Please rank each type of tax FIT, FICA tax SIT, Sale TAX, Special taxes from #1,...

Please rank each type of tax FIT, FICA tax SIT, Sale TAX, Special taxes from #1, 'contributes the most' to our economy, to #5, 'contributes the least' to our economy, and please defend your ranking system.

Expert Solution

TAXES AND THEIR RANKS

# 1 FIT - It is known as the income taxes, one of the main tax of country. It is the deduction from your gross salary to pay federal withholding. FIT dedductions are considered to be one of the most largest deductions on the earnings statements. Income tax is a type of that government imposes on the income generation of both individual and business units, it is used to public welfare and pay governmnet obligations. It is very essential for the functioning of federal governemnt.

# 2 SALES TAXES - Sales taxes are the tax imposed on the sale of goods or services, paid to the governing body. Thses are the important sources of revue to most of the states. The tax rates varies from state to state. Excise tax are used by both the state and federal governmnet.

# 3 FICA - Federal insurance contribution is an american law that mandates a payroll tax on the paycheck of the employees.FICAs are one of the most important one. This legislation helps to get cure from the illegal financial activities. It helps to protect your account and money from the fraudlent activities. Such taxes are applied to both employee and employer to fund social security and medicare facilities, which helps the retired employees and disabled ones most.

# 4 SIT TAX - It is the personnel income tax withholding on your own wages. The withholding level will change according to the changes in salary and exemptions. SIT stands for sate income tax. It is also important for the economy it makes a discrepancy between persons work and disposable income.

# 5 SPECIAL TAX - It is a surtax imposed on the property owners to pay for specific constructions. It includes maintanence of roads , sewer lines. The tax is only levied to the special assessment district. Yet it is also a important tax , but usually the occurance takes time when compared to the above mentioned taxes.

ekkarill92 answered 2 years ago

What type of taxes are withheld or deducted from a paycheck? What is the tax rate...

What type of taxes are withheld or deducted from a paycheck? What is the tax rate for each type of withholding tax from a paycheck?

6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of...

6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows. Employee Cumulative Pay Employee Cumulative Pay Employee Cumulative Pay Ken S $ 5,600 Michelle W $ 149,500 Lori K $ 136,900 Tim V 46,400 Michael M 112,900 Kitty O 42,900 Steve S 93,000...

1. What, exactly, is the “State Income Tax (SIT)? What are the various tax rates in...

1. What, exactly, is the “State Income Tax (SIT)? What are the various tax rates in the SIT? Roughly, at what income level does each rate ‘kick in’? 2. Please define the “sales” tax and give me an example of the sales tax and how it applies in a typical transaction. 3. Please define “special taxes and fees” as we discussed them in class, and give an example of how they impact the typical household. 4. How would you improve...

TYPE ANSWERS 1. Be able to identify and calculate different types of taxes, the tax system...

TYPE ANSWERS 1. Be able to identify and calculate different types of taxes, the tax system in the United States, and important tax terminology Be able to prepare a comprehensive budget, and know how to classify different sources of income and expenses Understand contract terminology and terminology associated with checking and banking Know what a bank reconciliation is, its purpose, and the basic idea of how it is done

Provide journal entries for each transaction: 1. The city levied $300,000 of special property taxes that...

Provide journal entries for each transaction: 1. The city levied $300,000 of special property taxes that are restricted by statue and by bond indentures for the servicing of general obligation bonds. One percent (1%) of the taxes is expected to be uncollectible. 2. The city collected $246,800 of property taxes before the due date for taxes. The remainder of the taxes receivable become delinquent. 3. The city levied interest and penalties of $6,650 on the overdue taxes receivable. $1,370 of...

There are two types of taxes: Federal tax and province tax. 1.Federal taxes: Assume that the...

There are two types of taxes: Federal tax and province tax. 1.Federal taxes: Assume that the share of income $35,000 and below is federally taxed at 15%, the share of income between $35,000 and $100,000 is taxed at 25%, and the share of income over $100,000 is taxed at 35%. (i.e an income over$ 100,000 is taxed as follows: -The portion of income up to and including the first $35,000 is federally taxed at 15%. -The portion of income between...

Testbank Multiple Choice Question 46 Which of the following statements is false? FICA taxes withheld from...

Testbank Multiple Choice Question 46 Which of the following statements is false? FICA taxes withheld from employees' payroll checks should never be recorded as a liability since the employer will eventually remit the amounts withheld to the appropriate taxing authority. Cash dividends should be recorded as a liability when they are declared by the board of directors. A company may exclude a short-term obligation from current liabilities if the company has a contractual right to defer settlement of the liability...

Rank each satellite based on the net force acting on it. Rank from largest to smallest.

Rank each satellite based on the net force acting on it. Rank from largest to smallest. 1. m= 100kg, L = 2500m, v= 160 m/s 2. m= 300kg L = 10000m, v= 80 m/s 3. m = 400kg L = 2500m, v= 80 m/s 4. m = 200kg L = 5000m, v= 160 m/s 5. m = 800kg L = 10000m, v= 40 m/s 6. m = 200kg L = 5000m, v= 120 m/s

1) What are the two types of shareholders? 2.) What is special about each type of...

1) What are the two types of shareholders? 2.) What is special about each type of shareholder in terms of their rights & privileges? 3.) Your thoughts on which type YOU WOULD LIKE TO BE and why?

1) Rank the following from the strongest acid to the weakest acid. Explain with reasons please....

1) Rank the following from the strongest acid to the weakest acid. Explain with reasons please. A) CH3CH2OH B) CH3OCH3 C) CH3—NH—CH3 D) CH3—C≡CH E) CH3—CH=CH2 2) Draw all possible isomers that have the molecular formula C5H12O and name them using the systematic IUPAC name. 3) The following compound has 2 isomers. One isomer has a dipole moment of 0 D, whereas the other has a dipole moment of 2.95 D. Propose structures for the 2 isomers that are consistent...

Question