ACCT323 Final exam/ACCT323 Final exam/ACCT323 Final exam/ACCT323 Final exam

  

1. Which of the following represents the largest percentage of state tax revenue?

Sales tax

Individual income tax

Other

Property tax

None of these

2. Congress recently approved a new, bigger budget for the IRS. What taxation concept evaluates the cost of administering our tax law?

Convenience

Economy

Certainty

Equity

None of these

3. The city of Granby, Colorado recently enacted a 1.5% surcharge on vacation cabin rentals that will help pay for the city's new elementary school. This surcharge is an example of _______.

A sin tax to discourage undesirable behavior

A government fine

An earmarked tax

Both A and C

None of these

4. If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2012?

$231,639.50

$262,500.00