SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN: 9780357391266
Author: Nellen
Publisher: Cengage
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Students have asked these similar questions
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.
Discuss the major features of the federal income tax system.
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?
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- Based solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.arrow_forwardWho is responsible for collecting sales and excise taxes? Who actually pays the tax?arrow_forwardWhat is an excise tax and its examples?arrow_forward
- Which 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_forwardThe current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.arrow_forwardWhich of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax d) Corporate taxarrow_forward
- Which of the following best reflects the ability-to-pay philosophy of taxation? a tax on residential property a progressive income tax an excise tax on gasoline an excise tax on coffeearrow_forwardWhich of the following is not a goal of the tax law? a.Economic goals such as reduction in unemployment. b.Raise adequate revenue to operate the government. c.Social goals such as lowering the cost of adoption. d.Ensuring that all persons pay the same amount of tax.arrow_forwardIt is the obligation of compulsory taxes on individuals or corporations by governments. Taxes are imposed by most countries in the world, primarily to raise revenue for government expenditures, although they serve other purposes. a. Taxation b. Government Revenues c. Government Assessmentarrow_forward
- A. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?arrow_forwardIf a government wants to obtain the maximum tax revenue it should A. use static tax analysis. B. not assess the highest possible tax rate. C. assess the highest possible tax rate. D. use an ad valorem system for collecting taxes.arrow_forwardThe power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances. Group of answer choices True Falsearrow_forward
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