Until About 100 Years Ago,attempts to Impose a Federal Income

question 85

Multiple Choice

Until about 100 years ago,attempts to impose a federal income tax were ruled unconstitutional.The amendment to the U.S.Constitution allowing the imposition of a federal income tax is the

• A)Second Amendment.
• B)Thirteenth Amendment.
• C)Sixteenth Amendment.
• D)Nineteenth Amendment.

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Definitions:

Annual Rate

The interest rate for a whole year, as opposed to a shorter period, such as monthly or quarterly.

Compounded Annually

The calculation of interest on the original principal and the accumulated interest of prior periods, applied once per year.

Quarterly Payments

Payments made four times a year at three-month intervals, often used in loan repayments.

Semi-Annually Compounded

Refers to the process of calculating and adding interest to a principal sum twice a year.