25 May Question 1. Roughly five percent of all taxes paid by businesses in the U.S. are to state, local, and municipal jurisdictio
Question
1. Roughly five percent of all taxes paid by businesses in the U.S. are to state, local, and municipal jurisdictions.
a. True
b. False
2. Usually a business chooses a location where it will build a new plant based chiefly on tax considerations.
a. True
b. False
3. Politicians frequently use tax credits and exemptions to create economic development incentives.
a. True
b. False
4. All of the U.S. states have adopted a tax based on the net taxable income of corporations.
a. True
b. False
5. Most of the U.S. states have adopted an alternative minimum tax, similar to the Federal system, in taxing the income of corporations.
a. True
b. False
6. Typically, corporate income taxes constitute about 20 percent of a state’s annual tax collections.
a. True
b. False
7. Property taxes generally are collected by local taxing jurisdictions, not the state or Federal governments.
a. True
b. False
8. State and local politicians tend to apply new and increased taxes to taxpayers who are visitors to the jurisdiction, such as a tax on auto rentals, because the taxpayer cannot vote to reelect the lawmaker.
a. True
b. False
9. A typical U.S. state piggybacksits collections of the corporate income tax, by letting the Federal government collect and remit the corresponding tax to the state.
a. True
b. False
10.Most states begin the computation of corporate taxable income with an amount from the Federal income tax return.
a. True
b. False
11.If a state follows Federal income tax rules, the state’s tax compliance and enforcement become easier to accomplish.
a. True
b. False
12.A typical state taxable income subtraction modification is the interest income earned from another state’s bonds.
a. True
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