The two largest sources of total revenue for the U.S. federal government.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Explain and evaluate the impact of legislation on the U.S. criminal justice system, specifically on the prison population and its impact on poverty and the U.S. economy. Include significant elements and limitations such as the War on Drugs and the First Step Act.

Given the following petroleum tax details, calculate the marginal tax rate and explain its significance: Total Revenue: $500 million Cost of Operations: $200 million Tax Rate: 40% Additional Royalty: 5% Profit-Based Tax: 10%

Use a game tree to illustrate why an aircraft manufacturer may price below the current marginal cost in the short run if it has a steep learning curve. (Hint: Show that learning by doing lowers its cost in the second period.) Part 2 Assume for simplicity the game tree is illustrated in the figure to the right. Pricing below marginal cost reduces profits but gives the incumbent a cost advantage over potential rivals. What is the subgame perfect Nash equilibrium?

Answer 2

Question

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Answer 6

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Answer 7

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Answer 12

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Answer 13

Ch. 12.1 - Prob. 1QQ Ch. 12.2 - Prob. 2QQ Ch. 12.3 - Prob. 3QQ Ch. 12 - Prob. 1CQQ Ch. 12 - Prob. 2CQQ Ch. 12 - Prob. 3CQQ Ch. 12 - Prob. 4CQQ Ch. 12 - Prob. 5CQQ Ch. 12 - Prob. 6CQQ Ch. 12 - Prob. 1QR

The two largest sources of total revenue for the U.S. federal government.

The two largest sources of total revenue for the U.S. federal government.

Answer to Problem 1CQQ

Explanation of Solution

Want to see more full solutions like this?

Chapter 12 Solutions