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Study sets matching "severance tax"

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Study sets matching "severance tax"

26 terms
Tax Chapter 1 Vocab
Ad valorem tax
Correspondence audit
Employment taxes
Estate tax
A tax imposed on the value of property. The most common ad va…
An audit conducted by the IRS by the U.S. mail. Typically, th…
Taxes that an employer must pay on account of its employees.…
A tax imposed on the right to transfer property by death. Thu…
Ad valorem tax
A tax imposed on the value of property. The most common ad va…
Correspondence audit
An audit conducted by the IRS by the U.S. mail. Typically, th…
25 terms
Tax CH 1
Ad valorem taxes
Correspondence audit
Employment taxes
estate tax
A tax imposed on the value of property. The most common ad va…
An audit conducted by the IRS by the U.S. mail. Typically, th…
Taxes that an employer must pay on account of its employees.…
A tax imposed on the right to transfer property by death. Thu…
Ad valorem taxes
A tax imposed on the value of property. The most common ad va…
Correspondence audit
An audit conducted by the IRS by the U.S. mail. Typically, th…
29 terms
Tax Accounting Chapter 1
Canons of Taxation
AICPA Standards
Tax Base
Tax Rates
Equality... Convenience... Certainty... Economy
1. Simple... 2. Neutral Effect on Business... 3. Clear and Readily…
Amount to which the tax rate is applied
Applied to the tax base to determine the tax liability
Canons of Taxation
Equality... Convenience... Certainty... Economy
AICPA Standards
1. Simple... 2. Neutral Effect on Business... 3. Clear and Readily…
23 terms
Tax Chapter 1
Tax Base
Tax Rates
Proportional Tax
Progressive Tax
The amount to which the tax rate is applied; Taxable Income.
Are applied to the Tax Base to determine a taxpayer's liabili…
Rate of tax remains the same for any income level
Base goes up = Rate goes up... Examples: income tax, federal gif…
Tax Base
The amount to which the tax rate is applied; Taxable Income.
Tax Rates
Are applied to the Tax Base to determine a taxpayer's liabili…
11 terms
Tax - Chapter 1
Property Taxes
Excise Taxes
Taxes at Death
Federal Estate Tax
based on the value of the asset --> a tax on wealth or capita…
imposed at the Federal, state and local levels... trucks, gasoli…
value of the property transferred is the base for determining…
the right to pass property to their heirs
Property Taxes
based on the value of the asset --> a tax on wealth or capita…
Excise Taxes
imposed at the Federal, state and local levels... trucks, gasoli…
26 terms
Tax - Chapter 1
Ad Valorem Taxes
Correspondence Audit
Employment Taxes
Estate Tax
- A tax imposed on the value of property.... - The most common i…
- An audit conducted by the IRS by the U.S. mail. ... - Typicall…
Taxes that an employer must pay on account of its employees.…
- A tax imposed on the right to transfer property by death.... -…
Ad Valorem Taxes
- A tax imposed on the value of property.... - The most common i…
Correspondence Audit
- An audit conducted by the IRS by the U.S. mail. ... - Typicall…
16 terms
Advanced Sugar Tax July 2016 TwinUK
vociferous
set an example
devolved, devolution
to hail
expressing your feelings or opinions in a strong or loud and…
to behave in a way that people should copy
to give power and responsibility to a person or an organisati…
to describe something / someone as being very good or special…
vociferous
expressing your feelings or opinions in a strong or loud and…
set an example
to behave in a way that people should copy
23 terms
Tax Chapter 14
filing status
joint return
joint and several liability
surviving spouse
reflects an individual's marital and family situation and aff…
reflects the combined activities of both spouses for the enti…
each spouse is responsible for paying the entire tax (not jus…
if the widow or widower maintains a home for a dependent chil…
filing status
reflects an individual's marital and family situation and aff…
joint return
reflects the combined activities of both spouses for the enti…
31 terms
tax ch 15
tax research
tax research process steps
administrative interpretations
judicial interpretations
the process of solving tax-related problems by applying tax l…
1. determine the facts... 2. identify the issues (questions)... 3.…
provided by Treasury Regulations, revenue rulings, rev proced…
