Use the following information for the questions.
-Using the information shown, prepare a horizontal analysis. Carry all calculations to two decimal places and then round to one decimal place.
Definitions:
Federal Receipts
The total income received by the federal government from various sources, including income taxes, corporate taxes, social security taxes, and customs duties.
Individual Income Tax
A tax levied by governments on the income earned by individuals, varying according to income level and filing status.
Federal Government Spending
Expenditure by the federal government on goods, services, and transfers to individuals and other governmental units.
Defense
Actions, strategies, and systems designed to protect a country from external threats and maintain national security.
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