How Does an Increase in Taxes Affect the Expenditure Schedule

question 204

Multiple Choice

How does an increase in taxes affect the expenditure schedule?

• A)It causes movement to the left along the schedule.
• B)It causes the schedule to shift upward.
• C)It causes movement to the right along the schedule.
• D)It causes the schedule to shift downward.

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Definitions:

Federal Income Tax

The annual income of individuals, corporations, trusts, and other legal organizations is subject to taxation by the IRS.

Gross Pay

It's the total amount of compensation that an employee receives before any deductions, such as taxes and retirement contributions, are made.

FICA-OASDI

The portion of the U.S. Federal Insurance Contributions Act tax that funds the Social Security retirement, disability, and survivors' benefits.

Federal Income Tax

A tax levied by the federal government on the annual income of individuals, corporations, trusts, and other legal entities.