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Study sets matching "tax guide"

23 terms
Plant Tax Final Guide
Panax quinquefolius
Arisaema triphyllum
Sagittaria
Alisma
Ginseng - Araliaceae
Jack-In-The Pulpit - Araceae
Arrowhead - Alismataceae
Water plantain - Alismataceae
Panax quinquefolius
Ginseng - Araliaceae
Arisaema triphyllum
Jack-In-The Pulpit - Araceae
27 terms
Tax Exam 2 guide
D: Interest income from municpal bonds
D: Death benefit from life insurance o…
D: Interest exepnse on loans to acquir…
D: Life insurance premiums- corporatio…
Favorable Permanent
Favorable Permanent
Unfavorable permanent
Unfavorable permanent
D: Interest income from municpal bonds
Favorable Permanent
D: Death benefit from life insurance o…
Favorable Permanent
49 terms
Tax Study Guide
Taxpayer
Community
Payroll tax
Income Tax
A person who pays a tax to national, state, county or municip…
A group of people with common interest and concerns for the c…
A tax on earned income that supports the Social Security and…
Tax on earned and unearned income
Taxpayer
A person who pays a tax to national, state, county or municip…
Community
A group of people with common interest and concerns for the c…
48 terms
tax test guide. T/F
Judy is a cash basis attorney. In 2015…
The fact that the accounting method th…
On December 1, 2015, Daniel, an accrua…
On January 1, 2015, an accrual basis t…
True
True
True
True
Judy is a cash basis attorney. In 2015…
True
The fact that the accounting method th…
True
tax study guide
Federal Income Tax
Medicare Tax
Social Security Tax
FICA
A tax levied on incomes
Taxes taken out of an employees' paycheck to pay for medicare…
Pays for retirement and disability benefits
A U.S. Law requiring a deduction from paychecks and income th…
Federal Income Tax
A tax levied on incomes
Medicare Tax
Taxes taken out of an employees' paycheck to pay for medicare…
25 terms
Tax Return Study Guide
Personal Exemption
Standard Deduction
Itemized Deduction
Filing Status
Amount you subtract from total income for each person
Standard amount that is deducted from the total income
May use instead of standard deduction (Interest on home mortg…
Single, Married filing joint, married filing separate, head o…
Personal Exemption
Amount you subtract from total income for each person
Standard Deduction
Standard amount that is deducted from the total income
41 terms
Tax Study Guide
_____ and income taxes are withheld fr…
Employers use Form W-4 to do what?
Employers send what kind of taxes to t…
Payroll taxes include what two taxes?
Payroll
to compute the amount of income tax to withhold.
withheld
* Social Security (FICA) ... * Medicare
_____ and income taxes are withheld fr…
Payroll
Employers use Form W-4 to do what?
to compute the amount of income tax to withhold.
34 terms
TAX AND ESTATE STUDY GUIDE
tax categories (only need to know 5)
tax structures (2)
areas in which most Americans pay taxe…
purposes of estate planning (3)
Federal, State, Local... Social Security... Medicare... Sales... Property…
progressive (rates increase) and regressive (rates are the sa…
PROPERTY TAX (real or personal, real estate or farm equipment…
1. Gives control of how assets are managed after death... 2. All…
tax categories (only need to know 5)
Federal, State, Local... Social Security... Medicare... Sales... Property…
tax structures (2)
progressive (rates increase) and regressive (rates are the sa…
Tax's Study Guide
Tax
Income tax
Property tax
Sales tax
The money that people and businesses pay in order to support…
A tax on the money they earn from their jobs.
A tax that must be paid when a person owns property, such as…
A tax paid whenever a person buys something , such as new sne…
Tax
The money that people and businesses pay in order to support…
Income tax
A tax on the money they earn from their jobs.
