Question

1. Ways to simplify the tax system in USA?

2. Discuss control the cost of production (consider the costs of raw materials, overhead, and transportation costs).

Answer 1

1. The government raises the money we call revenue by collecting different types of taxes

• Income tax- Tax is taken from the income( money) an individual or business earns.
• Property tax- is tax paid on the property most commonly real estate like land and houses but sometimes another type of taxes like jewelry and cars.
• Sales tax- is the tax on the sale of the products. sales tax is paid when you buy something and the business you purchased your goods from sends that money to the government.
• Estate tax - Tax on money and property left behind when a person dies.
• Gift tax- Currently if you give a gift of more than $14000 per year you must pay the federal government and sometimes your state government a percentage.
• Social security tax- Established in 1935, social security provides income to elderly people and people who are permanently disabled.
• Medicare tax- is a health care program for the elderly and disabled and is also taken from your paycheck.
• Tariff tax- are taxes on imported goods, import means to bring in goods from other countries.

2. Cost control-

• To limit the budget within the budget.
• Motivate employees to accomplish budgetary goals.