Question

Explain the factors that determine an individual’s tax burden.

Explain the factors that determine an individual’s tax burden.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The factors are below:

1)Taxable Income: This is income after all deductions and final tax rate is applied on this based on the bracket you comes
2)Filing status: if individual, married, filing jointly all effects differently
3)Exemptions: The deductions and exemptions will reduce the taxable income
4)Adjustments: This includes student loan interest, IRA contributions etc
5)Tax deductions: some of them are mortgage interest, medical expense etc
6)Tax credits: This are deducted directly from the tax to be paid and have more benefit than deductions, exemptions. Examples are childcare expenses

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Explain how the burden of a tax on buyers differs between a market with a more...
Explain how the burden of a tax on buyers differs between a market with a more elastic demand and one with a more inelastic demand, all else equal.
Are any of the following losses deductible on an individual’s income tax return? If so, is...
Are any of the following losses deductible on an individual’s income tax return? If so, is the loss deductible “for” or “from” AGI? Explain each loss. Loss                                                                     Amount Loss on sale of stock in an individual’s wholly-owned business corporation           $4,000 Hobby loss in excess of hobby gross income                                      3,000 Gambling losses in excess of gambling winnings                                   8,000 Loss on sale of stock in individual’s investment portfolio                           9,000 Decline in value of stock held in individual’s investment portfolio                    7,000 Loss on sale of personal automobile                                             2,000 Total                                                                    $33,000
Explain the paradox that the income tax generates excess burden even if the labor supply curve...
Explain the paradox that the income tax generates excess burden even if the labor supply curve is perfectly inelastic. In explaining your answer, highlight the difference between the regular (perfectly inelastic) supply curve and the compensated labor supply curve.
Consumers will only pay the full burden of an excuse tax ( a per unit tax)...
Consumers will only pay the full burden of an excuse tax ( a per unit tax) if
What is the value of the excess burden of the tax (deadweight loss)?
What is the value of the excess burden of the tax (deadweight loss)?
What is the relationship between elasticity of supply and demand and the burden of the tax?
What is the relationship between elasticity of supply and demand and the burden of the tax?
The tax burden falls more heavily on the consumer side regardless of a type of tax...
The tax burden falls more heavily on the consumer side regardless of a type of tax (either a sale tax or an excise tax) as long as the supply of that product is relatively more inelastic than the demand for that product. Group of answer choices True False
How do supply and demand elasticities affect the burden of a sales tax?
How do supply and demand elasticities affect the burden of a sales tax?
Explain the factors that determine the thickness of a masonry construction wall?
Explain the factors that determine the thickness of a masonry construction wall?
10. The relationship between the price elasticity of demand/supply curves and the tax burden for buyers/sellers....
10. The relationship between the price elasticity of demand/supply curves and the tax burden for buyers/sellers. Suppose buyers are more elastic than sellers. Who is going to bear more tax burden?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT