Business, 18.01.2020 05:31 aronrobinson4

A "good" tax structure has five characteristics. a. briefly discuss the five characteristics. b. using the five characteristics, evaluate the following tax structures: 1. federal income tax 2. state sales tax 3. local ad valorem property tax

Answers: 3

Show answers

Answers

Answer from: Katepratt7637

Explanation:

a. (i) A good tax scheme would ensure that wealth is distributed equally and reasonably in the society.

(ii) It should be written so that it provides the government with ample income.

(iii) There should be no unnecessary risk of collecting taxes.

(iv) In relation to the potential of donations, the cost of taxation should be allocated, i.e. it should be incremental in nature.

(v) Taxes should be collected at such a time or in the form that the taxpayer most effectively would afford it.

(vi) The tax regime ought to be very dynamic.

(vii) The time and sum to be paid to the government should be assured.

(viii) The taxation system should be relatively simple and easy to handle.

1 .Federal Income Tax

There are seven tax rates in the federal individual income tax ranging from 10% to 37% . Taxable revenue–adjusted gross profit without the normal permissible exclusion or itemized expenses–applies to the income. Revenues under the usual (or comprehensive deductions) exclusion are therefore paid at zero levels.

2. State sales tax

US sales tax is the levy on the sale or leasing in the U.S. of goods and services. Sales tax is regulated at national level and there is no general national sales tax.

3. Local ad valorem property tax

Advertising property taxes are paid by the states, municipalities, the school districts and special tax authorities for real or personal property. Ad valorem applies, as a measure for sale price or interest, to a tax on goods or property.

Answer from: Quest

how big are hotdogs, answer this or you get a dunce cap

Answer from: Quest

Cancer is the uncontrolled growth and division of cells that is often prevented by cell-cycle checkpoints that monitor for dna damage or spindle fiber failure and stop the .. cancer is theuncontrolled growth and division of cells that is caused by un-repaired..

Other questions on the subject: Business

Business, 21.06.2019 21:30, shandrablue9348

The following account balances at the beginning of january were selected from the general ledger of fresh bagel manufacturing company: work in process inventory $0 raw materials inventory $ 28 comma 100 finished goods inventory $ 40 comma 600 additional data: 1. actual manufacturing overhead for january amounted to $ 65 comma 000. 2. total direct labor cost for january was $ 63 comma 400. 3. the predetermined manufacturing overhead rate is based on direct labor cost. the budget for the year called for $ 255 comma 000 of direct labor cost and $ 382 comma 500 of manufacturing overhead costs. 4. the only job unfinished on january 31 was job no. 151, for which total direct labor charges were $ 5 comma 200 (1 comma 300 direct labor hours) and total direct material charges were $ 14 comma 400. 5. cost of direct materials placed in production during january totaled $ 123 comma 700. there were no indirect material requisitions during january. 6. january 31 balance in raw materials inventory was $ 35 comma 300. 7. finished goods inventory balance on january 31 was $ 35 comma 400. what is the cost of goods manufactured for january?

Answers: 3

continue

Business, 22.06.2019 00:30, joshdunsbuns143

How did lani lazzari show her investors she was a good investment? (site 1)

Answers: 3

continue

Business, 22.06.2019 02:00, bryceisabeast6206

Benton company (bc), a calendar year entity, has one owner, who is in the 37% federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). bc's gross income is $395,000, and its ordinary trade or business deductions are $245,000. ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. if required, round computations to the nearest dollar. a. bc is operated as a proprietorship, and the owner withdraws $100,000 for personal use. bc's taxable income for the current year is $ , and the tax liability associated with the income from the sole proprietorship is $ . b. bc is operated as a c corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . the shareholder's tax liability is $ . c. bc is operated as a c corporation and pays out no salary or dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . d. bc is operated as a c corporation, pays out $100,000 as salary, and pays out the remainder of its earnings as dividends. bc's taxable income for the current year is $ , and bc's tax liability is $ .

Answers: 2

continue

Business, 22.06.2019 08:00, truthqmatic16

Compare the sources of consumer credit(there's not just one answer)1. consumers use a prearranged loan using special checks2. consumers use cards with no interest and non -revolving balances3. consumers pay off debt and credit is automatically renewed4. consumers take out a loan with a repayment date and have a specific purposea. travel and entertainment creditb. revolving check creditc. closed-end creditd. revolving credit

Answers: 2

continue

You know the right answer?

A "good" tax structure has five characteristics. a. briefly discuss the five characteristics. b. usi...