tax e.g.‚ Income Tax‚ Wealth Tax‚ Gift Tax‚ etc. It is directly paid by the tax payer to the government without any intermediary and it comes from own pocket. •Indirect Taxes: If the liability of payment of tax can be passed on by the tax payer to some other person it is an indirect tax e.g. Sales Tax‚ Value Added Tax (VAT) etc. It is not directly paid by the person on whom it is levied‚ but is paid indirectly through the medium of other persons. Source of Income tax –Law in India Income Tax Act
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After watching the movie Inequality for All the income inequality is widening. There’s no simple answer. Globalization has created "superstars" and concentrated pay among corporate executives‚ Wall Street traders‚ popular entertainers and another financial elite. At the same time‚ factory workers now compete with 3 billion people in China‚ India‚ eastern Europe and elsewhere who weren’t working for multinational corporations 20 years ago. Many now make products for Apple‚ Intel‚ General Motors and
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There is an idea that says one will never fully understand another’s plight until he or she walks in their shoes. When watching the film Under the Same Moon‚ or La Misma Luna‚ viewers gain a sense of what it means to be an undocumented immigrant from Mexico in the United States. The audience travels many miles with nine-year-old Carlitos Reyes in his journey across the border to reunite with his mother Rosario‚ who is working without documentation in California to provide a better life in the United
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‚ by far‚ has the most unequal distribution of income of all developed nations. • The U.S. ranks 64th in the world on income inequality (i.e.‚ 63 nations are more equal than the U.S.) • The top 1% holds more than 35% of the nation’s overall wealth‚ while the bottom 50% controls 2.5%. • The richest 400 Americans have more wealth than the bottom 150 million Americans combined. • In 1970‚ the top 1% of earners took home 9% of the nation’s total income. Today‚ they take in approximately 23%. Earning
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Explain what is meant by the terms price elasticity‚ income elasticity and cross elasticity of demand and discuss the main determinants of each of these. Discuss the importance of each of these to the decision making process within a typical business. Elasticity is the responsiveness to which one variable responds to a change in another variable Price elasticity of demand (PED) measures the responsiveness of quantity demanded of a product to a change in its price. If a relatively small change in
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Absorption costing: * It is costing system which treats all manufacturing costs including both the fixed and variable costs as product costs * In absorption costing‚ all costs are absorbed into production and thus operating statements do not distinguish between fixed and variable costs. * Absorption costing is a process of tracing the variable costs of production and the fixed costs of production to the product. Absorption costing is used to cost products and to report financial
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Resources‚ Comparative Advantage and Income Distribution A Written Report Requirement for ECONOMICS 141: International Economics Professor Burt G. Galang 30 August 2014 Resources‚ Comparative Advantage and Income Distribution The previous discussion has shown how international trade could be helpful to both countries that are engaged in it as shown in the Ricardian Model. Now that we have seen the positive effects of trade‚ it is time to take a look at how
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labour and capital. The trade of commodities internationally is consequently indirect factor arbitrage. Income inequality has undoubtedly risen since the 1970’s. When comparing two males in the 90th percentile and 10th percentile in 1970 in regards to wage distribution‚ there was a difference in earnings for the higher wage earner of 3.2 times the amount lower worker’s income. By 2010‚ the same comparison shows an increase to 5.2 times higher wages for the worker in the 90th percentile than the worker
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very essential in human life. However‚ over millennia‚ people have become progressively more expert in exploiting land resources for their own needs. The natural state of the land tend to change over time as the activities of man on‚ in‚ over and under the earth’s surface affects it. These activities of man are termed as land use which is defined by the FAO/UNEP (1999) as the “total of arrangements‚ activities‚ and inputs that people undertake in a certain land cover type.” Land cover refers to the
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Here‚ we describe estimation and hypothesis-testing procedures for the difference between two population means when the samples are dependent. In a case of two dependent samples‚ two data values—one for each sample—are collected from the same source (or element) and‚ hence‚ these are also called paired or matched samples. For example‚ we may want to make inferences about the mean weight loss for members of a health club after they have gone through an exercise program for a certain period of time
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