An excise tax is imposed on the profits of a business or profession, but not on an individual's income.

Name: An excise tax is imposed on the profits of a business or profession, but not on an individual's income.
Brand: Quizplus
Rating: 4.8 (35 reviews)

Question

Quizplus · Accepted Answer

An excise tax is not imposed on profits, but rather on specific goods or services such as tobacco, alcohol, and gasoline. Individual income is subject to income tax, not excise tax.

An Excise Tax Is Imposed on the Profits of a Business