Progressive Tax Essay
1. What is a progressive tax system? How does it differ from a regressive tax system?
Answer: A progressive tax system is a system that requires people with higher income to pay more of their income in taxes. And a progressive tax system is different from a regressive tax system because a regressive tax system requires everyone to pay the same price whereas the progressive requires people with more money to pay more.
2. What is gross income? What types of income are included in gross income?
Answer: Gross income is every source of income you have. Types of income that are included in gross income are things like your job, investment income, receive alimony, receive unemployment and things like that.
3. What is the alternative minimum tax? …show more content…
What are some strategies that you can use to prepare to file taxes each year? What would be the benefits of these strategies?
Answer: Some strategies I can use to prepare myself for taxes each year are like saving all sources of tax that I have received on anything. I could be benefited from this by not having the IRS thinking I am lying and receiving a visit from them or a fine for “lying” when I just didn’t have enough evidence.
2. What are the benefits of taxes for societies and individuals?
Answer: Some benefits from taxes fir societies and individuals are things that could be done to upgrade our surroundings. Like fixing an old, bumpy road that everyone always hates driving on or a store that is more close to us.
3. How do taxes influence responsible financial planning? Discuss some examples of how taxes may influence a financial plan.
Answer: Taxes influence responsible financial planning because when going to buy a bunch of groceries you have to think more than just of the prices of the foods added up, you have to think of how much taxes will also be. And that’ll make you make sure you have enough money. Also you don’t want to do anything stupid or taxes will make you regret it, therefore taxes influence responsible financial
Answer: A progressive tax system is a system that requires people with higher income to pay more of their income in taxes. And a progressive tax system is different from a regressive tax system because a regressive tax system requires everyone to pay the same price whereas the progressive requires people with more money to pay more.
2. What is gross income? What types of income are included in gross income?
Answer: Gross income is every source of income you have. Types of income that are included in gross income are things like your job, investment income, receive alimony, receive unemployment and things like that.
3. What is the alternative minimum tax? …show more content…
What are some strategies that you can use to prepare to file taxes each year? What would be the benefits of these strategies?
Answer: Some strategies I can use to prepare myself for taxes each year are like saving all sources of tax that I have received on anything. I could be benefited from this by not having the IRS thinking I am lying and receiving a visit from them or a fine for “lying” when I just didn’t have enough evidence.
2. What are the benefits of taxes for societies and individuals?
Answer: Some benefits from taxes fir societies and individuals are things that could be done to upgrade our surroundings. Like fixing an old, bumpy road that everyone always hates driving on or a store that is more close to us.
3. How do taxes influence responsible financial planning? Discuss some examples of how taxes may influence a financial plan.
Answer: Taxes influence responsible financial planning because when going to buy a bunch of groceries you have to think more than just of the prices of the foods added up, you have to think of how much taxes will also be. And that’ll make you make sure you have enough money. Also you don’t want to do anything stupid or taxes will make you regret it, therefore taxes influence responsible financial