Figure 8-3 the Vertical Distance Between Points a and C Represents a Represents

question 176

Multiple Choice

Figure 8-3
The vertical distance between points A and C represents a tax in the market.
-Refer to Figure 8-3.Which of the following equations is valid for the tax revenue that the tax provides to the government?

• A)Tax revenue = (P2 - P1)xQ1
• B)Tax revenue = (P3 - P1)xQ1
• C)Tax revenue = (P3 - P2)xQ1
• D)Tax revenue = (P3 - P1)x(Q2 - Q1)

Distinguish between the taxes and insurances covered by employers and those covered by employees.

Recognize the role and regulations of federal and state unemployment taxes in employer payroll responsibilities.

Understand the concepts and applications of wage base limits when calculating payroll taxes.

Realize the implications of incorrect payroll expense calculations due to oversight of wage base limits.

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