If one person earns $20,000 per year and another person earns $80,000 per year, they both will pay the Social Security tax __________.
A. at the same average tax rate
B. but the poorer person will pay at a higher average tax rate
C. but the richer person will pay at a higher average tax rate
D. but it is impossible to calculate their individual average tax rates
A. at the same average tax rate
You might also like to view...
Answer the next question on the basis of the following national income data for the economy. All figures are in billions of dollars.Personal consumption expenditures$400Government purchases128Gross private domestic investment88Net exports7Net foreign factor income0Consumption of fixed capital43Taxes on production and imports50Compensation of employees369Rents12Interest15Proprietors' income52Corporate income taxes36Dividends24Undistributed corporate profits22Statistical discrepancy0The gross domestic product for the above economy is ________.
A. $623 B. $609 C. $592 D. $584
Rate of return regulation is designed to allow a natural monopoly to
A) make an economic profit. B) make zero economic profit. C) underestimate its average cost. D) compete with any firm entering the market. E) make zero normal profit.
In a fixed exchange rate system, speculation regarding an expected revaluation or devaluation of a currency makes it more difficult to maintain the existing exchange rate
Indicate whether the statement is true or false
Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2012 and 2016
A) 30% B) 50% C) 66.7% D) 100%