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Which of the following is an example of a tax you must pay?
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1. Introduction to Microeconomics
Introduction to Economics
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Which type of tax is levied directly on an individual's or firm's earnings, such as wages, salaries, or profits?
A
Property tax
B
Income tax
C
Excise tax
D
Payroll tax
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Understand the definition of a direct tax: a tax that is imposed directly on an individual or firm's income or wealth and paid directly to the government.
Identify the types of taxes listed: Property tax, Income tax, Excise tax, and Payroll tax.
Recall that Property tax is levied on the value of owned property, not on earnings.
Recognize that Excise tax is an indirect tax applied to specific goods or services, such as gasoline or tobacco, rather than on income.
Know that Income tax is a direct tax levied on an individual's or firm's earnings, including wages, salaries, and profits, making it the correct answer.
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