Explain Why the Person Who Physically Pays the Tax Is

question 5

Essay

Explain why the person who physically pays the tax is not necessarily the person who bears the tax. Who is most likely to bear the greater proportion of the tax burden? How does this apply to Social Security taxes?

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Definitions:

Boards of Directors

A group of individuals elected to represent shareholders and oversee the management and direction of a company or organization.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that govern how financial statements should be prepared and presented globally.

Local Environment

The specific conditions and natural surroundings in which a business or entity operates, including factors like climate, ecology, and community.

Business Enterprises

Organizations engaged in commercial, industrial, or professional activities, aiming to generate profits from their operations.