Which statement is true?
A. A person earning $100,000 pays $10,000 in payroll tax.
B. Most taxpayers pay more in payroll tax than in personal income tax.
C. The Medicare tax rate is 6.2%.
D. There is no such thing as a regressive tax.
B. Most taxpayers pay more in payroll tax than in personal income tax.
You might also like to view...
In a country with 200 million people aged 16 years and older, 120 million are in the labor force, and 114 million are employed, what is the participation rate?
A. 57 percent B. 40 percent C. 95 percent D. 60 percent
If the wage rate is ________ the value of marginal product, a firm can increase its profit by ________
A) greater than; selling an extra unit of output B) less than; selling one less unit of output C) less than; hiring an extra worker D) less than; hiring one less worker
A physician's office expenses increase by 10 percent, so the doctor decides to raise the price of office visits. Assuming the demand curve for office visits does not shift, what will happen to the total number of office visits and practice revenues?
a. Office visits and total revenue rise if demand is inelastic. b. Office visits and total revenue stay the same if demand is elastic. c. Office visits will fall and total revenue will rise if demand is inelastic. d. Office visits will rise and total revenue will fall if demand is elastic. e. Office visits and total revenue fall if demand is inelastic.
Agricultural Products can be modeled best using the model of
A. monopoly. B. oligopoly. C. perfect competition. D. monopolistic competition.