Question

A portion of individual and corporate revenue that is paid to the government is known as

a. income tax.
b. federal debt.
c. deficit spending.
d. the Federal Reserve System.

Answer 1

Answer is: a. Income Tax

Private citizens and corporations pay income tax to the government after receiving pay. This is used to fund services offered by the government in the annual budget and to "service" or pay off the national debt.

Answer 2

The correct answer is A. A portion of individual and corporate revenue that is paid to the government is known as income tax.

Step-by-step explanation:

Income tax is an internationally prevailing tax on income that is levied by a state (or a lower government body) on persons and enterprises, where each taxpayer is required to pay a certain percentage of their income to the government.

The United States of America is a special country with regard to income taxes: not only does the federal government levy income tax, but also lower government bodies such as individual states and even municipalities are allowed to levy income taxes.