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Q: In which of the following situations would someone have to pay a gift tax? A. A relative dies and leaves you \$13,000 in the will. B. Your cousin gives you a car worth \$1,700. C. Your
grandmother gives you \$13,000 toward college. D. Your cousin gets a job paying \$32,000 a year.
A: A. A relative dies and leaves you \$13,000 in the will. refer to the website:
Original conversation
User: In which of the following situations would someone have to pay a gift tax? A. A relative dies and leaves you \$13,000 in the will. B. Your cousin gives you a car worth \$1,700. C. Your grandmother gives you \$13,000 toward college. D. Your cousin gets a job paying \$32,000 a year.

Weegy: A. A relative dies and leaves you \$13,000 in the will. refer to the website:
latefisher|Points 3420|

User: Joanie takes out a loan from a finance company in order to buy a new car. The following table shows the terms of the loan. What would happen if Joanie put the same amount of money in her savings account, at 2 percent interest, for 48 months? A. She would save the same amount of money that she spends on the loan B. She would earn less from her savings account than she spends on the loan. C. She would earn more from her savings account than she paid on the loan. D. She would owe more on her car and would not pay off the loan.

vcj2028|Points 371|

User: What happens to the percentage of an income that is taxed when income rises and the tax is a proportional one? A. The percentage of tax falls. B. The percentage of tax rises. C. The percentage rises and then falls. D. The percentage of tax stays the same.

Weegy: In the given scenario, income and tax are proportional to each, therefore, if generated income rises that tax rises as well but therefore net income after tax decreases. For instance, Year 1 generated income is 10,000 and tax charges is 20%, and on year 2 generated income is 20,000 and tax charge is 40%. Income after tax for Year 1 is 8,000 and for year 12,000. Hence, proportional increases in income and tax will cause the net income after tax to decrease.

User: What is the main source of tax revenue for local governments? A. inheritance taxes B. income taxes C. property taxes D. sales taxes

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