What Are the Two Types of Taxes That Working Individuals

question 220

Multiple Choice

What are the two types of taxes that working individuals pay on their earnings?

• A)individual income tax and sales tax
• B)payroll tax and sales tax
• C)individual income tax and social insurance taxes
• D)property tax and payroll tax

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Definitions:

Average Number

This typically refers to the statistical measure calculated by summing the values in a set and dividing by the count of values, used in various contexts such as finance, math, and statistics.

Convertible Securities

Financial instruments, such as bonds or preferred shares, that can be converted into a specified amount of another asset, typically common stock, at a predetermined price or timing.

Fair Value

The price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Treasury Stock

Shares that were once part of the float and outstanding shares but were subsequently purchased back by the issuing company, reducing the amount of outstanding stock on the open market.