21 terms
Tax Quiz Study Guide
Federal Income Taxes
State Income Tax
Sales Tax
Property tax
Federal Government, Income, General Gov. Expenses
State Government, Income, General State Expenses
State Government, Purchases, General State Expenses
Local/Town, value of real estate, town expenses
Federal Income Taxes
Federal Government, Income, General Gov. Expenses
State Income Tax
State Government, Income, General State Expenses
116 terms
Tax Final Study Guide
Corporations have the dual responsibil…
Corporate Financial statement responsi…
Balance Sheet Perspective (current)
Income Statement Perspective (current)
1. Filing accurate tax returns... 2. Prepare useful financial st…
1. Provide an income tax provision... 2. Report net DTA and DTL…
Determine the amount of taxes payable or refundable for the c…
Determine the current income tax expense
Corporations have the dual responsibil…
1. Filing accurate tax returns... 2. Prepare useful financial st…
Corporate Financial statement responsi…
1. Provide an income tax provision... 2. Report net DTA and DTL…
10 terms
Econ Tax Study Guide
Benefits-Received Tax Principle
Pollution Taxes
Ability-to Pay Principle
Sin Taxes
A theory of income tax fairness that says people should pay t…
An element of economic mechanism designed to reduce pollution…
Approach places an increased tax burden on individuals, partn…
A tax on items considered undesirable or harmful, such as alc…
Benefits-Received Tax Principle
A theory of income tax fairness that says people should pay t…
Pollution Taxes
An element of economic mechanism designed to reduce pollution…
295 terms
Tax Slight Study Guide
b
true
false
c
In order to deduct a portion of the cost of a business meal,…
The domestic manufacturing deduction cannot exceed 50 percent…
Illegal bribes and kickbacks are not deductible as business e…
Mike started a calendar year business on September 1st of thi…
b
In order to deduct a portion of the cost of a business meal,…
true
The domestic manufacturing deduction cannot exceed 50 percent…
12 terms
Taxes and Resistance study guide
militia
parliament
repeal
protest
a military force that is raised from the civil population (ev…
the highest legislature (governing body) in Great Britain, co…
to end or declare invalid a law or congressional act
a statement or action expressing disapproval of or objection…
militia
a military force that is raised from the civil population (ev…
parliament
the highest legislature (governing body) in Great Britain, co…
27 terms
Taxes and Resistance Study Guide
Militia
Parliament
Repeal
Protest
Organized citizens who fight during an emergency
An assembly of representatives that represents the authority…
To take away
To disagree or complain
Militia
Organized citizens who fight during an emergency
Parliament
An assembly of representatives that represents the authority…
12 terms
Types of Taxes Study Guide
Progressive Tax
Regressive Tax
Proportional ( Flat ) Tax
Tariff
The more income or profit a person or company has, the higher…
The less income or profit a person or company has, the higher…
Everyone pays the same amount of tax
are taxes on goods that are imported to the U.S. from other g…
Progressive Tax
The more income or profit a person or company has, the higher…
Regressive Tax
The less income or profit a person or company has, the higher…
11 terms
Taxes Study Guide
Taxes
Income Taxes
Progressive Taxes
Regressive Taxes
money that government collects from individuals and businesses
taxes on income paid to federal, state, and local government…
a tax when people with higher earnings pay a higher percentag…
a tax when people with lower earnings pay a higher percentage…
Taxes
money that government collects from individuals and businesses
Income Taxes
taxes on income paid to federal, state, and local government…
22 terms
Income and Taxes Study Guide
Gross income
Net income
Taxes
W-2 form
Money earned before taxes and deductions
Money left over after all deductions that you get to keep
A required payment to a local,state, or national government.
Form from your employer that tells you all of the taxes were…
Gross income
Money earned before taxes and deductions
Net income
Money left over after all deductions that you get to keep
41 terms
Taxes Study Guide
tax
revenue
tax fairness
progressive tax
money charged by the government to individuals in order to ma…
money that comes into the government in the forms of taxes
based upon the ability to pay
income tax based upon the more you earn, the more you pay
tax
money charged by the government to individuals in order to ma…
revenue
money that comes into the government in the forms of taxes
21 terms
Taxes study guide
gross income
net income
adjusted gross income
deduction
the amount you earn before taxes are withheld
the amount you receive after withholdings is subtracted from…
gross income minus all deductions and exemptions
an expense a taxpayer must report in order to decrease their…
gross income
the amount you earn before taxes are withheld
net income
the amount you receive after withholdings is subtracted from…
48 terms
Taxes Study Guide
Federal Income Tax
Medicare Tax
Social Security Tax
FICA
A tax by the IRS on your annual earnings.