presented in court opinions
tax research
the process of solving tax-related problems by applying tax l…
tax research process steps
1. determine the facts... 2. identify the issues (questions)... 3.…
26 terms
Tax Chapter 14
filing status
joint return
joint and several liability
surviving spouse
Reflects an individual's martial and family situation, affect…
An individual who is married on the last day of the taxable y…
A husband and wife who file a joint return have _____________…
If the widow or widower maintains a home for a dependent chil…
filing status
Reflects an individual's martial and family situation, affect…
joint return
An individual who is married on the last day of the taxable y…
61 terms
Federal Income Tax
Types of Taxes
Income Tax
Employment Tax
Estate and Gift Tax
Income... Employment... Estate and Gift ... Excise and Customs
Corporations, individuals, fiduciaries
Old age, survivors, disability, and hospital insurance (feder…
Estate, gift, and generation-skipping transfers
Types of Taxes
Income... Employment... Estate and Gift ... Excise and Customs
Income Tax
Corporations, individuals, fiduciaries
26 terms
Tax Chapter 1
Ad valorem taxes
Correspondence audit
employment taxes
estate tax
a tax imposed on the value of property
an audit conducted by the IRS by the US mail
taxes that an employer must pay on account of its employees
a tax imposed on the right to transfer property by death
Ad valorem taxes
a tax imposed on the value of property
Correspondence audit
an audit conducted by the IRS by the US mail
35 terms
Tax Midterm
What does it mean that the U.S tax sys…
What are the tax return statute of lim…
Severance Tax
Estate tax
- For wage earners, the tax law requires employers to withhol…
- Statute of limitations offers a defense against a suit brou…
- tax on natural resources... - State level
- Imposed on the right to pass property at death... - State and…
What does it mean that the U.S tax sys…
- For wage earners, the tax law requires employers to withhol…
What are the tax return statute of lim…
- Statute of limitations offers a defense against a suit brou…
130 terms
Tax - Exam 1
Ad Valorem Taxes
Correspondence Audit
Employment Taxes
Estate Tax
- A tax imposed on the value of property.... - The most common i…
- An audit conducted by the IRS by the U.S. mail. ... - Typicall…
Taxes that an employer must pay on account of its employees.…
- A tax imposed on the right to transfer property by death.... -…
Ad Valorem Taxes
- A tax imposed on the value of property.... - The most common i…
Correspondence Audit
- An audit conducted by the IRS by the U.S. mail. ... - Typicall…
63 terms
Tax Chapter 23
1. All states employ some combination…
2. Commercial domicile is the location…
3. Nondomiciliary businesses are subje…
4. Use tax liability accrues in the st…
TRUE—
TRUE
FALSE- Nondomiciliary businesses are only subject to tax wher…
TRUE
1. All states employ some combination…
TRUE—
2. Commercial domicile is the location…
TRUE
30 terms
TAX 4001 - Chapter 1
components of taxes
progressive tax
proportional tax
regressive tax
tax rate and tax base
the tax increases as tax base increases
the tax is proportional if the tax is constant, regardless of…
the tax decrease as the tax base increases
components of taxes
tax rate and tax base
progressive tax
the tax increases as tax base increases
23 terms
Tax
excise tax
use tax
Severance tax
Estate tax
restricted to a particular transaction while a sales tax cove…
an ad valorem tax on the use, consumption, or storage of tang…
A transaction tax that is based on the notion that the state…
A tax that is imposed on the right to pass property at death
excise tax
restricted to a particular transaction while a sales tax cove…
use tax
an ad valorem tax on the use, consumption, or storage of tang…
63 terms
Tax Chapter 23
1. All states employ some combination…
2. Commercial domicile is the location…
3. Nondomiciliary businesses are subje…
4. Use tax liability accrues in the st…
TRUE—
TRUE
FALSE- Nondomiciliary businesses are only subject to tax wher…
TRUE
1. All states employ some combination…
TRUE—
2. Commercial domicile is the location…
TRUE
10 terms
NJ Gas Tax Vocab
impasse
replenish
depleted
infrastructure
A situation in which no progress seems possible.
to restore
Something that's been used up; empty, un-fill.
