The general concept of taxes

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1. Tax Incidence Analysis

Choose the correct definition of the economic tax burden.

• The legal obligation of a business to file tax returns annually.
• The actual economic burden of a tax, which may fall on consumers or producers regardless of who pays the tax to the government.
• The total amount of tax revenue collected by the government in a fiscal year.
• The administrative cost of collecting taxes from the population.

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2. Canons of Taxation

Fill in the gaps in the description of the fundamental principles of taxation.

The principle states that taxes should be based on the taxpayer's wealth or income level. Meanwhile, the principle suggests that those who utilize specific government services should be the ones to pay for them.

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3. Progressive Tax Calculation

Consider a progressive tax system with the following brackets: $0\%$ for income up to \20,000$;$15\%$forincomebetween$\$20,001$ and \60,000$;and$30\%$foranyincomeabove$\$60,000$. Calculate the total tax amount and the effective tax rate for an individual earning \100,000$ per year.