Knowee
Questions
Features
Study Tools

Income tax is classified as: (find the exception)*1 pointnational taxindirect taxexcsie taxprogressive tax

Question

Income tax is classified as: (find the exception)*1 pointnational taxindirect taxexcsie taxprogressive tax

🧐 Not the exact question you are looking for?Go ask a question

Solution

The exception in the list is "indirect tax". Here's why:

  1. National tax: Income tax is a form of national tax, as it is imposed by the national government on the income earned by individuals and corporations.

  2. Indirect tax: This is the exception. Income tax is a direct tax, not an indirect tax. Direct taxes are paid directly to the government by the person on whom it is imposed, while indirect taxes are collected by an intermediary from the person who bears the ultimate economic burden of the tax.

  3. Excise tax: While income tax is not an excise tax, both are types of taxes. Excise taxes are taxes paid when purchases are made on a specific good or service, like gasoline.

  4. Progressive tax: Income tax is a progressive tax, as the tax rate increases as the taxable amount increases. The more money you make, the higher percentage of tax you pay.

This problem has been solved

Similar Questions

Classification of Tax

Fundamentally, there are two types of tax jurisdiction.Group of answer choicesThe worldwide and the territorialThe residential and the visitingThe passive and the active incomeThe earned and the unearned

Which is exempted from taxation?Sec. 32B of the Tax CodeGroup of answer choicesRoyaltiesSpecific treaty stipulations

Income tax is a type of _____ tax.A.regressiveB.progressiveC.digressiveD.permissiveSUBMITarrow_backPREVIOUS

Tax exemption is always presumed*1 pointTrueFalse

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.