removed from the tax base by law Deductions- subtracted from the tax base rather than fully excluded. Flat tax- one single rate applied to the entire tax base. Progressive tax- rates increase as tax base increases. (Federal income tax) Tax credit- authorized deduction in gross tax liability Real and personal property taxes- Real (real estate) Personal (difficult to enforce because property is easily concealed or moved‚ with the exception of vehicles which must be registered) Excise tax- imposed on
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by employees by means of a System which features Systematic maintenance and retrieval of employee records such as Automatic computation of monthly net income‚ GSIS‚ PAG-IBIG‚ Withholding Tax and other deductions. Daily Time Record of each employee‚ Payroll Summary Sheet per month‚ and Pay slip. The system automatically calculates computed income‚ and paid-time-off benefits‚ taxes‚ and allocates the sharing of payments for other benefit programs of each employees. Problem statement: 1. Salaries
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what you learned. TIP: If you want‚ you can practice filling out the 1040EZ tax form in your course folder‚ but don’t turn the tax form in to your instructor. The information on that form is personal and should be kept private. 1. How does payroll withholding help a company’s employees? (1-2 sentences. 2.0 points) Payroll withholding is when a company sets aside part of a companys paycheck for certain purposes such as taxes or retirement. 2. List at least three types of tax that a company may
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Chapter 2 of the Book Income tax only works in developed countries – Australia has a heavily reliance on income tax. Tax = [(assessable income – deductions) x rate] – offsets ( note there is a order for these) –payg(w) (at the very end +- any levies) Taxable Income e.g. the medicare levy is based on your taxable income. Note: The tax free threshold for a resident for part of the year is calculated through a special formula. (pg71 of text book) Deductions
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UNDERSTANDING AND WORKING WITH THE FEDERAL TAX LAW SOLUTIONS TO PROBLEM MATERIALS Question/ Problem 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Learning Objective LO 1 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 3 Topic Revenue neutrality Controlling the economy Encouraging industries Research and development expenditures Social considerations Earned income credit Charitable contributions Fines
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TAX RESEARCH CASES ACC 430 Spring 2015 Instructor: Donald Frost Case No. 1: Eileen recently retired from AquaTrek‚ an operator of passenger cruise ships. As a qualified retiree‚ Eileen is permitted to book passage on AquaTrek vessels for a nominal service charge‚ provided the ship is not fully booked with paying customers and there is space available. Eileen has already taken two cruises‚ one to the Bahamas and one to Jamaica‚ using her retiree benefits. Compared to what AquaTrek paying customers
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BTF5965 Taxation law Semester 1‚ 2015 Tutorial Questions Tutorial 1 | Week 2‚ commencing 9 March 2015 Question 1 a) What is a tax? b) What are the main tax policy objectives (or design criteria)? c) How are these policy objectives reflected in: i. the Commonwealth income tax system? ii. the Commonwealth Goods and Services Tax? d) What structural features do most tax systems have in common? e) What are the major forms of taxation administered by: i. The State of Victoria (and other Australian States)
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home office. Typically‚ after satisfying all the rules of probate in a formal probate process‚ the executor will close the estate. As a result‚ the executor becomes an acting executor responsible for closing tasks as described in the article Estate Income Tax Returns: Review and File the Returns. In the end‚ the one closing task an acting executor likes is the final task: the task to close the temporary home office. Close the Temporary Home Office The task of closing the temporary home office signals
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expenditure and income each month? 2. Can you cite some sources of government revenue and types of government expenditure in Hong Kong? 3. How do government revenue and government expenditure affect the Hong Kong economy? P.163 Fig 6.2 According to the equity principle‚ who should pay more tax? P.165 Discuss 6.1 By the benefit principle‚ those who benefit more from public services should pay more taxes. By the ability-to-pay principle‚ those who have a higher ability to pay (measured by income or wealth)
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FEDERAL TAX LAWCHAPTER 1--AN INTRODUCTION TO TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW Student: ___________________________________________________________________________ 1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations. True False 2. Before the Sixteenth Amendment to the Constitution was ratified‚ there was no valid Federal income tax on individuals. True False 3. The first income tax on
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