From the Time of Benjamin Franklin to the Present, the Percentage

question 148

Multiple Choice

From the time of Benjamin Franklin to the present, the percentage of the average American's income that goes to pay taxes has

• A)decreased from about 20 percent to about 10 percent.
• B)remained constant at about 10 percent.
• C)has risen from less than 2 percent to about 33.3 percent.
• D)has risen from less than 5 percent to about 25 percent.

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Definitions:

Union Dues

Fees paid by workers to a union for membership and representation.

State Sales Tax

A tax imposed by a state on sales of goods and services, collected by the seller and passed on to the state government.

Sales Taxes Payable

A liability account that represents the amount of sales tax collected from customers by a business, which is owed to the government.

Adjusting Entry

A journal entry made in the accounting records at the end of an accounting period to allocate income and expenses to the correct periods.