Basic Concepts INTRODUCTION Tax is today an important source of revenue for governments in all the countries. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defence needs of a nation. DIRECT AND INDIRECT TAXES •Direct Taxes: A tax which is born and paid directly by the person on whom it is impose is a direct tax e.g.‚ Income Tax‚ Wealth Tax‚ Gift Tax‚ etc. It is directly paid by the tax payer to the government without any intermediary
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Ch8 Student: ___________________________________________________________________________ 1. Delta‚ Northwest‚ and United Airlines have all‚ at one time‚ filed for bankruptcy. True 2. In a classified balance sheet‚ we categorize all liabilities as current. True 3. False A line of credit is an informal agreement that permits a company to borrow up to a prearranged limit without having to follow formal loan procedures and paperwork. True 9. False We record interest expense in the period in
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my past and my present. I have realized realized that through the years I have really noticed that laws do hold a foundation on my everyday life as well as others. Laws are principles and regulations that are established under the authority of the state and/or the nation. They help to form the foundation for a country that protects and provides for its citizens. Breathing. Its an instinctive‚ necessary reflex that people do to live. We need oxygen in order to maintain homeostasis through the process
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Construction Of Serial Murders is very well written. He describes the thesis spot on from the start. He clearly highlights keep parts throughout the chapter with prime examples of what he is portraying. Example (Table 4.1 School Shooting in the United States‚ 1966-2011. Shows school shooting statistics) He also gives profiles to show actual events on the topic an example of
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Jane Smith From: Terrace Long Date: 4/24/15 Re: Summary of various tax issues (1) John Smith ’s Tax Issues: (a) How is the $300‚000 treated for purposes of federal tax income? Applicable Law & Analysis: The issue is to determine how the $300‚000 fee that John received is to be treated for Federal income purposes. Code Sec. 61(a)(1) of the Internal Revenue Code ("IRC") states that the general definition of gross income is "all income from whatever source derived‚ including (but not limited to) the
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Wage and Tax Statement Copy W-2 2014 Control number 076861 c Dept. 1. The following information reflects your final 2014 pay stub plus any adjustments submitted by your employer. OMB No. 1545-0008 Copy C for employee’s records. d This blue Earnings Summary section is included with your W-2 to help describe portions in more detail. The reverse side includes general information that you may also find helpful. Corp. Employer use only Gross Pay A LOS2/NDY 310116 Social Security Tax Withheld
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do these taxes help improve our quality of living‚ but they also fund government programs such as public education‚ foster care‚ and welfare. These programs are all designed to help society grow and advance as a whole. Most taxes are paid by middle-income families because the top one percent make more money and as a result‚ pay fewer taxes due to certain loopholes in the law. However‚ it must be mandatory for wealthier individuals to pay more taxes to generate more money to improve the quality of life
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advantage of municipal bonds can be summed up in two words: tax free. The interest rates on municipal bonds may seem low compared to similar long-term securities like Treasury bills and CDs‚ but tax advantages may level the playing field. Let ’s look at some examples. If you ’re in the 25 percent bracket for 2008 federal income taxes‚ you ’d have to find a taxable security with an interest rate of 4 percent to equal the yield of a tax-free municipal bond with an interest rate of 3 percent [source:
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with your tax questions. Please contact me‚ after you both have studied my suggestions‚ so we can address any other questions you may have at that time. John Smith’s questions: 1(a) How is the $300‚000 treated for purposes of Federal tax income? The $300‚000 is considered to be earned income for John Smith and therefore will be reported as part of your gross income on the LLC return or on your individual income. The reason that it can be on either would be because of the variance in state laws.
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Effect of state and local taxes on decision making Unchanged 1 2 Tax structure Unchanged 3 3 Proportional versus progressive tax Unchanged 14 4 FICA and FUTA compared Unchanged 15 5 Use taxes Unchanged 4 6 Cumulative nature of the Federal gift tax Unchanged 6 7 Federal gift tax and use of annual exclusions Unchanged 7 8 Issue ID New 9 Ethics problem Unchanged 9 10 Issue recognition Unchanged 10 11 Issue ID Modified 11 12 Issue ID New 13 Ad valorem tax on realty:
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