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What is the relationship between tax revenue and government expenditures?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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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.
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 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 results when expenditures exceed revenue?
A deficit is the result when expenditure exceeds revenue.
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.
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.
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 are money (revenue) bills?
Revenue bills. They concern both revenue (taxes) and expenditures (appropriations).
When revenue exceeds expenditures?
there is a budget surplus
What results when expenditures exceed revenue?
A deficit is the result when expenditure exceeds revenue.
