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ACCT*3230*W02 Assignment Ch01

Multiple fill-in-the-blank

Problem 1-3 (LO. 2) Complete the following regarding proportional, regressive and progressive taxes. a. A tax is [Fill in the blank], if the rate of tax remains constant for any given income level. The tax is [Fill in the blank], if a higher rate of tax applies as the tax base increases. b. Select either "Regressive", "Progressive", or "Neither" to distinguish the items below. Federal gift tax    [Fill in the blank], Federal excise tax on cigarettes    [Fill in the blank], Federal individual income tax    [Fill in the blank], Federal estate tax    [Fill in the blank],

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We start by restating the problem to be clear about what is being asked and what the student is expected to fill in. Problem 1-3 (LO. 2) asks you to complete statements about proportional, regressive, and progressive taxes. It has two parts labeled (a) and (b). Part (a) asks for two terms to fill in: - The first blank: A tax is [Fill in the blank], if the rate of tax remains constant for any given income level. - The second blank: The tax is [Fill in the blank], if a higher rate of tax applies as the tax base increases. Part (b) asks you to classify several taxes as Regressive, Progressive, or Neither, or possibly to choose Progressive/Regressive/Neither for each item: - Federal gift tax [Fill in the blank], - Federal excise tax on cigarettes [Fill in the blank], - Federal individual income tax [Fill in the blank], - Federal estate tax [Fill in the blank].......Login to view full explanation

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