Tax deducted from the wages of every legally working American…
Amount taken in taxes to help pay for retired workers, those…
Federal Insurance Contributions Act.
Federal Income Tax
A tax by the IRS on your annual earnings.
Medicare Tax
Tax deducted from the wages of every legally working American…
39 terms
Paychecks & Taxes Study Guide
commission
dependency exemption
Dependent
earned income
amount of money an employee earns when they sell something: I…
Deduction allowed in the computation of taxable income for a…
our qualifying child or qualifying relative
money derived from paid work.
commission
amount of money an employee earns when they sell something: I…
dependency exemption
Deduction allowed in the computation of taxable income for a…
19 terms
Paycheck and Taxes Study Guide
Direct Deposit
paper paycheck
payroll card
pay period
The employer directly deposits your paycheck in to your bank…
receive a paper paycheck and paycheck stub
electronically carries the balance of your net pay
the length of time for which employee's wages are calculated
Direct Deposit
The employer directly deposits your paycheck in to your bank…
paper paycheck
receive a paper paycheck and paycheck stub
31 terms
Study Guide: Paychecks and Taxes
Voluntary and Required Deductions
Types of benefits
W-4
W-2
V: Health Insurance & 41K Plan... R: Social Security, Medicare,…
Medicare, Health Insurance, Life Insurance, Childcare, Pensio…
Form when you first start working
Send to IRS (shows gross pay & net pay for year)
Voluntary and Required Deductions
V: Health Insurance & 41K Plan... R: Social Security, Medicare,…
Types of benefits
Medicare, Health Insurance, Life Insurance, Childcare, Pensio…
15 terms
Taxes and Income Study Guide
W-4 form
Income Tax
FICA
Estate Tax
A tax form that lets your employer know how much of your payc…
A tax that is levied on the income of individuals
Tax that is taken out of employees' paychecks and put towards…
A tax on your right to transfer property at your death
W-4 form
A tax form that lets your employer know how much of your payc…
Income Tax
A tax that is levied on the income of individuals
13 terms
taxes study guide
Regressive taxes
Progressive taxes
Proportional taxes
income tax
tax for which the % of income paid in taxes decreases as inco…
tax for which the % of income paid in taxes increases as inco…
tax for which the % of income paid in taxes remains the same…
a large contributor to many states' budgets; states collect t…
Regressive taxes
tax for which the % of income paid in taxes decreases as inco…
Progressive taxes
tax for which the % of income paid in taxes increases as inco…
52 terms
Income and Taxes Study Guide
Federal Income Tax
Medicare Tax
Social Security Tax
FICA
A tax by the IRS on your annual earnings
Tax deducted from the wages of every legally working American…
Amount taken in taxes to help retired workers, those on disab…
Federal Insurance Contributions Act
Federal Income Tax
A tax by the IRS on your annual earnings
Medicare Tax
Tax deducted from the wages of every legally working American…
8 terms
Taxes Study Guide
Tax
Sales Tax
Income Tax
Progressive Tax
money citizens pay the government (defense, schools, hospitals)
tax on a good or service (when you buy something from a store)
tax on a persons earning (income)
tax designed to take a larger percentage of income from the w…
Tax
money citizens pay the government (defense, schools, hospitals)
Sales Tax
tax on a good or service (when you buy something from a store)
41 terms
Taxes Study Guide
Tax
Revenue
Tax Fairness
Progressive Tax
money charged by the government to individuals in order to ma…
money that comes into the government in the form of taxes
taxes are based on a person's ability to pay taxes (salaries)
income tax is based on the more you earn, the more you pay
Tax
money charged by the government to individuals in order to ma…
Revenue
money that comes into the government in the form of taxes
10 terms
Taxes Study Guide
Tax
Income Tax
Sales Tax
Property Tax
A required payment to the government
a portion of one's personal income paid to the government
a percentage tax imposed on the retail price most items
a portion of one's personal income paid to the government
Tax
A required payment to the government
Income Tax
a portion of one's personal income paid to the government
45 terms
Taxes Study Guide
Federal Income Tax
Medicare Tax
Social Security Tax
FICA
Tax levied by the IRS on annual earnings of individuals, corp…
Tax deducted from the wages of every legal working American t…
Tax levied on both employers and employees used to fun the so…
Federal insurance Contributions Act requires a deduction from…
Federal Income Tax
Tax levied by the IRS on annual earnings of individuals, corp…
Medicare Tax
Tax deducted from the wages of every legal working American t…
36 terms
the basics of taxes study guide
what are taxes?... (a sum of m______ that…
who are the taxpayers? ... (usually v____…
what is a community? ... (a g______ of pe…
communities may include: ... (the u_____…
a sum of money that a government mandates that its citizens p…
usually voters. if you live in the US and pay taxes to nation…
a group of people w/common interests and concern for the comm…
the united states; including state, county, and city/town.
