Asked by
Deziree Kearney
on Oct 13, 2024Verified
The second largest source of federal revenue is
A) the individual income tax.
B) the corporate income tax.
C) the payroll tax.
D) sales and excise taxes.
Federal Revenue
The total income received by the government from taxes and other sources.
Corporate Income Tax
A tax on the profits of corporations, calculated based on the net income companies report.
Payroll Tax
Levies placed on either employees or employers, often determined as a percentage of the wages that staff receive from employers.
- Determine the key sources of revenue for the federal government and appreciate the apportionment of the budget to different areas of expenditure.
Verified Answer
AL
Learning Objectives
- Determine the key sources of revenue for the federal government and appreciate the apportionment of the budget to different areas of expenditure.