Sales Taxes, Property Taxes, Income Taxes, and Fees of Various

question 229

Multiple Choice

Sales taxes, property taxes, income taxes, and fees of various kinds:

• A)fund government spending at the federal level.
• B)provide revenue for state and local governments.
• C)are the state governments' least used types of revenue generation.
• D)are implicit liabilities.

---

Definitions:

Form W-2

The tax form that an employer must send to an employee and the IRS at the end of the year. It reports an employee’s annual wages and the amount of taxes withheld from his or her paycheck.

Taxable Income

The portion of an individual's or corporation's income used to determine how much tax is owed to the government in a given tax year.

Taxes Withheld

The portion of an employee's wages that is not included in their paycheck because it is sent directly to the government as tax payments.

P&P Manual

Stands for Policies and Procedures Manual, a document that provides guidelines and instructions for the operations of an organization.