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…
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…
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…
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…
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
Another word for property tax, because they are based on valu…
Correspondence between the IRS and the taxpayer.
The requirement that the employer withhold specified amounts…
A tax imposed on the right to pass property at the time of de…
Ad Valorem Taxes
Another word for property tax, because they are based on valu…
Correspondence Audit
Correspondence between the IRS and the taxpayer.
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…
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.…
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…
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
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…
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
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
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…
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
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…
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
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…
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…
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…
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
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, 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
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…
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
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…
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…
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
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
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…
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…
68 terms
Tax Accounting I Exam 1
First Federal Income Tax enacted
New Federal Income Tax enacted
First Federal Corporate Income Tax ena…
16th Amendment ratified
1861, repealed after the Civil War
1894, Taxation of individuals found to be unconstitutional, b…
1909
1913, sanctioned both Federal individual and corporate income…
First Federal Income Tax enacted
1861, repealed after the Civil War
New Federal Income Tax enacted
1894, Taxation of individuals found to be unconstitutional, b…
CHAPTER-II SCOPE AND PAYMENT OF TAX
3. Scope of tax.
[3B. Collection of excess sales tax etc.
4. Zero rating
5. Change in the rate of tax
(1) Subject to the provisions of this Act, there shall be cha…
(1) Any person who has collected or collects any tax or charg…
Notwithstanding the provisions of section 3, [...] the follow…
If there is a change in the rate of tax-... (a) a taxable suppl…
3. Scope of tax.
(1) Subject to the provisions of this Act, there shall be cha…
[3B. Collection of excess sales tax etc.
(1) Any person who has collected or collects any tax or charg…
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…
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…
Tax Terms
Tax Return
Pay as you go
Capital Gains
1040
A form or set of forms that tax payers use to calculate and s…
System of budgeting that forces you to stay in keeping with t…
The positive difference between the purchase price of a stock…
Income tax form used by people who may earn well above averag…
Tax Return
A form or set of forms that tax payers use to calculate and s…
Pay as you go
System of budgeting that forces you to stay in keeping with t…
26 terms
Tax: Chapter Two
statute of limitations
discriminant function system
document perfection program
information matching program
defines the period in which the taxpayer can file an amended…
assigns a score to each tax return that represents the probab…
all returns are checked for mathematical and tax calculation…
compares the taxpayer's tax return to information submitted t…
statute of limitations
defines the period in which the taxpayer can file an amended…
discriminant function system
assigns a score to each tax return that represents the probab…
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…
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
20 terms
Tax Chapter 4
Taxable Income Formula
Income Tax Formula
Preferred Rate
Personal Exemption
Gross Income... -for AGI deductions... =Adjusted Gross Income... -from…
Taxable Income*Tax Rate=Income Tax Liability+Other Taxes=Tota…
1-qualified dividends... 2-capital gain/loss (NET long term only…
for taxpayer and spouse (if married filing jointly)
Taxable Income Formula
Gross Income... -for AGI deductions... =Adjusted Gross Income... -from…
Income Tax Formula
Taxable Income*Tax Rate=Income Tax Liability+Other Taxes=Tota…
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…
Tax Research Ch 5
16th Amendment
Code section 61
What does "from whatever source" mean…
All Inclusive Income Concept
Gives Congress the power to tax income from whatever source d…
Defines income as "all income from whatever source derived, i…
Income can be earned in the form of cash, property, or services
An accession to the taxpayer's wealth is taxable as income un…
16th Amendment
Gives Congress the power to tax income from whatever source d…
Code section 61
Defines income as "all income from whatever source derived, i…
Chapter 4 Tax Review
Realized Income
Recognized Income
Excluded Income
Deferred Income
Any measurable change in property values... - Is included in gro…
Reported on tax return
Income never included in taxable income ... - Municipal bond int…
Income included in subsequent tax year... - installment sales... -…
Realized Income
Any measurable change in property values... - Is included in gro…
Recognized Income
Reported on tax return
32 terms
Tax Chapter 4
Individual Tax Formula
List of exclusions from income
Qualified dividend
Capital Assets
Gross Income (aka recognized income) ... -For AGI deduction ... =AG…
gifts/inheritances, fringe benefits, municipal bonds, gain on…
dividends distributed by a U.S corporation if the shareholder…
all assets other then ... 1.accounts receivable from the sale of…
Individual Tax Formula
Gross Income (aka recognized income) ... -For AGI deduction ... =AG…
List of exclusions from income
gifts/inheritances, fringe benefits, municipal bonds, gain on…
Tax Chapter 14
above-the-line deduction
adjusted gross income (AGI)
bunching
child credit
an allowable deduction for an individual taxpayer that can be…
total income less adjustments as computed on page 1, Form 104…
a tax planning technique to concentrate itemized deductions i…
a credit based on the number of the taxpayer's dependent chil…
above-the-line deduction
an allowable deduction for an individual taxpayer that can be…
adjusted gross income (AGI)
total income less adjustments as computed on page 1, Form 104…
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.
246 terms
Tax - chapter 5
realization and recognition of income
...
all-inclie definiion of income
...
gross income is income that taxpayers realize, recognize, and…
GENERAL DEFINIT ION.—Except as otherwise provided in this sub…
it is clear... that unless a tax provision says otherwise, gross…
Gross income means all income from whatever source derived, u…
realization and recognition of income
gross income is income that taxpayers realize, recognize, and…
...
GENERAL DEFINIT ION.—Except as otherwise provided in this sub…
Chapter One: Introduction and basic tax model
Tax Base
Tax Rates
Ad valorem taxes (property taxes)
Realty
The amount to which the tax rate is applied
Applied to the tax base to determine a taxpayer's liability
A tax whose amount is based on the value of a transaction or…
Includes real estate and any capital improvements that are cl…
Tax Base
The amount to which the tax rate is applied
Tax Rates
Applied to the tax base to determine a taxpayer's liability
Chapter 4 - Taxable Income And Tax Payable For Individuals
Deductions on Taxable Income
Stock Options - (Taxable Income Deduct…
Deductions For Payments - (Taxable Inc…
Home Relocation Loan - (Taxable Income…
-Employer Stock Options... -Deductions For Payments... -Home Reloca…
Half of the taxable benefit included in Net Employment Income
-Exempted amounts per tax treaty... -Workers' compensation paid…
Lesser of taxable benefit included in Net Employment Income o…
Deductions on Taxable Income
-Employer Stock Options... -Deductions For Payments... -Home Reloca…
Stock Options - (Taxable Income Deduct…
Half of the taxable benefit included in Net Employment Income
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