The basic equipment/structure(roads+bridges) that are needed…
impasse
A situation in which no progress seems possible.
replenish
to restore
57 terms
Tax Accounting Chapter One
progressive tax rate
proportional tax rate
regressive tax rate
Tax Base
the tax rate increases as the tax base increases
the tax rate is constant regardless of the size of the tax ba…
the tax rate decreases as the tax base increases. (ex- federa…
Four kinds: transactions (including sales or purchases of goo…
progressive tax rate
the tax rate increases as the tax base increases
proportional tax rate
the tax rate is constant regardless of the size of the tax ba…
72 terms
Tax Chapter 1
Tax rates can be (3)
Progressive Tax Rates
Proportional Tax Rates
Regressive Tax Rate
Progressive, Proportional, or Regressive
Increases as the tax base increases... (Federal income tax is st…
Rate of tax is constant, regardless of the size of the tax ba…
Decreases as the tax base increases... (employment taxes are reg…
Tax rates can be (3)
Progressive, Proportional, or Regressive
Progressive Tax Rates
Increases as the tax base increases... (Federal income tax is st…
28 terms
Tax
base
rate
progressive
proportional
what is going to be taxed
how much is getting taxed
as wealth/ income goes up. tax goes up
stays the same rate, with small exceptions
base
what is going to be taxed
rate
how much is getting taxed
81 terms
tax
inheritance
estate
1913
code section 102 small a
tax on right to receive property
tax on right to pass property
16th amendment ratified creating both federal and corporate i…
gross income does not include value of a gift
inheritance
tax on right to receive property
estate
tax on right to pass property
42 terms
Tax Law Exam 1
Cannons of taxation
Equality
Convienience
Certainty
Equality... Convienience... Certainty ... Economy
Each taxpayer gets fair and equal treatment for paying taxes…
Tax is easily assessed and collected and its administrative c…
A tax structure is good if the taxpayer can readily predict w…
Cannons of taxation
Equality... Convienience... Certainty ... Economy
Equality
Each taxpayer gets fair and equal treatment for paying taxes…
30 terms
Tax I Chapter 1
Pay-as-you-go
Adam Smith identified the following ca…
A Tax Base
Taxable Income
an income tax system requires employers to withhold for taxes…
Equality, Convenience, Certainty, and Economy
is the amount to which the tax rate is applied.
In the case of the Federal income tax, the tax base is
Pay-as-you-go
an income tax system requires employers to withhold for taxes…
Adam Smith identified the following ca…
Equality, Convenience, Certainty, and Economy
35 terms
Tax Accounting Chapter 5
Administrative Sources of Tax Law
Regulations
Proposed Regulations
Temporary Regulations
Treasury Department Regulations... Revenue Rulings... Revenue Proce…
Issued by US Treasury Department... Provide general interpretati…
preview of final regulations (don not have force and effect o…
issued when guidance needed quickly (same authoritative value…
Administrative Sources of Tax Law
Treasury Department Regulations... Revenue Rulings... Revenue Proce…
Regulations
Issued by US Treasury Department... Provide general interpretati…
103 terms
Income Tax Notes
The Tax Reform Act of 1986 was roughly…
Property Taxes
Excise Taxes
Severance Taxes
- It was not intended to raise or lower taxes (Top tax bracke…
-Based on the value of the asset... -Deductible for Federal Inco…
-Restricted to specific items; examples: gas, tobacco, & liqu…
Tax on natural resources extracted (ex: oil or natural gas)
The Tax Reform Act of 1986 was roughly…
- It was not intended to raise or lower taxes (Top tax bracke…
Property Taxes
-Based on the value of the asset... -Deductible for Federal Inco…
26 terms
Tax Chapter 1
Pay-as-you-go tax system
Criteria used in the selection of a ta…
Principles of a desirable tax system
Proportional tax rate
- requires employers to withhold for taxes a specified portio…
- EQUALITY: each taxpayer enjoys fair/equitable treatment by…
- the tax should be simple... - the tax should be simple in term…
