A. Part I Tax: Federal Basic Tax 38% x TI (-) Abatement 10% x Canadian TI (-) SBD (CCPC): 17% of Least of ▪ ABI (Canadian‚ CY‚ Net of Loss) ▪ Adjusted TI ▪ Business Limit (500‚000) (+) Additional Refundable Tax (CCPC) 20/3% of Least of - AII - SBDQ (-) GRR: 11.5% (TI – SBDQ – AII – MPPDQ) (-) MPPD: 11.5% of Least of - ▪ M&PP – SBDQ ▪ TI – SBDQ - AII (-) Tax Credits: ▪ Foreign Tax Credit (Tax paid abroad) ▪ Fed. Political
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Accounting I Instructor: James Rodisch July 28‚ 2013 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: * Social Security taxes: 6% on the first $55‚000 earned per employee * Medicare taxes: 1.5% on the first $130‚000 earned per employee * Federal income taxes withheld from wages: $7‚500 * State income taxes: 5% of gross earnings * Insurance withholdings: 1% of gross earnings * State unemployment taxes:
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TAX TREATMENT OF PRIVATE JET EXPENSES Facts: Alex Jones owns a small software company‚ Find Donuts‚ Inc in Michigan. A patent on a smartphone application named Find Donuts which is designed to locate donuts shops‚ is the only asset of Find Donuts‚ Inc. With the intention of promoting the sales of the Find Donuts smartphone app and increasing company revenue‚ Alex Jones attended a computer conference in June 2010‚ in San Francisco. Alex also owns a Christmas tree farm in Oregon. Primary purpose
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July 2013 New income tax forms for companies As a result of recent changes in tax legislation‚ the South African Revenue Service (SARS) have recently revised and updated the corporate income tax returns. * As such‚ it is now compulsory to submit an electronic copy of the signed annual financial statements‚ on which the tax return is based‚ together with the income tax return to SARS. * Furthermore‚ SARS now requires additional information to be presented and disclosed in the corporate
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Tax Treatment of Private Jet Expenses Facts: Alex Jones is a computer engineer‚ Aubrey‚ his wife‚ is an attorney. Alex is an independent contractor at ABC‚ Inc. Jones owns a Christmas tree farm as sole proprietorship in Oregon and they report the farm on their joint federal income tax return. Apart from the home in Phoenix‚ AZ‚ Jones has the other home in Honolulu‚ Hawaii‚ and cost $2 million to rebuilt it. They lease the home to operate the house as B&B. Apart from that‚ they also own a
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The Value Added Tax and Targeted Budget Cuts as a Means to Reduce the Federal Deficit Travis W. Hall Ashford University Political Science Capstone Arthur Piervincenti September 11‚ 2012 The Value Added Tax and Targeted Budget Cuts as a Means to Reduce the Federal Deficit Deficit spending is a government action in which the amount of its expenditures exceeds that of its revenues. In other words‚ the government spends more money than it receives from its citizens through taxation. While
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The 3rd Accounting & The 2nd Doctoral Colloquium Bridging the Gap between Theory‚ Research and Practice : IFRS Convergence and Application Faculty of Economics Universitas Indonesia Bali-Indonesia‚ 27 - 28 Oktober 2010 TAX01 INFLUENCE OF BOOK TAX GAP TOWARDS EARNINGS PERSISTENCE AND FIRM VALUE FOR THE PERIOD OF 1999 – 2007 Dwi Martani Universitas Indonesia (martani@ui.ac.id) Debby Fitriasari Universitas Indonesia (dfsari@yahoo.com) Yulianti Universitas Indonesia (yuli.a@ui.ac.id)
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SAVING INCENTIVES FOR LOW- AND MIDDLE-INCOME FAMILIES: EVIDENCE FROM A FIELD EXPERIMENT WITH H&R BLOCK* ESTHER DUFLO WILLIAM GALE JEFFREY LIEBMAN PETER ORSZAG EMMANUEL SAEZ We analyze a randomized experiment in which 14‚000 tax filers in H&R Block offices in St. Louis received matches of zero‚ 20 percent‚ or 50 percent of IRA contributions. Take-up rates were 3 percent‚ 8 percent‚ and 14 percent‚ respectively. Among contributors‚ contributions‚ excluding the match‚ averaged $765 in the control group
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of real estate tax Mortgage interest expense Home equity loan Deduction of interest on home equity loans When “points” are deductible Deduction of interest on debt between related parties Contribution to an individual and church Value received for contribution Charitable contribution: benefit received Contribution of services Timing of contribution Timing of contribution Charitable contribution: various Medical expense deduction and reimbursement Medical expenses: deduction and tax benefit rule 10-1
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Here are 7 interesting (and fun) ways to save even more income taxes... 1. IRA Funding Trick 2. A Special Retirement Plan 3. Make Your Landlord Pay For Improvements 4. Deduct Home Entertainment Expenses 5. Deduct Holiday Gifts Without Receipts 6. Deduct Your Home Computer 7. Have Your Company Buy You Supper 1. Did you know you can use your previously funded IRA to fund the current year’s deductible contributions? Well‚ you can. If you don’t have enough cash to make a deductible
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