MEMORANDUM To: S. Partner‚ C.P.A. From: Nicole J. Badalamenti‚ J. Accountant Date: August 27‚ 2012 Subject: Mr. B. Potato I FACTS Mr. B. Potato‚ a wealthy real estate investor‚ recently purchased a house on a parcel of land for $400‚000. The house was appraised at a value of $300‚000 and the land had an appraised value of $100‚000. Mr. Potato plans to tear down the house and replace it with a new house worth $1‚500‚000 with the intentions of living in
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GHANA Introduction & Definition of taxation: To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government [...] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation‚ but an enforced
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ACCT332 Quiz 1 Last Name___________________ First Name ________________ Section#____________________ 1. Diversified Industries sells electronic products in reusable containers. Customers pay a deposit for each container. The deposit is equal to the container’s cost. Customers receive a refund when the container is returned. During 2012‚ deposits collected on containers shipped were $350‚000. Deposits are forfeited if containers are not returned in 18 months. During 2012‚ $250‚000 was refunded
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the topic of tax fraud. We will begin by introducing the basic concepts of tax fraud. Secondly‚ this paper will also delve into some of the laws that have been passed as punishment for those parties that decide to commit tax fraud. We will also highlight some of the more current examples of tax fraud that have been committed and the details that lead to the perpetrators being caught. Lastly we will discuss the role that criminal investigators have in the realm of tax fraud. Tax fraud can be
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Goods and Services Tax- Australia To uphold a country’s political and economical stability‚ governments often implement policies. There are many different types of policies that a government would implement to stabilize their country. However‚ one significant policy that almost every country uses is tax. In particular‚ Australia and Canada use a value added tax known as the Goods and Services Tax (GST). Australia’s GST policy was introduced by the Howard government and went into effect on July
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: Table of contents: 1. Introduction……………………………………………………….05 2. What is tobacco……………………………………………………05 3. Types of tobacco products………………………………………..06 4. Tobacco related illness……………………………………………09 5. What is meant by tobacco tax…………………………………....10 6. Taxes on tobacco………………………………………………….10 7. Structure of taxes…………………………………………………10 8. The situation in Bangladesh……………………………………...13 9. Structure of taxes in Bangladesh…………………………………14 10. Summary…………………………………………………………17 11
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Assessee Perception towards Direct Tax Code (DTC) 1 1‚2 Dept. of FMS‚ Gurukul Kangri University‚ Haridwar‚ UK‚ India tax regime as it is based on well accepted principles of taxation and best international practices. It will eventually pave the way for a single unified taxpayer reporting system. The Philosophy behind such replacement is to make the Direct Taxes Code very easy and simple so that tax payers themselves can‚ without help of experts compute and file Income Tax Returns. In planning and framing
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taxation in Bangladesh Tapan K Sarker1 ABSTRACT: This article reviews the incidence of income taxation in Bangladesh tax system. The main purpose of the study is to determine how the burden of personal and corporation income taxes is allocated among taxpayers of different income groups. In case of personal income taxes it shows that only 13 percent taxpayers paying around 73 percent of tax revenue collected through personal income taxes and interestingly about 53 percent taxpayers pay only 0.08 percent
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Source: Payroll Administration Guide > State and Local Income Tax Withholding > Multistate Withholding Requirements: State Comparison Chart 181:1251 Multistate Withholding Requirements: State Comparison Chart Employees who reside in one state but work in another can create withholding questions for payroll departments. The following chart illustrates the different state taxation and withholding rules applicable to such multistate taxation situations. In general‚ when an employee’s
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►Progressive/graduated tax Generally‚ rates increase as income increases ►Federal income taxes ►FORMULA: ►Income (very broadly inclusive) ►LESS: Exclusions (income not subject to taxation) ►EQUALS Gross income ►LESS: Deductions for adjusted gross income ►EQUALS Adjusted gross income ►LESS: Greater of itemized deductions or standard deduction ►LESS: Personal exemptions ►EQUALS Taxable income ►MULTIPLIED BY: Tax rate ►EQUALS Tax owed ►LESS: Tax credits ►LESS: Tax prepayments/withholdings
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