Business and Transfer Taxes Notes Estate Tax Basic Terms in Taxation Taxation – power of the Government to impose burden upon the people to earn Revenue. Right – The basics of human existence.Those things that are Necessary to live. You cannot live without these. Eg. Right to breathe‚ right to live‚ right to vote‚ Freedom of speech. Etc. 3 Inherent Powers of the State ( definition: Acaylar‚ PJ) 1. Police Power – power to monitor people for the general welfare. 2. Eminent Domain – power
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the public with the necessary goods and services‚ revenue must be raised through taxation. This revenue is generated through direct and indirect forms of taxation. Direct taxes are paid on income. This effectively means that the more income you earn the greater your contribution is expected to be to the state. Indirect taxes are levied on expenditure. This tax is imposed on the basis of the individual consumption – the individual pays only on what he consumes. However‚ it must be noted that taxation
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MaAssignment 1 Title: Marriage and Taxes Introduction: Bill and Mary plan to marry in December of 2012. Bill’s salary is $32‚000 and he owns a residence. His itemized deductions total $12‚000. Mary’s salary is $39‚000. Her itemized deductions total only $1‚600 as she does not own a residence. Assume that 2013 tax rates‚ exemptions‚ and standard deductions are the same as 2012. Task(s): Answer the following questions: a. What will their tax be if they marry before year-end and file a joint
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difference‚ taxable income is only $250‚000. At the beginning of the year‚ no temporary differences existed. Required: 1. Assuming a tax rate of 35%‚ what will be Alvis’s net income? 2. What will Alvis report in the balance sheet pertaining to income taxes? Solution: Requirement 1 Since taxable income is less than pretax accounting income‚ a future taxable amount will occur when the temporary difference reverses. This means a deferred tax liability should be recorded to reflect the future tax
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income of companies‚ it is often called a corporate tax‚ corporate income tax‚ or profit tax. Individual income taxes often tax the total income of the individual‚ with some deductions permitted‚ while corporate income taxes often tax net income which is the difference between gross receipts‚ expenses‚ and additional write-offs. (Rubin‚ 2007) We generally don’t think much about taxes except during the annual tax season. It’s probably the most dreaded time of the year for millions of Americans‚ yet
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contribution to state revenue‚ levied by the government on workers’ income and business profits or added to the cost of some goods‚ services‚ and transactions. People pay taxes every time they get a paycheck. They pay taxes for social security and medicaid. There are many advantages and disadvantages to paying taxes. Some advantages of paying taxes are control inflation ‚ discourage use of harmful products‚ revenue generation ‚ redistribution of income. The primary job of the Federal Reserve is to control
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How rich is rich in the Philippines? June 21‚ 2010 http://www.pinoymoneytalk.com/socioeconomic-class-philippines-rich/ Who are considered “rich” in the Philippines? For starters‚ you’re “rich” if you belong to the list of the Top 10 Richest Filipinos. However‚ even if your net worth does not run into billions of pesos yet‚ you may still be considered “rich” as per the definition of the National Statical Coordination Board (NSCB). Based on NSCB computations using the Family Income and Expenditure
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PERCENTAGE TAXES SUMMARY (in ascending order) Rate | Description | 1/2 of 1% (0.005) | * PT /Final tax on shares sold in Local Stock Exchange | 0% | * Dividends/equity shares in Net Income of Subsidiaries | 1% | * IPO on share of stock over 33 1/3% * GR Tax on Banks‚ on interests‚ commissions and discounts with Maturity Period of More than 5 Years | 2% | * IPO on share of stock (25-33 1/3%) * Gas and water franchises | 3% | * PT on Domestic Carriers and Keepers
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total $137‚997. This amount was deducted from the fiscal 2004 income but could not be deducted on the income tax return until paid. At a tax rate of 36%‚ the difference between the income tax expenses calculated on income before taxes on the income statement and the taxes due based on taxable income per the income tax return would be $49‚678. This temporary difference led to the deferred tax assets
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Property taxes – local taxes‚ immovable property/land tax‚ motor vehicle tax . (Lukas Szita) A property tax also known as millage tax is a charge on possessions that the holder is obligatory to pay. The tax is imposed by the governing authority of the area in which the property is placed; it can be a national government of country‚ a federated state‚ a county/region‚ or a municipality (In Slovak Republic property tax is the most important income for municipalities). We basically distinguish four
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