marginal change (new-old)tax/taxable average tax/taxable Effective tax/total Federal Taxes Income Employment (Social Security and Medicare tax(.9%+ on ee) by employer and ee; self-employee tax) un Excise (quantity sold) Transfer (MV estate/gift) state and local taxes: income‚ sales and use‚ excise‚ and property taxes Corp. tax returns 3/15 partnerships 5 mo. Extension no file a tax return penalty= 5% per mo. tax due. Max= 25% tax owed statute of limitations: later tax return filed
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Permanent AMT Relief................................. 3 Pease Limitation ........................................... 4 Personal Exemption Phaseout ................... 4 Federal Estate‚ Gift And GST Taxes ........... 5 State And Local Sales Tax Deduction ....... 6 Child Tax Credit ............................................. 6 Earned Income Credit .................................. 6 Other Child-Related Tax Relief .................. 6 Other Education Incentives........................ 7 More
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net pay • The program record all the payroll data for subsequent processing • The program should prepare pay cheques • The program should prepare a payroll ledger • The program should maintain data on a sequential payroll file • Non-statutory deductions such as union dues and pension plans to be made • Year-to-date total should contain earnings‚ federal tax‚ pension plan‚ and union dues • Payroll data are employee number‚ employee name‚ pay rate‚ and union member flag Statement of Goals /
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Luk’s Tax Cheat Sheet Types of Income and Net Income: Segment A: Employment Income‚ Business Income‚ Property Income‚ Other (alimony) Segment B: Taxable capital gains less allowable capital losses either + or zero Segment C: Other deductions ie. RRSP contribution‚ moving expense‚ etc. Segment D: Employment‚ business or property loss; allowable business investment loss Employment Test: Control Test: An employer has the right to tell an employee what to do‚ when‚ and how Ownership of Tools:
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INCENTIVES FOR INVESTORS The government has come up with a liberal program of fiscal and non-fiscal incentives to attract foreign capital and technology that complements local resources. Different incentives schemes are available relative to the location and registration of the proposed business activity. Thus‚ there are several options for an enterprise to choose from : A. Projects Registered at the Board of Investments (BOI)E.O. 226 The BOI‚ an agency under the Department of Trade
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Tina Li DQ #2-7‚ 2-9‚ 2-10‚ 2-11‚ 2-21 Problems #2-30‚ 2-42‚ 2-44‚ 2-49‚ 2-50‚ 2-52‚ 2-60 7. A) What determines who must file a tax return? Who must file is determined by an individual’s filing status‚ age‚ and earnings (income) they received that year. B) Is an individual required to file a tax return if he or she owes no tax? Yes‚ they are still required to file a tax return if they must file‚ even if he/she owes no tax. 9. Tax rules are often very precise. For example‚ a taxpayer must
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and ideas from the existing system. 2.1 Related Literature 2.2 Related Studies 2.2.1 Foreign Studies Titus Information Payroll System A Payroll System designed to produce payroll checks with appropriate withholdings‚ benefits‚ allowances‚ and deductions for employees in multiple companies‚ departments‚ and/or sub-departments. It has been designed to handle up to 1‚000‚000 employees in 100 companies‚ 1‚000 departments in each company‚ and 36 sub-departments in each department. Some of the features
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which the Australian Income taxation system is; the other is a flat tax system which the Eastern Europe (e.g. Russia) uses. Comparing with the Eastern Europe‚ the Australian Income tax system does not have only one single rate and has hundreds of deductions‚ credits‚ exclusions‚ etc. The Australian Income tax system can not produce the desired results. It sinks further into the mire of confusion‚ clouded by deception and self interest. Following is the brief review. 1. Fairness or Equity The tax
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True / False Questions 1. Increased demand for a product or service will usually result in lower prices for the item. FALSE 2. Inflation reduces the buying power of money. TRUE 3. When prices are increasing at a rate of 6 percent‚ the cost of products would double in about 12 years. TRUE 4. A decrease in the demand for a product or service may result in a decrease in wages for people producing that item. TRUE 5. A financial plan is another name for a budget.
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on Mr. John Gemstone‚ a wealthy client. A few deductions were questioned‚ such as; $10‚000 loss on beach rental‚ $20‚000 charitable contribution‚ $15‚000 loss for operation of cattle breeding ranch. There was a concern that the battle breeding ranch is not a legitimate business‚ which is more like a hobby. My supervisor was asked that I represent Mr. Gemstone in his discussions with the IRS. In order to get elaborate more on Mr. Gemstones deductions‚ we would need more specifics: • For the charitable
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