BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Federal Individual Income Tax
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State Individual Income Tax
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Social Security Tax (FICA)
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National Individual Security Tax
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Detailed explanation-1: -The government sector’s income is included in national income but not in personal income. Companies’ undistributed profits and corporate profit taxes are components of national income, but they must be removed from personal income calculations.
Detailed explanation-2: -Tax on personal income is defined as the taxes levied on the net income (gross income minus allowable tax reliefs) and capital gains of individuals. This indicator relates to government as a whole (all government levels) and is measured in percentage both of GDP and of total taxation.
Detailed explanation-3: -Some of the items that are not included in the measurement of National Income are as follows: Services of housewives (Care Economy) Black money. Capital gains.