INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Federal taxes are payments you make the the US federal government.
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Federal taxes are money you earn from working at a job.
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Federal taxes are money you earn from the US federal government.
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Federal taxes are payments you make to the state government where you live.
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Detailed explanation-1: -Taxes are involuntary payments imposed to provide funds for the government. They are used for spending on public welfare.
Detailed explanation-2: -The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. An employee usually has income tax withheld from his or her pay. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax.
Detailed explanation-3: -The federal income tax rates remain unchanged for the 2022 and 2023 tax years are 10%, 12%, 22%, 24%, 32%, 35% and 37%. The income thresholds for each bracket, though, are adjusted slightly every year for inflation.
Detailed explanation-4: -The highest-earning Americans pay the most in combined federal, state and local taxes, the Tax Foundation noted. As a group, the top quintile-those earning $130, 001 or more annually-paid $3.23 trillion in taxes, compared with $142 billion for the bottom quintile, or those earning less than $25, 000.