42. 43. 44. $200,000 $16,000 IV. Value-added. $300,000 $20,000 V. Marginal. According to the denitions in the text: a. Only statement I is correct. I. The worker tax is a regressive tax rate structure. b. Only statement II is correct. II. The business tax is a progressive tax rate structurec. Only statement III is correct. III. The worker tax is a progressive tax rate structure. d. Only statement V is correct. IV. The business tax is a regressive tax rate structure. e. Statements II and IV are correct. a Statements I and III are correct. b. Statements II and III are correct. 45. Elrod is an employee of Gomez lnc. Du c. Only statements III is correct. Elrod receives a salary of $120,000 fron d Statements I and IV are correct. What amount should Gomez withhold f e Statements III and IV are correct. salary as payment of Elrod's social secu medicare taxes? a. $7,440.00 Oliver pays sales tax of $7.20 on the purchase of a b. $7,803.40 lamp for $120. Michelle paid sales tax of $9 on the c. $8,422.65 purchase of a similar lamp for $150. Oliver's taxable d. $8,789.40 income for the current year is $40,000. Michelle's e. $9,180.00 taxable income is $55,000. I. The structure of the sales tax is regressive if based on taxable income. II. The structure of the sales tax is proportional ilbasbfhnim WWOOO as a sales manager III. The structure of the sales tax is progressive basedHnmaxhbld Bookseow much Social Se IV. The average sales tax paid on a purchase equals thnuiacginahmuasmisamto pay? a. $ 4,960.00 Only statement I is correct. b. $ 6,120.00 Only statement II is correct. c. $ 6,400.00 d. $12,240.00 a b c. Statements III and IV are correct. d Statements II and IV are correct. e Statements I, II, and IV are correct. 47. Samantha is a self-employed electrician 2013, her net self employment income i Greg pays sales tax of $7.20 on the purchase of a What is Samantha's self-employment ta.' lamp for $120. Michelle paid sales tax of $9 on the a. $15,570.00 purchase of a similar lamp for $150. Greg's taxable 13- $15,606.80 income for the current year is $40,000. Michelle's C. $16,845.30 taxable income is $55,000. (1- $17,578.80 I. The structure of the sales tax is progressive if based 6n taxagllegiyr-HQ. II. The structure of the sales tax is proportional if based on sales price. a. Only statement I is correct. 48. Rayburn is the sole owner of a dance stl b. Only Statement II is correct. the current year, his net self-employmer c Both statements are correct. from the dance studio is $50,000. What d Neither statement is correct. self-employment tax? a. $3,825.00 b. $5,738.00 Heidi and Anastasia are residents of the mythical C. $6,200.00 country of Wetland. Heidi pays $1,500 income tax on (1- $7,650.00 taxable income of $6,000. Anastasia pays income tax of $21,000 on taxable income of $72,000. The income tax structure is I. Progressive. II. Proportional. III. Regressive