what are taxes?... (a sum of m______ that…
a sum of money that a government mandates that its citizens p…
who are the taxpayers? ... (usually v____…
usually voters. if you live in the US and pay taxes to nation…
24 terms
taxes........... study guide
personal income tax
cars, clothes, computers
Cigarettes
state government and local government
The largest source of tax revenues for the federal government…
Sales taxes are applied to purchases such as _______________.
An example of an excise tax is a tax on ___________.
Property tax is a major source of revenue for ____________.
personal income tax
The largest source of tax revenues for the federal government…
cars, clothes, computers
Sales taxes are applied to purchases such as _______________.
32 terms
Econ Taxes Study guide
Taxes
Progressive Tax
Regressive Tax
Proportional Tax
Payments people are required to pay to local, state and natio…
Tax designed to take a larger percentage of income from the w…
Tax which takes a higher percentage of income from the poor t…
Tax that takes the same percentage of income from the wealthy…
Taxes
Payments people are required to pay to local, state and natio…
Progressive Tax
Tax designed to take a larger percentage of income from the w…
52 terms
Taxes Study Guide
Federal Income Tax
Medicare Tax
Social Security Tax
FICA
A tax by the IRS on your annual earnings
Tax deducted from the wages of every legally working American…
Amount taken in taxes to help retired workers, those on disab…
Federal Insurance Contributions Act
Federal Income Tax
A tax by the IRS on your annual earnings
Medicare Tax
Tax deducted from the wages of every legally working American…
39 terms
Taxes Study Guide
Tax
Government revenue
What are the two systems of taxation?
Benefits received principle
A mandatory payment to a local, state, or national government
Government income from taxes and non-tax sources.
Benefits Recieved Principle and Ability to pay principle
People who benefit directly from public goods should pay for…
Tax
A mandatory payment to a local, state, or national government
Government revenue
Government income from taxes and non-tax sources.
27 terms
Taxes Test Study Guide
What is revenue
Major sources of federal governments r…
Major sources of state governments rev…
What is deficit spending
Income that a business has from its normal business activities
Tax return for income
Gaming tax, corporate income tax, sales tax
Amount by which spending exceeds revenue over a particular pe…
What is revenue
Income that a business has from its normal business activities
Major sources of federal governments r…
Tax return for income
32 terms
taxes study guide
Funds the Social Security and Medicare…
The fee to license a car is this type…
A tax on earned and unearned income
The tax on airline tickets and gasoline
Payroll Tax
property tax
income tax
excise tax
Funds the Social Security and Medicare…
Payroll Tax
The fee to license a car is this type…
property tax
64 terms
Taxes study guide (CFL)
A tax levied on incomes, especially an…
The tax you withhold from your employe…
The Federal Insurance Contributions Ac…
The Federal Unemployment Tax Act is a…
Federal Income Tax
Medicare Tax
FICA
FUTA
A tax levied on incomes, especially an…
Federal Income Tax
The tax you withhold from your employe…
Medicare Tax
50 terms
Taxes Study Guide
Federal Income Tax
Medicare Tax
Social Security Tax
FICA
A tax from the IRS on individuals annual earnings
A tax deducted from the wages of a working American that is u…
A tax on employers and employees that fund the Social Securit…
A federal law that requires employers to withhold a portion o…
Federal Income Tax
A tax from the IRS on individuals annual earnings
Medicare Tax
A tax deducted from the wages of a working American that is u…
44 terms
Taxes study guide for test
1040 form
Sales tax
Local taxes
Tax evasion
Standard IRS form that individuals use to file their income t…
Tax on sale of goods and services
Tax assessed and levied by a local authority such as a countr…
Person, organization or corporation intentionally avoids payi…
1040 form
Standard IRS form that individuals use to file their income t…
Sales tax
Tax on sale of goods and services
10 terms
Taxes Quiz Study Guide
Payroll Tax
Income Tax
Unearned Income
Earned Income
A tax on earned income that supports the Social Security and…
Tax paid on the money one earns from working and on unearned…
is cash or in-kind benefits that people receive without being…
is a refundable tax credit for low- to moderate-income workin…
Payroll Tax
A tax on earned income that supports the Social Security and…
Income Tax
Tax paid on the money one earns from working and on unearned…
27 terms
Taxes Study Guide
What are the types of earned income?
