answersLogoWhite

Top Answer
User Avatar
Wiki User
Answered 2011-02-22 16:41:36

During the fiscal year of 2010, US government spending totaled $3.46 trillion. In the same year, the government collected $2.16 trillion in taxes.

43% of the federal budget went to Social Security, Medicare and Medicaid, 20% of the budget went to the Defense Department, and the other 37% was reserved for mandatory fees.

The breakdown of tax revenue is: 42% from Income Tax, 40% from Social Security and Social Insurance, 9% from Corporate Income Tax, 3% from Excise, and 6% from miscellaneous taxes.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still Have Questions?

Related Questions

Distinguish between deficit budget and surplus budget?

If the Government expenditures are more than government receipts this situation represents Budget Deficit and if the government expenditures are less than the government revenue or the revenues are more than expenditures, the budget is Surplus.


What is meant by surplus and deficit?

For a government that taxes and spends, there is revenue (income) and expenditures (outlays). When the expenditures exceed the revenue, the difference is a deficit, also referred to as a "shortfall". When revenue exceeds expenditures, there is money left over, and this is a surplus.


What are the similarities between capital expenditure and revenue expenditure?

capital expenditures are for things like machinery and buildings revenue expenditures are for thing the create the revenue like labor and advertising.


Demonstrate the Relationship between elasticity and totoal revenue?

how government use the elasticity concept to genrate revenue


What is surplus budget and deficit budget?

If the Government expenditures are more than government receipts this situation represents Budget Deficit and if the government expenditures are less than the government revenue or the revenues are more than expenditures, the budget is Surplus.


What is government accounting?

Government accounting is the authorizing, tracking and recording of revenue and expenditures. It can govern how taxes are raised and how the executive of a government spends the proceeds.


Where is the revenue expenditure listed on the financial statement?

revenue expenditures are recorded in "income statement" as revenue expenditures are those expenses, benefits of which has already taken by company in full.


What is revenue minus expenditures?

Profits


What are the other difference between capital and revenue expenditure?

Capital expenditures are funds used to acquire or upgrade fixed assets that will benefit the business in the future. Revenue expenditures are expenses incurred for daily operation but have a shorter term benefit


What is capital expenditures and revenue expenditures?

Capital expenditures are those expenditures the benefit of which is taken by company for more than one fiscal year while revenue expenditures are made for only one fiscal year or even incurred morethan once in one fiscal year.


What results when expenditures exceed revenue?

A deficit is the result when expenditure exceeds revenue.


Why it is important to distinguish capital expenditures from revenue expenditures for tax purpose?

Because it is important. Capital expenditure = non-deductible Revenue expenditure = deductible


What is capital expenditure vs revenue expenditure?

Revenue expenditures are those expenditures which relates to only one fiscal year while capital expenditures are related to more than one fiscal year.


What is difference between capital expenditure and revenue expenditure?

Revenue expenditures are those expenditures which are incurred more than once in a fiscal year and benefits are for only one fiscal year while capital expenditures are those expenditure the benefits of which are taken by company for more than one fiscal years.


What has the author W A McCleary written?

W. A. McCleary has written: 'Earmarking government revenues in Colombia' -- subject(s): Appropriations and expenditures, Revenue, Revenue sharing, Special funds


What is public fiscal administration?

fiscal administration generally refers to the process/es involved in the revenue generation, allocation, and expenditures of the government.


What is the formula for Net Operating Margin in Excel?

=(total revenue- total expenditures)/revenue. you get a percentage.


Role and scope of public finance?

Essentially public finance is "finance deals with the government". "The scope of public finance is extends to government. expenditures, government revenue, public debt, and financial management."


What is fiscal adequacy in taxation?

Fiscal Adequacy means that the sources of revenue taken as a whole should be sufficient to meet the expanding expenditures of the government.


What are bills concerning money called?

Revenue bills. They concern both revenue (taxes) and expenditures (appropriations).


What is the relationship between price elasticity of demand and the monopolist's revenue?

marginal revenue is negative where demand is inelastic


What is the difference between capital and revenue expenditures and how each type of expenditure is disclosed in financial statement?

that's no hep!! tut tut!


Which term describes a budget in which expenditures exceed revenue?

budget deficit


What best describes a budget with equal expenditures and revenue?

balanced budget


What is capital and what is revenue expenditure?

Capital expenditures are the costs of starting a business, such as fixtures and equipment. Revenue expenditures are the costs of running a business, like payroll, rent and raw materials. (I think; not 100% sure)