SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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Students have asked these similar questions
What is not considered a tax base used by government agencies to collect tax?
Federal income taxes include a variety of different tax bases. What tax base is not a federal tax?
Like federal income taxes, state and local taxes include a variety of different tax bases. What tax base is neither a state nor local tax?
Which of the following statements are correct?
i. A tax is a statutory obligation that is imposed by an act of parliament in a country.
ii. A tax is any deduction taken from a person’s salary by the government.
iii. Taxation is the major source of government income.
iv. Direct and indirect taxes are the two broad categories of taxation.
What type of tax is sales tax?
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Similar questions
- Who is responsible for collecting sales and excise taxes? Who actually pays the tax?arrow_forwardCan any nonrefundable credits, other than the foreign tax credit, reduce the regular income tax liability below the amount of the TMT? Explain.arrow_forwardThe definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegallyarrow_forward
- As stated in the text, the federal income tax is the largest revenue-producing tax in use in the United States. Why do you think the income tax produces more revenue than any other tax?arrow_forwardWhich of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with no income tax b.State income tax c.Federal income tax d.Property tax on second residencearrow_forwardWhat are some of the notable characteristics of tax? What is not considered a tax base used by government agencies to collect tax? Federal income taxes include a variety of different tax bases. What tax base is not a federal tax? Like federal income taxes, state and local taxes include a variety of different tax bases. What tax base is neither a state nor local tax? Even though transfer taxes do not affect all individuals, individuals affected by a transfer tax can experience a high tax liability. What taxes are not considered a transfer tax? Tangible personal property is taxed by state and local governments. What is an example of something that is not considered tangible personal property? What is an example of something that excise tax is not levied on? It is not unusual for people to make a mistake on their individual tax returns. When an individual taxpayer realizes that a mistake has been made, an amended tax return should be filed. Due to the statute of limitations in the…arrow_forward
- What was the federal tax refundarrow_forwardWhich of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.arrow_forward
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