Asked by feiben alaze on Jun 30, 2024

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The three most important sources of federal tax revenue in order of descending importance are

A) sales, payroll, and personal income taxes.
B) personal income, corporate income, and sales taxes.
C) personal income, corporate income, and payroll taxes.
D) personal income, payroll, and corporate income taxes.

Federal Tax Revenue

The income collected by the federal government mainly through taxes such as income tax, corporate tax, and excise duties.

Personal Income

The total amount of income received by an individual or household from all sources, including but not limited to wages, salaries, dividends, and rental income, before any taxes or deductions.

Corporate Income

is the total profit that a company generates from its operations, after expenses and taxes are subtracted from total revenue.

  • Identify and describe the primary sources of federal revenue.
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ZK
Zybrea KnightJul 02, 2024
Final Answer :
D
Explanation :
The three most important sources of federal tax revenue in descending order are personal income taxes, payroll taxes, and corporate income taxes. Personal income taxes are the largest source, followed by taxes collected from payrolls for social security and Medicare, and then taxes on corporate profits.