Executive Summary The purpose of this report was to analyze the ’alcopops’ tax with related economic theory and outline the main issue and identify the key stakeholders. Also‚ the report will provide solutions and alternate recommendations. This report is based on news article provided from teachers which are about ’alcopops’ tax. Findings portray that alcopops are especially popular among teenagers and the imposition of the tax is not effective for young people due to they can find other sustitubes
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CHILD TAX CREDIT Individual taxpayers are permitted to take tax credit based on dependent children‚ under 17. Credit $1000 per child. AGI $110000 joint‚ 55000 separate‚ $75000 single. Phased out by $50 each $1000. * Married‚ joint‚ 2 children. AGI $118700. Child tax credit $1550 (1000x2=2000-450) {50x{(118700-110000)/1000]} DEPENDENT CARE CREDIT Under 13/ unable to care for self. If divorced child cant be living with the creditor. Divorced mother with custody may entitle to credit even
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Ch. 12 Taxable Income and Tax Payable for Corporations I. Calculation of Net Income For Tax Purposes and Taxable Income - Corporations follow the applicable ordering rules of Section 3 in computing NITP Net Income for Tax Purposes Less: Div C deductions Taxable Income Most of the Div. C deductions for corporations are DIFFERENT from the Div. C deductions for individuals. Div C deductions for Corporations: 1. Charitable
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MEMORANDUM TO: Dr. Green FROM: Kecia Carter DATE: November 28‚ 2010 RE: Tax Memo #1/Gambling Activities Issue #1 Dr. Green is a practicing physician in Chicago who‚ as an avid blackjack and slot machine player‚ travels to Las Vegas bi-weekly to gamble. He would like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business
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In 2010‚ Labor Prime Minister Julia Gillard decided to implement carbon tax in order to gain more support in response to the change in climate (http://isen.northwestern.edu/doc/pdf/URG-ISEN_ALloyd.Jun12_ProjectSummary.pdf) and on the 8th of November 2011‚ the ‘Clean Energy Legislative Package’ is then passed by the Senate which sets out the way that Australia will introduce the carbon tax to reduce carbon pollution (http://www.deloitte.com/view/en_AU/au/services/assurance/accountingtechnical/wha
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the Africa Partnership Forum‚ 26-27 October 2006‚ Moscow‚ Baunsgaard‚ Thomas and M. Keen (2005)‚ “Tax Revenue and (or?) Trade Liberalization”‚ IMF Working Document 05/112‚ IMF‚ New York‚ www.imf.org/external/pubs/ft/wp/2005/wp05112.pdf. Bernstein‚ Thomas P. and Xiaobo Lu (2003)‚ Taxation without Representation in Contemporary China‚ Cambridge University Press‚ Cambridge. Bird‚ Richard M. (2007)‚ “Tax Challenges Facing Developing Countries: A Perspective from Outside the Policy Arena”‚ DFID‚ London
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federal income tax was established in 1913 and since then it has become so complex that it requires millions of Americans to seek professional help every year. In addition to that‚ an expensive federal bureaucracy is required to enforce and administer the tax. The tax law was created to provide programs and services to the people that people wouldn’t want to pay for themselves. And through the tax system‚ we pay for these services that the government provides us. As much as a tax system is needed
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INCOME TAX NOTES Residential Status and Incidence of Tax According to Section 5 of the Income Tax Act the scope of total Income of an assessee depends on his residential status.On the basis of residential status assessee are classified under the following two categories: 1. Resident 2. Non-resident. As per as resident individuals and Hindu Undivided Families are concerned‚ they can be further divided into two categories: 1. Ordinarily Resident 2. Not ordinarily Resident. Residential
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CHAPTER 3 – INTERDEPENDENCE BETWEEN MAJOR SECTORS‚ MARKETS AND FLOWS IN THE MIXED ECONOMY STUDY UNIT 1 Production‚ Income and Spending *Identify the three major flows in the economy Production – occurs and generates income Income - earned Spending – Buy available goods and services *Distinguish between a flow and a stock (Box 3-1 Stocks and Flows) STOCKS FLOWS Measured at a particular point in time NO time dimension Has a Time dimension – only measured over a period Water level
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SCRAPPING THE MINING TAX- IS IT GOOD OR BAD? Executive summary Introduction The Australian governments mining tax‚ the mineral resource rent tax (MRRT) has always been under the radar for its ever changing policies. It is very easy to pint out its significant issues‚ but reforming the tax is quite a major task at hand. All the corporations involved within the mining industry‚ as well the different corporations in the economy‚ pay a current income tax rate of 30% on its revenue that they earn
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