if the rate of tax remains constant for any given level of in…
Pay-as-you-go tax system
- requires employers to withhold for taxes a specified portio…
Criteria used in the selection of a ta…
- EQUALITY: each taxpayer enjoys fair/equitable treatment by…
26 terms
Tax, Chapter 1
Ad Valorem Taxes
Correspondence Audit
Employment Taxes
Estate Tax
A tax imposed on the value of property. The most familiar ad…
An audit conducted by the IRS by mail. Typically, the IRS wri…
Employment taxes are those taxes that an employer must pay on…
A tax imposed on the right to transfer property by reason of…
Ad Valorem Taxes
A tax imposed on the value of property. The most familiar ad…
Correspondence Audit
An audit conducted by the IRS by mail. Typically, the IRS wri…
26 terms
Tax Chapter 1 Flashcards
FUTA
Additions for F.I.C.A
Investment income
F.I.C.A Taxes
Funds for state unemployment benefit 6% on first 7000 tax pai…
an addition 0.9% tax is imposed on earned income Single - 200…
3.8% tax imposed on investment income.. Capital gains dividen…
paid by employee and employer SS 6.2% on first 117,000 wages…
FUTA
Funds for state unemployment benefit 6% on first 7000 tax pai…
Additions for F.I.C.A
an addition 0.9% tax is imposed on earned income Single - 200…
Tax Intro
tax base
tax rates
major types of tax
property (ad valorem) taxes
amount to which tax rate is applied (spending $100 dollars at…
applied to the tax base to determine the tax liability (propo…
property, transaction, death, gift, income, employment, other…
based on the value of the asset.... generally imposed on realty…
tax base
amount to which tax rate is applied (spending $100 dollars at…
tax rates
applied to the tax base to determine the tax liability (propo…
26 terms
tax Ch 1
Ad valorem tax
Correspondence audit
Employment taxes
estate tax
A tax imposed on the value of property. The most common ad va…
An audit conducted by the IRS by the U.S. mail. Typically, th…
Taxes that an employer must pay on account of its employees.…
A tax imposed on the right to transfer property by death. Thu…
Ad valorem tax
A tax imposed on the value of property. The most common ad va…
Correspondence audit
An audit conducted by the IRS by the U.S. mail. Typically, th…
20 terms
Chapter 7 Income Tax Review #2
The income tax is an example of a prog…
Unemployment compensation benefits rec…
A dependent is a person who lives with…
You may not use short Form 1040EZ for…
True
True.
True
False. You may use a 1040EZ as long as your income is under $…
The income tax is an example of a prog…
True
Unemployment compensation benefits rec…
True.
17 terms
Intro to the Basic Tax Model
Tax Base/Taxable Income
Tax Rates
Proportional Tax
Progressive Tax
The amount to which the tax rate is applied.
The rate applied to the tax base to determine a taxpayer's li…
Proportional taxes include exile taxes, general sales taxes,…
Higher rates of taxes applies as the tax base increases.
Tax Base/Taxable Income
The amount to which the tax rate is applied.
Tax Rates
The rate applied to the tax base to determine a taxpayer's li…
10 terms
Tax
151 & 151(d)(1)
67(a) & (b)
63(a) & (b)
62(a)
authorizes a personal exemption... "exemption amount" = $2,000
(b) - misc itemized deduction = all items OTHER THAN the 12 i…
(a) - taxable income = gross income minus the deductions allo…
AGI = gross income minus 18 specific deductions ("above the l…
151 & 151(d)(1)
authorizes a personal exemption... "exemption amount" = $2,000
67(a) & (b)
(b) - misc itemized deduction = all items OTHER THAN the 12 i…
68 terms
tax
does gross income increase taxable inc…
deductions are a matte of _______ ____…
amount for personal and dependency ded…
tax credits reduce taxes payable $ for $
yes NOT TAXES PAYABLE
legislative grace
4050
yes
does gross income increase taxable inc…
yes NOT TAXES PAYABLE
deductions are a matte of _______ ____…
legislative grace
10 terms
NJ Gas Tax Vocab (Ry Butler)
impasse
replenish
depleted
infrastructure
A situation in which no progress seems possible.
to restore
Something that's been used up; empty, un-fill.
