btax

All income tax credits are calculated by applying the minimum federal tax rate to a base amount, which is indexed for inflation. True False QUESTION 4 If the taxpsyer's net income exceeds a certain threshold, all or a portion of old age security benefis must be repaid to the federal government in the form of Part 1.2 tax. True False QUESTION 5 The equity or faimess objective means that taxpayers in similar scenarios should be subject to similar amounts of income tax. This is achieved federally through the use of a flat tax system, in which all taxpayers (rogardloss of the level of income earned) are subject to the same rate of income tax. True False