The Two Sources That Contribute Roughly 80 Percent Together of Total

question 124

Multiple Choice

The two sources that contribute roughly 80 percent together of total tax revenues are:

• A) personal income tax and payroll tax.
• B) personal income tax and corporate income tax.
• C) corporate income tax and payroll tax.
• D) personal income tax and excise tax.

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Definitions:

Public Company Accounting Oversight Board

An independent oversight body established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, fair, and independent audit reports.

Scienter

Knowledge of wrongdoing or fraudulent intent, often a necessary element to prove in securities fraud cases.

Negligent

Failing to exercise the care that a reasonably prudent person would exercise in similar circumstances, often leading to harm or injury.

Working Papers

Documents that record the audit processes, evidence, and findings, used by auditors to support their analysis and conclusions.