CH1 10. a) State Income - regressive b) Federal State Tax – Progressive (larger the state; larger the tax) c) Corporate & franchise tax - Progressive d) Property tax – Proportional (value of property is taxed at flat rate) e) State Sales Tax – Proportional 12. Who uses a) Property Tax – State Local b) Excise Taxes – All three (State‚ federal‚ and local) c) Sales – State and Local d) Income Tax – Federal‚ State‚ Local e) Employment – Federal‚ State‚ and
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TAX ASSIGNMENT On Computation of taxable income of individual‚ HUF and firms COMPUTATION OF TAXABLE INCOME OF AN INDIVIDUAL What is included in income of an individual? While computing taxable income of an individual‚ the following points should be considered— Nature of income | Tax treatment | Income earned by the taxpayerShare of profit from a HUFShare of profit from a firm assessed as firmSalary & interest from the aforesaid firmShare of profit from an association of persons/body of individualsIncome
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CHAPTER 4--GROSS INCOME: CONCEPTS AND INCLUSIONS As a general rule: Only I and II are true. I. Income from property is taxed to the person who owns the property. II. Income from services is taxed to the person who earns the income. III. The assignee of income from property must pay tax on the income. IV. The person who receives the benefit of the income must pay the tax on the income. Betty purchased an annuity for $24‚000 in 2012. Under the contract‚ Betty will receive $300 each month for
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to accounting for income taxes‚ which are the cash method and the allocation method. The cash method is described as a simple and direct approach. The amount of income taxes actually paid for the year is reported on the Income Statement. The amount comes from the firm ’s income tax return and fit is not adjusted in any way. Therefore‚ the firm ’s actual transaction to record its income tax liability is the basis for the amount of the income tax expense reported on the Income Statement. The allocation
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TITLE PAGE INCOME TAX Assessment - Report writing NAME: xxxx xxxx STUDENT NUMBER: xxxxxx HND Accounting TUTOR: xxxx xxxx DATE: April 2012 ACKNOWLEDGEMENTS. I would like to thank my tutor‚ xxxx xxxx for the valuable advice and support given to me to enable me to write my report. INTRODUCTION. The purpose of this report is to fully evaluate Katy’s situation by providing detailed information about the different issues regarding employment and self-employment to enable her to determine
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Ltd. Monthly Income Plan One Pager – Monthly Income Plan Plan Benefits: 1. Guaranteed Monthly Income which is Tax Free#: You start receiving Guaranteed Monthly Income after the completion of the premium payment term‚ until maturity‚ provided the policy is in force. This income is tax-free#. You have the flexibility to choose the Monthly Income you wish to receive‚ which decides your premium amount. # Subject to the prevailing provisions of section 10(10D) of the Income-tax Act‚ 1961
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11 February 2013 The Problem with the Income Disparity‚ or: An Eagle-Mounted Buddha Mediates a Duel between Marx and Robespierre In our society there exists a horse that has been beaten well past death. This horse has been pulverized into the planes of oblivion‚ the Fields of Asphodel‚ or so far into the cosmos that it no longer even resembles a horse at all. Instead‚ it manifests in protestors‚ history‚ and politics. The name of the horse is income disparity‚ more specifically the ever-increasing
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earnings are the bottom line of their income statement and is a measure of the firm’s income over a given period of time. The cash flow of a firm shows how a firm has used the cash it earned during a set of time. There are two reasons that the income statement does not show the amount of cash earned. One‚ there are non-cash entries on the income statement and second‚ there are certain uses such as a purchase of a building that are not reported on the income statement. The statement of cash flows
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Presentation of Comprehensive Income By: Logan Bell October 3‚ 2012 The Accounting Standards Update (ASU) 2011-05‚ Comprehensive Income: Presentation of Comprehensive Income was issued to increase the importance of items reported in other comprehensive income. The FASB‚ along with IASB‚ worked jointly to improve and converge the reporting and presentation requirements for items contained in other comprehensive income. At the same time FASB issued ASU 2011-05‚ IASB issued an amendment to IAS
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Income Tax Is not one Tax but an Aggregation Of Taxes Tax is a fee charge by the Govt. on any product income or activity. Taxes in India are of two types‚ Direct Tax and Indirect Tax. Direct Tax‚ like income tax‚ wealth tax‚ etc. are those whose burden falls directly on the taxpayer. The burden of indirect taxes‚ like service tax‚ VAT‚ etc. can be passed on to a third party. Income Tax is all income other than agricultural income levied and collected by the central government and shared
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