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TAX 4001 Exam | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions CA$19.55   Add to cart
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TAX 4001 Exam | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions
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TAX 4001 Exam | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions

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  • August 2, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • tax 4001 exam questions answers 100 score l

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TAX 4001 Exam | Questions & Answers (100 %Score) Latest Updated 2024/2025
Comprehensive Questions A+ Graded Answers | With Expert Solutions


What are the 2 components of taxes? - Tax rate and tax base

What are the 3 types of tax rates? - Proportional, progressive and regressive

Proportional Taxes - the rate of tax remains constant over the tax base (sales tax)

Progressive taxes - Tax rates increase as the tax base grows larger (Federal income,
gift and estate tax)

Regressive taxes - Tax rates decrease as the tax base grows larger (Federal
employment taxes such as FUTA and FICA)

What are the different tax bases? - Transactions, Property or wealth, Privileges and
rights, and income

What does Transaction taxes include? - sales and transfers of wealth

What does Property or wealth taxes include? - real estate taxes and ownership of
property

What does Privileges and rights taxes include? - the ability to use the corporate form or
to be in certain professions,excise taxes, and custom duties

What does Income taxes include? - gross or net income

After income taxes, what taxes usually affect more US taxpayers than any other type of
tax? - Transaction taxes

Taxes on the Production and Sale of Goods include? - Excise, Sales and Use and
Value added taxes

Excise taxes - levied by federal and state governments on exchanges of specified
commodities (oil, alcohol, phone service, and tobacco) or services.

Who are excise taxes levied on? - producers, resellers or consumers

Are excise taxes proportional, regressive or progressive? - Proportional they may vary
greatly from state to state.

What are Sales and Use Taxes? - Major source of income from most state and local
governments, and cover a broad base of transactions.

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