income tax voacb
What is income tax?
tax controlled by a government directly on income, especially an annual tax on personal income.
What three thing must you know to determine your taxable income
know your filing status, add up your sources of income, and then subtract any deductions
How would sales tax work in the the real world?
it puts a tax on goods bought.
What is the difference between marginal and effective tax rates
Your marginal tax rate is the rate corresponding with the highest bracket your income falls into. An effective tax rate is the actual percentage you pay on the entirety of your taxable income
How would you calculate sales tax?
Multiply the retail price by the decimal to calculate the sales tax amount.
Which is better: a tax credit or a tax deduction?
It's better to get tax credits because it tax tend to be more valuable compared to deductions
Would sales tax be good or bad?
Multiply the retail price by the decimal to calculate the sales tax amount.
What are the biggest tax mistakes people make?
Math Errors.
Is sales tax considered the hardest topic to learn?
Sales tax is good because it supports the community.
How would you solve the gross sales?
The total revenue from all sales before any deductions including sales tax