A Tariff Is

question 207

Multiple Choice

A tariff is

• A) a licensing regulation that limits imports.
• B) a tax on an exported good.
• C) a tax on an imported good.
• D) an agreement to restrict the volume of exports.

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Definitions:

Withholding Allowances

Deductions allowed on a paycheck, used to be calculated to reduce the amount of income tax withheld from an employee's salary.

FUTA Taxes

Federal Unemployment Tax Act taxes, which are payroll taxes paid by employers to fund the unemployment insurance system.

Liability

A company’s or individual’s legal financial debts or obligations that arise during the course of business operations.

Percentage Method

An IRS method for calculating the amount of taxes to withhold from an employee's paycheck based on income brackets.