The basic equipment/structure(roads+bridges) that are needed…
impasse
A situation in which no progress seems possible.
replenish
to restore
32 terms
Tax Chapter 1
ad valorem taxes
personalty
realty
fixture
taxes that are based on value. property taxes that are tax on…
assets other than land and buildings. assets that are not rea…
generally includes real estate and any capital improvements t…
something so permanently attached to the real estate that its…
ad valorem taxes
taxes that are based on value. property taxes that are tax on…
personalty
assets other than land and buildings. assets that are not rea…
55 terms
Tax Chapter 1 Vocab
Tax Base
Tax Rates
Incidence of Tax
Excise Taxes
Amount to which the tax rate is applied
Applied to the tax base to determine the tax liability
Degree to which the tax burden is shared by taxpayers
Imposed by federal, state, and local governments. Restricted…
Tax Base
Amount to which the tax rate is applied
Tax Rates
Applied to the tax base to determine the tax liability
26 terms
Tax Chapter 1
revenue neutrality
gift tax
indexation
flat tax
a description that characterizes tax legislation when it neit…
a tax imposed on the transfer of property by gift, imposed up…
adjustments are made by the IRS to key tax components (standa…
replaces the graduated income tax rates with a single rate
revenue neutrality
a description that characterizes tax legislation when it neit…
gift tax
a tax imposed on the transfer of property by gift, imposed up…
20 terms
Tax
Ascend
Asphalt
Audible
Asset
To go up
Tar-like substance used to pave streets
Loud enough to be heard
Something of value
Ascend
To go up
Asphalt
Tar-like substance used to pave streets
23 terms
TAX Ch.1 Part II
ad valorem taxes
personalty
personalty
franchise tax
value-based property taxes
Realty is land and anything permanently attached to land, and…
______ can also be classified as tangible property or intangi…
tax on the privilege of doing business in a state or local ju…
ad valorem taxes
value-based property taxes
personalty
Realty is land and anything permanently attached to land, and…
20 terms
Taxes
tax
sales tax
sales tax is due
property tax
charge against a citizen's person or property or activity for…
a tax based on the cost of the item purchased and collected d…
at the time of purchase
paid to locality on property you own (home and car)
tax
charge against a citizen's person or property or activity for…
sales tax
a tax based on the cost of the item purchased and collected d…
27 terms
Tax
Net Income
amortization
accounts receivable & unearned revenue
charitable donations
Inclusion 9 1
inclusion 18 1 b
inclusion 12 1 b
inclusion 18 1 a
Net Income
Inclusion 9 1
amortization
inclusion 18 1 b
50 terms
Property Tax 1 Review
When the rules and regulations affecti…
Cities are classified by First Class t…
Regulations enacted by the legislature…
Counties were originally created by th…
general law
population and location
special legislation, special districts
Yes, created by, creatures.
When the rules and regulations affecti…
general law
Cities are classified by First Class t…
population and location
10 terms
Tax_Exam1
1900s income tax financed wars (2)
1909... 1913
tax structure
Type of taxes
1861: 1st Federal individual income tax enacted... 1894: New Fed…
: First Federal corporate income tax enacted... : 16th Amendent…
Equality, Certainty, Convenience, Economy
Transaction Tax... Death Tax... Gift Tax... Income Tax... Employment Tax…
1900s income tax financed wars (2)
1861: 1st Federal individual income tax enacted... 1894: New Fed…
1909... 1913
: First Federal corporate income tax enacted... : 16th Amendent…
13 terms
BBC Tax Dodging article April 2016
New EU proposals could force big multi…
Even before the Panama Papers, the pub…
The European Commission has announced…
So what reforms are currently in _____…
disclose
shifting
clamp
train
New EU proposals could force big multi…
disclose
Even before the Panama Papers, the pub…
shifting
19 terms
Chapter 14 - The Individual Tax Formula
filing status
joint return
joint and several liability
surviving spouse**
reflects marital/family situation
filing with spouse
each spouse is responsible for paying the entire tax, not jus…
if a widow maintains a home for a dependent child, then they…
filing status
reflects marital/family situation
joint return
filing with spouse
92 terms
Income Tax Chapter 1
Financed Wars
1861
Civil War
1894
Prior to 19002, income tax __________
In what year was the First Federal individual income tax enac…
The First Federal individual income tax was repealed after wh…
In what year was the New Federal individual income tax enacted?
Financed Wars
Prior to 19002, income tax __________
1861
In what year was the First Federal individual income tax enac…
9 terms
New Taxes and Tensions 6.4
writs of assistance
propaganda
Townshend Acts
Daughters of Liberty
special forms that allowed tax collectors search for smuggled…
information giving only one side of an argument
placed duties on imported glass, lead, paint, paper, and tea
women who supported the boycott
writs of assistance
special forms that allowed tax collectors search for smuggled…
propaganda
information giving only one side of an argument
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