Asked by Blade McKee on Jul 21, 2024
Verified
Statement I: The two largest categories of federal spending are Social Security and defense.
Statement II: The payroll tax is a more important source of revenue for the federal government than the corporate income tax.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Federal Spending
Expenditures by the federal government on various programs, infrastructure, and services, financed by taxes and other revenues.
Payroll Tax
Obligations enforced on either the workforce or the employers, generally estimated as a share of the compensation employers offer to their staff.
- Grasp the concepts and implications of different sources and structures of federal spending and taxation.
- Identify the major categories of government expenditure and sources of government revenue.
Verified Answer
SG
sumielizabath georgeJul 26, 2024
Final Answer :
C
Explanation :
Both statements are true. It is widely known and reported that the Social Security and defense categories are the largest federal spending categories. In addition, the payroll tax does generate more revenue for the federal government than the corporate income tax.
Learning Objectives
- Grasp the concepts and implications of different sources and structures of federal spending and taxation.
- Identify the major categories of government expenditure and sources of government revenue.
Related questions
Which Statement Is True ...
In 2017, Which Category Represented the Largest Source of Receipts ...
Approximately What Percentage of the Federal Government's Tax Revenues Are ...
In 2018, Personal Income Taxes Contributed What Percentage of Total ...
Payroll Taxes Account for More Than One-Third of Federal Tax ...