Donald J. Trump will be our president within a matter of time. Is this a good thing or a bad thing? In my opinion there are both pros and cons to his presidency. For instance‚ his plan to bring federal tax policies in line with the needs of today’s families is a pro. “His plan is not for the wealthy‚ but rather provides the biggest benefit to working- and middle-class families. “ (Contribute‚ 2016) Trump’s vision involves rewriting the tax code to allow working parents to deduct from their income
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employee‚ wages‚ bonuses and deductions. In accounting‚ payroll refers to the amount paid to employees for working for a period of time. Payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct allowances and deductions‚ and to ensure the allowances and deductions are paid in a timely
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was that by allowing this deduction it would be a violation of the Establishment Clause of the First Amendment. The claim also stated that by the state allowing these certain deduction that it was allowing contributions that were financial to the parochial schools and were in direct violations of the first amendment. The courts held that the decision to allow the deductions code 290.09‚ subd. 22‚ and was not in violation of the first amendment and that the deductions were not promoting religion
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Applicable Law and Analysis The applicable tax law is Title 26 U.S. Code 162 which advises that “there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business”. (http://www.law.cornell.edu/uscode/text/26/162). Conclusion The $25‚000 is an allowable business expense deduction and will not be included in gross income. Issue (c): What is your determination regarding reducing the taxable amount of income
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The tax formula for individuals contains the following: Gross income minus adjusted gross income equals taxable income. Gross income minus deductions and minus exemptions is equal to the amount of adjusted gross income. Exemptions‚ credits‚ and deductions are subtracted from adjusted gross income to calculate taxable income. Adjusted gross income minus deductions and minus exemptions is equal to taxable income. The amount of the refund due is the gross tax liability added to credits. 3. Eugenia and
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In its tax returns‚ Branks Gilson & Lione always included the year-end bonuses as a deduction for officer compensation however after review‚ the IRS disallowed the deductions claiming they should be treated as nondeductible dividends. The issue that remained and that was discussed in this case was whether the petitioner was liable for accuracy-related penalties on the underpayments of tax relating to the deduction of year-end bonuses. After consideration the court ruled that the petitioner failed
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Purchasing a Home Buying a house for most is the American dream‚ but with today’s economy many people are unsure if the dream can be obtained. The main concern for most people would be the financial responsibility. Many people believe that the financial responsibility is overwhelming and they are just not ready. Although some people believe they are not financially ready to purchase a home‚ buying a house is a better option than renting an apartment for three main reasons. First‚ becoming a first
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companies. Germany also has about thirty varieties of non income taxes that are imposed on such things as lotteries‚ inheritance and motor vehicles (Emerson‚ 2004). Germany imposes very high tax rates for its residents but they also allow for large deductions compared to the United States. Many think of Germany ’s tax system as complex but the country has done significant restructuring to simplify its taxes. American and German citizens would consider Germany to be dissimilar from the U.S.; however
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The estate of a deceased person is subject to the following deductions: 1.) Expenses‚ losses‚ debts and taxes: a.) Funeral expenses -must not be more than 5% of the gross estate and not more than Php200‚000 (doesn’t include expenses after the burial.) b.) Court expenses for testate (with a will) or intestate (without a will) proceedings (including extra-judicial settlement.) c.) Debts of the deceased where the papers of said debts are notarized when they were contracted. If the loan was made
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On March 28‚ 2008‚ Brandy Corporation first used its new air conditioning unit. Issues 1. What year should Brandy Corporation recognize the air conditioning unit was first put into service? 2. How much is their deduction for that year with regards to MACRS recovery deduction? Discussion and Analysis 1. Code Section 168(i)(6) provides the treatments of additions or improvements to property. It states that in the case of any addition to (or improvement of) any property‚ the applicable recovery
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