1) In which of the following situations would someone have to pay a gift tax?
A. A relative dies and leaves you $13,000 in the will.
B. Your cousin gives you a car worth $1,700.
C. Your grandmother gives you $13,000 toward college. <<---
2)Which of the following has contributed to a recent banking crisis?
A. sub-prime mortgages <<---
B. wildcat banks
D. greenbacks
3)Why is the federal income tax a progressive tax?
A. A higher income has more deductions.
C. Corporations can lower their taxable income.
D. A higher income pays a higher percentage in taxes. <<<----
4)About half of all federal discretionary spending goes towards
A. Social Security.
B. civilian salaries.
C. education.
D. defense. <<---
5)What happens to the percentage of an income that is taxed when income rises and the tax is a proportional one?
A. The percentage of tax falls.
C. The percentage rises and then falls.
D. The percentage of tax stays the same.
i think its D, The last one :)
please tell me if im right or wrong. :) Thank you! and yeah... if im wrong could u give me some website or explain it to me?
1) I disagree.
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html
2), 3), 4) I agree.
5) I don't know.
Thank you, Ms. Sue. Appreciate it! :D
You're very welcome, Halima.
In which of the following situations would someone have to pay a gift tax?
A. A relative dies and leaves you $13,000 in the will.
B. Your cousin gives you a car worth $1,700.
C. Your grandmother gives you $13,000 toward college.
D. Your cousin gets a job paying $32,000 a year.
i choose b am i correct?