1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share your thoughts on the processes and fairness associated with federal estate taxes.

Q: 3. Identify the tax policy that you believe is the most important in today's society.

A: The tax policy which is most important in today's society is the equitable distribution of taxthe…

Q: Differentiate Tax from Taxation

A: The taxes imposed directly on the income or earnings of the individual are the direct taxes whereas…

Q: Explain the difference between an individual and a corporation or society when filling taxes.

A: Individual Taxpayer: A taxpayer is someone who owes money to the federal, state, or municipal…

Q: determine if it's a tax deductible, tax credit, or neither.

A: TAX DEDUCTION:- It is a provision that reduce the taxable income. An expenses you can Subtracted…

Q: Which of the following is not tax deductible? Gift tax Local income tax Real estate tax…

A: The objective of the question is to identify which among the given options is not tax deductible.…

Q: Basic community tax is an example of _______ while income tax is a kind of _______. A. Poll tax;…

A: Option (b) is correct. National tax ; local tax  As per my knowledge income tax as it being paid  to…

Q: What AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please…

A: AMT(ALTERNATE MINIMUM TAX) The purpose of AMT is to ensure everyone pays a minimum amount of tax. It…

Q: What are child tax credits and payroll taxes? Explain the advantages and disadvantages. which…

A: Child Tax Credits  In America, child tax credits are given to every family in which dependent child…

Q: Which of the following is not a goal of the tax law? a.Economic goals such as reduction in…

A: Solution: Following are the goal of tax law: 1. Economic goals such as reduction in unemployment. 2.…

Q: Explain what is the most beneficial, or useful piece of tax information we can learn from tax…

A: Taxes are main components of business but there are many ways to reduce taxes and pay efficient…

Q: How did you determine the federal income tax amount?

A: The federal income tax is the tax which is payable over the taxable income of the person and this is…

Q: Give an argument in favor of taxes on wealth like the estate tax. What potential problems would…

A: Wealth tax:   It refers to the tax levied on the value of held assets. This will consist of the…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: ollowing types of expenses is deductible? Group of answer choices   A.Bribes & Illegal Kickbacks…

A:

Q: What are the advantages of claiming the standard deduction versus itemizing deductions on your…

A: Income tax:   It is the tax every individual or company is liable to pay on the income generated…