Wages?
Salaries?
Tips & Commissions?
Wages, Salaries, Tips and Commissions, & Profits
employees are paid by the hour (overtime 40+ hours (1.5 x bas…
employees get paid a fixed amount of money annually
money earned based on a percentage of a bill or sale
What are the types of earned income?
Wages, Salaries, Tips and Commissions, & Profits
Wages?
employees are paid by the hour (overtime 40+ hours (1.5 x bas…
51 terms
Income and taxes study guide
What is the social security tax called?
What is Medicare tax?
What is the social security tax rate?
What is the Medicare tax rate?
FICA tax
Tax that provides medical benefits for certain individuals wh…
6.20%
1.45%
What is the social security tax called?
FICA tax
What is Medicare tax?
Tax that provides medical benefits for certain individuals wh…
Taxes Study Guide
flat tax
regressive tax
progressive tax
How many Congressional districts does…
same percentage
same dollar amount
the more money you make the more money you get taxed on
9
flat tax
same percentage
regressive tax
same dollar amount
35 terms
Study Guide Taxes and Income
True or False: Employees decide when t…
What is the Medicare tax rate? 6.20%,…
Why do Employers use the W-4 form?
What is gross pay?
False
1.45%
To decide how much income tax to withhold from their employees
Gross pay is the amount you earn totally
True or False: Employees decide when t…
False
What is the Medicare tax rate? 6.20%,…
1.45%
35 terms
Study Guide Taxes and Income
True or False: Employees decide when t…
What is the Medicare tax rate? 6.20%,…
Why do Employers use the W-4 form?
What is gross pay?
False
1.45%
To decide how much income tax to withhold from their employees
Gross pay is the amount you earn totally
True or False: Employees decide when t…
False
What is the Medicare tax rate? 6.20%,…
1.45%
13 terms
Taxes Study Guide
When are taxes typically due?
What is the name of the agency in char…
What executive department is the IRS p…
What is the form your employer gives y…
April 15
Internal Revenue Service
Treasury Department
W-2
When are taxes typically due?
April 15
What is the name of the agency in char…
Internal Revenue Service
40 terms
Tax Accounting 341- Study Guide
Tax Formula For Individuals
Items excluded in gross income
"Above the line" (For AGI)
Cannot use Standard Deduction if:
Income... LESS: Exclusions... EQUALS: Gross Income (GI)... LESS: Deduc…
Interest received on state or municipal debt;... Child Support,…
Business Expenses (Sched C)... Schedule E expenses... HSE... Moving Ex…
Married filing separate (if spouse itemizes);... Individual fili…
Tax Formula For Individuals
Income... LESS: Exclusions... EQUALS: Gross Income (GI)... LESS: Deduc…
Items excluded in gross income
Interest received on state or municipal debt;... Child Support,…
Tax Exam 2 Study Guides
How to find realized Gain/Loss?
The idea of "basis" is primarily relat…
Are all gains/losses recognizable?
Why are losses not recognizable in pro…
Amount Realized... (Adjusted Basis)... =Realized Gain/Loss
The Recovery of Capital Doctrine
-Most gains are taxable... -All losses are not recognizable
because recognition would allow partial recovery ... Example: Pe…
How to find realized Gain/Loss?
Amount Realized... (Adjusted Basis)... =Realized Gain/Loss
The idea of "basis" is primarily relat…
The Recovery of Capital Doctrine
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