A person's tax liability refers to
a. the percentage of income that a person must pay in taxes.
b. the amount of tax a person owes to the government.
c. the amount of tax the government is required to refund to each person.
d. deductions that can be legally subtracted from a person's income each year.
b
Economics
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If the wage rate increases and firms in a perfectly competitive industry are hiring labor, then
A) the firms will quit using labor. B) profits will increase. C) market supply will decrease. D) market price will decrease.
Economics
Negative inflation rates benefit lenders because
A. the real interest rate is negative. B. the nominal interest rate is negative. C. the nominal interest rate is positive. D. the real interest rate is positive.
Economics