Chapter 16.4, Problem 5R

To determine

To ascertain kinds of taxes that people pay and which do not pay now, which ones does your families pay now, list an example of each from own experience.

Explanation of Solution

Tax	Tax that are not paying now	List of tax paying by A” Family .
Personal income	Federal income tax	Paying
Corporate income	__	__
Excise	__	Paying
Inheritance	__	__

From the given above table shows different types of tax that people are paying, the federal income tax is not paying now due to some relaxation given by federal government. Because the sum that would make to refuse to pay federal income tax depends on your age, gender, reliance on other taxpayers and gross income. Lass but not the least, the family of A’ is paying personal income and Excise tax.

Economics Concept Introduction

Introduction: Actual taxes are classified according to how they are set up and the effect they have on those who are taxed. In the United States today, these classification include proportional, progressive, and regressive taxes.