes required on specific goods or services like fuel, tobacco, and alcohol. Excise taxes are primarily taxes that must be paid by businesses, usually increasing prices for consumers indirectly. Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit).
What type of tax is imposed on the value of an individual’s property at the time of his or her death quizlet?
Gift amounts over $11,000 are exempt from federal tax. A general sales tax is also referred to as an excise tax. A tax on the value of automobiles, boats, or furniture is referred to as a personal property tax.
An estate tax
is imposed on the value of an individual’s property at the time of his or her death.
What are the 7 types of taxes?
- Income taxes. Income taxes can be charged at the federal, state and local levels. …
- Sales taxes. Sales taxes are taxes on goods and services purchased. …
- Excise taxes. …
- Payroll taxes. …
- Property taxes. …
- Estate taxes. …
- Gift taxes.
What are 3 types of taxes?
Tax systems in the U.S. fall into three main categories:
Regressive, proportional, and progressive
. Two of these systems impact high- and low-income earners differently. Regressive taxes have a greater impact on lower-income individuals than the wealthy.
What are the main principles of taxation?
- Broad application. …
- Broad tax usage. …
- Ease of compliance. …
- Expenditure matching. …
- Fairness in application. …
- Limited exemptions. …
- Low collection cost. …
- Understandability.
What is taxation and its types?
Types of Taxes:
There are two types of taxes namely,
direct taxes and indirect taxes
. … You pay some of them directly, like the cringed income tax, corporate tax, and wealth tax etc while you pay some of the taxes indirectly, like sales tax, service tax, and value added tax etc.
How many types of tax are there?
There are mainly
two types of Taxes
, direct tax and indirect tax which are governed by two different boards, Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC).
Which of these is an example of a tax on consumption?
Examples of consumption taxes include
retail sales taxes, excise taxes, value-added taxes, use taxes
, taxes on gross business receipts, and import duties. These taxes are borne by consumers who pay a higher retail price for the good or service.
What describes a regressive tax?
A regressive tax is a
type of tax that is assessed regardless of income
, in which low- and high-income earners pay the same dollar amount. This kind of tax is a bigger burden on low-income earners than high-income earners, for whom the same dollar amount equates to a much larger percentage of total income earned.
Which terms best describe sales tax?
Answer Expert Verified. EXPLANATION: The Sales Tax is a tax which is imposed by the government on the sale of products and services. This tax is
both Indirect and Regressive in nature
.
What are sources of earned income?
Earned income is any
income that is received from a job or self-employment
. Earned income may include wages, salary, tips, bonuses, and commissions. Income instead derived from investments and government benefit programs would not be considered earned income.
Which of the following economic conditions can affect career opportunities quizlet?
–
High interest rates, price increases, or decreased global demand for goods and services
can affect career opportunities.
Which of the following is a tax avoidance strategy quizlet?
Which of the following is a tax avoidance strategy?
Accelerate deductions to save taxes this year
.
