Are Social Security taxes progressive, regressive or
proportional? Is federal income tax progressive, regressive or
proportional? Why? What about the tax system as whole, is it
progressive, regressive or proportional? Why?
9. Explain what is meant by regressive tax. Why is the
social security tax considered a regressive tax?
10. Define and compare these terms: average tax rate
and marginal tax rate.
3. What qualifications are necessary to file as head of
household?
6. What are the three general tests that a qualifying person
must meet to be a dependent of the taxpayer?
9. What are the four specific tests necessary to be a qualifying
relative of the taxpayer?
10. What...
Which of the following is not true about Social Security?
The retirement benefit equals the average monthly income of
worker during their last ten years of employment
Employers withhold Social Security taxes from employee paychecks
and submit the funds to the IRS
Self-employed workers must pay the full Social Security tax
themselves each year
Most people have to work for at least 10 years to receive full
credit, which accrues at the rate of about four credits per year,
depending...
how do we treat retirement and social security problem?
A government report concluded that Social Security will be
insolvent in 2035 and Medicare will be depleted by 2026. What do
you think of the social security and retirement problem in the
upcoming 20 years? What policy needs to be made? Should we take any
actions or we should just wait?
Discuss what is meant by the terms progressive, regressive, and
proportional as they relate to taxation. Give an example of a
progressive tax and a regressive tax.
Part (d) Is a tax on cigarettes a regressive tax or a
progressive tax? Explain your answer, including a definition of
both terms.
Part (e) Australia’s police forces and border forces have warned
that rapid rises in the tax on cigarettes have had unintended
consequences of encouraging illegal activity such as smuggling,
with proceeds funding other criminal activities. Explain why this
might be the case. In your answer refer to the role that elasticity
of demand plays in making illegal...
Discuss the three different types of taxations: a
Regressive Tax; a Proportional
Tax and a Progressive Tax discussion the
burden of each tax on the taxpayer.