ADVANCED ACCOUNTING
ADVANCED ACCOUNTING
12th Edition
ISBN: 9780357671221
Author: FISCHER
Publisher: CENGAGE L
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Chapter 12, Problem 1.4E
To determine

Progressive tax:

Progressive tax is basically as the average tax rate which increases gradually as the taxable amount increases. The term “progressive” is definedas that amount changes from a lower value to a higher value.

Tax credit:

Tax credit is basically defined as the credit or in other words amount that is subtracted from tax and hence the tax owed becomes less.

The reason behind effective tax rates for second quarter lower than first quarter, although no tax credits are there and additional amounts of income is taxed.

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Total revenue minus total cost equals: a. quantity. b. change in profit. c. marginal cost. d. marginal revenue. e. profit.
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