Progressive Tax System
1. What is a progressive tax system? How does it differ from a regressive tax system?
A progressive tax system is people who get paid more have to pay more money on their income taxes than someone who makes less money. These differ because a progressive tax system is when someone who makes more money has to pay mire and their taxes than someone who makes less n=money and a regressive tax system is when everybody has to pay the same amount whether or not you get paid more or less.
2. What is gross income? What types of income are included in gross income?
A gross income is a point for determining the income tax of people, corporations, and estates whether you are a resident or a non resident. The types of incomes that are included in gross incomes are …show more content…
The second way is Inheritance taxes which are when someones taxes are based on there property.
Critical Thinking Questions
1. What are some strategies that you can use to prepare to file taxes each year?
Some strategies that you can use to prepare to file taxes each year are to be organized and figure out the best place to get your taxes done at. The reason why you should be organized when going to get your taxes done is because if you do not have all of the materials that you must have to get your taxes done then you are not able to get them done. The reason why you should figure out where to go in advance is because some places you have to pay more to get your taxes done than it would somewhere else.
2. What are the benefits of taxes for societies and individuals?
The benefits of taxes for societies and individuals are that taxes pay for any public education, it pays for any public transportation, and it also pays for public roads to be fixed or built.
3. How do taxes influence responsible financial planning? Discuss some examples of how taxes may influence financial
A progressive tax system is people who get paid more have to pay more money on their income taxes than someone who makes less money. These differ because a progressive tax system is when someone who makes more money has to pay mire and their taxes than someone who makes less n=money and a regressive tax system is when everybody has to pay the same amount whether or not you get paid more or less.
2. What is gross income? What types of income are included in gross income?
A gross income is a point for determining the income tax of people, corporations, and estates whether you are a resident or a non resident. The types of incomes that are included in gross incomes are …show more content…
The second way is Inheritance taxes which are when someones taxes are based on there property.
Critical Thinking Questions
1. What are some strategies that you can use to prepare to file taxes each year?
Some strategies that you can use to prepare to file taxes each year are to be organized and figure out the best place to get your taxes done at. The reason why you should be organized when going to get your taxes done is because if you do not have all of the materials that you must have to get your taxes done then you are not able to get them done. The reason why you should figure out where to go in advance is because some places you have to pay more to get your taxes done than it would somewhere else.
2. What are the benefits of taxes for societies and individuals?
The benefits of taxes for societies and individuals are that taxes pay for any public education, it pays for any public transportation, and it also pays for public roads to be fixed or built.
3. How do taxes influence responsible financial planning? Discuss some examples of how taxes may influence financial