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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.
What else can I help you with?
Deffrentiate between surplus and deficit?
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 is fiscal adequacy in taxation?
this means that the source of revenue should be sufficient to address the demands of public expenditures.
A federal budget deficit exists when?
The federal government purchases exceed net taxes.
What terms best represents the process of obtaining revenue through taxation and the subsequent spending of the tax dollars in order to operate the government?
The process of obtaining revenue through taxation and subsequently spending those funds to operate the government is best represented by the terms "fiscal policy" and "public finance." Fiscal policy refers to the government's use of taxation and spending to influence the economy, while public finance encompasses the management of a government's revenue, expenditures, and debt. These terms highlight the integral relationship between taxation and government spending in maintaining public services and economic stability.
Deffrentiate between surplus and deficit?
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.
Demonstrate the Relationship between elasticity and totoal revenue?
how government use the elasticity concept to genrate revenue
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.
What is fiscal adequacy in taxation?
this means that the source of revenue should be sufficient to address the demands of public expenditures.
A federal budget deficit exists when?
The federal government purchases exceed net taxes.
What is revenue minus expenditures?
Profits
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 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 terms best represents the process of obtaining revenue through taxation and the subsequent spending of the tax dollars in order to operate the government?
The process of obtaining revenue through taxation and subsequently spending those funds to operate the government is best represented by the terms "fiscal policy" and "public finance." Fiscal policy refers to the government's use of taxation and spending to influence the economy, while public finance encompasses the management of a government's revenue, expenditures, and debt. These terms highlight the integral relationship between taxation and government spending in maintaining public services and economic stability.
What are money (revenue) bills?
Revenue bills. They concern both revenue (taxes) and expenditures (appropriations).
When revenue exceeds expenditures?
there is a budget surplus
