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:

Relevant Range

The range of activity within which the assumptions about fixed costs and variable cost behavior hold true.

Production

The process of creating goods and services through the combination of human labor, materials, and technology.

Cost Estimation

The process of forecasting the costs associated with a project or production, taking into consideration all relevant variables.

Least Squares Regression

A statistical method used to determine a line of best fit by minimizing the sum of squares of the differences between observed and predicted values.