Liability Alex Washington ACC 205 Principles of 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:
Premium Tax Income tax in the United States Taxation
The Wall Street Journal: The article titled “The Corporate Tax Political Drive” talks about American companies moving over sees because they feel as if they are being punished by taxes for investing over sees. If a company invests over sees they have to pay the taxes over there‚ the author would say is rightfully so‚ and they would additionally have to pay the taxes her‚ not rightfully so. The newspaper takes the side that it is not right to have to pay both sets of taxes and I believe that news
Premium United States Tax Taxation
The third is an examination of the sales tax as a consumption tax‚ and the other means of taxing consumption. The next section addresses trends in the sales tax base and the factors that have been altering the base. The final section is a discussion of the likely direction of sales taxes in the future. 1. Sales Tax History The imposition of transactions taxes can be found through much of modern civilization (see Buehler‚ 1940). Tomb paintings depict tax collectors in Egypt at least as early as 2000
Premium Value added tax Tax Taxation
company‚ investors want to make sure the company is well managed. Because the differences between effective tax rates of companies of equal size that perform similar functions in the same geographical region are generally due to managerial decisions‚ a company with the lower effective tax rate could have the better administration and therefore be a better investment. The statutory corporate tax rate is the rate that is imposed on taxable income of corporations‚ which is equal to corporate receipts less
Premium Taxation Tax Progressive tax
There have been major changes in tax systems of countries with a wide variety of economic systems and levels of development during the last two decades. The motivation for these reforms has varied from one country to another and the thrust of reforms has differed from time to time depending on the development strategy and philosophy of the times. In many developing countries‚ the immediate reason for tax reforms has been the need to enhance revenues to meet impending fiscal crises. One of the most
Premium Tax Income tax Progressive tax
Hindu Undivided Family – A Tax Saving Tool G. Venkatesh Introduction Amid all the wide diversity there is a philosophy of underlying unity in India. Yet‚ at the dawn of freedom‚ the founding fathers of our nation chose to continue separate personal laws for its citizens based on their religious identities. This was despite the fact that the new constitution embraced secularism. While Hindus continue to be governed by the Hindu laws‚ Muslims follow the Mohammedan laws and so on. Personal laws
Premium Tax Progressive tax
Accounting for Income Tax Under IFRS‚ Income Tax is taxes based on taxable profits‚ and taxes that are payable by a subsidiary‚ associate or joint venture on distribution to investors. U.S GAAP defines income tax as all domestic federal‚ state and local taxes based on income‚ including foreign income taxes from an entity’s operations that are consolidated‚ combined or accounted for under the equity method‚ both foreign and domestic. In IFRS‚ the guidance about accounting for income taxes
Premium Taxation Balance sheet Tax
1. What is a progressive tax system? How does it differ from a regressive tax system? Answer: A progressive tax system is a system that requires people with higher income to pay more of their income in taxes. And a progressive tax system is different from a regressive tax system because a regressive tax system requires everyone to pay the same price whereas the progressive requires people with more money to pay more. 2. What is gross income? What types of income are included in gross income? Answer:
Premium
Offshore financial tax havens and solution Tax havens generally exist to protect offshore profits and keep them a secret from governments. After The Economist published a special report named “Storm Survivors” about offshore finance problems‚ Jeffery Kadet proposed a “worldwide-full inclusion” system to fix the offshore financial problem. Most countries use “territorial” or “deferral” tax systems. Either system is better than Kadet’s “worldwide-full inclusion” system‚ because the “territorial”
Premium Taxation Tax Taxation in the United States
The Reagan Tax Cuts and Foreign Policy During the 1980’s President Ronald Reagan’s (our 40th president from 1981 to 1989) domestic policy of a substantial tax cut led to greatly increased economic prosperity for our country. During Reagan’s administration marked changes were made to the tax code and economic statistics showed a major change for the better. However‚ at the same time‚ the Democrats controlled the Congress and continued increased spending against Reagan’s wishes. The Joint Economic
Premium Ronald Reagan Cold War Mikhail Gorbachev