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Study sets matching "tax"

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Study sets matching "tax"

25 terms
Tax
adjusted gross income
Authorized IRS e-file Provider
Earned Income Credit
federal income tax
Gross income reduced by certain amounts, such as a deductible…
A business authorized by the IRS to participate in the IRS e-…
A tax credit for certain people who work, meet certain requir…
The federal government levies a tax on personal income. The f…
adjusted gross income
Gross income reduced by certain amounts, such as a deductible…
Authorized IRS e-file Provider
A business authorized by the IRS to participate in the IRS e-…
19 terms
TAX
Corporate Dividends
Roth IRA
Exchange of shares between Funds
LEAPS
Owns 20% of company 80% is excluded | Owns less than 20% (70%…
Tax Free Withdraws
Taxable event | No service charge though
Writers Taxed Short term | Buyers Taxed long term.
Corporate Dividends
Owns 20% of company 80% is excluded | Owns less than 20% (70%…
Roth IRA
Tax Free Withdraws
14 terms
Tax
Tax Revenues
Tax Base
Tax avoidance
Tax Evasion
Income the government receives from direct and indirect taxat…
The number of areas on which tax is levied.
Minimising one's tax liabilities through legal means.... Legally…
The illegal non payment of tax by making false or no b returns
Tax Revenues
Income the government receives from direct and indirect taxat…
Tax Base
The number of areas on which tax is levied.
Tax
Sales Tax
Credit Card
Withdrawal
Property Tax
A tax added to the cost of items and services
A card issued by a bank that allows you to buy things now and…
Money taken out of a bank account
A tax on the value of items such as cars, houses, boats or land
Sales Tax
A tax added to the cost of items and services
Credit Card
A card issued by a bank that allows you to buy things now and…
12 terms
Tax
tax
direct tax
indirect tax
specific tax
government revenue; ... made from charging producers and consume…
tax charged directly to income; ... average t = t / Y
tax charged to purchases
form of indirect tax; ... same size tax added to every unit of a…
tax
government revenue; ... made from charging producers and consume…
direct tax
tax charged directly to income; ... average t = t / Y
24 terms
Tax
Commissioner V. Glenshaw Glass
Cesarini v. United States
Commissioner v. Duberstein
Old Colony Trust Co. v. Commissioner
-Facts... D wins 300k in punitive damages, doesn't file it under…
-Facts... P found 5k in a piano, they reported the sum as income…
-Facts... A does business with B, A brings B an additional 6 cus…
-Facts... Guy serves as president of company, company offers to…
Commissioner V. Glenshaw Glass
-Facts... D wins 300k in punitive damages, doesn't file it under…
Cesarini v. United States
-Facts... P found 5k in a piano, they reported the sum as income…
6 terms
Tax
Required payment to government based o…
Expenditures by individuals that the g…
Regular wages,salary,interest,dividend…
Income from selling investments
Income Tax
Tax Deductions
Ordinary income
Capital gains
Required payment to government based o…
Income Tax
Expenditures by individuals that the g…
Tax Deductions
13 terms
tax
kangaroos, wallabies, possums, koalas,…
tasmanian devil, tas wolf
placentals
shrews, moles, desmans
diprotodontia
dasyuromorphia
eutheria
soricomorphia
kangaroos, wallabies, possums, koalas,…
diprotodontia
tasmanian devil, tas wolf
dasyuromorphia
11 terms
Tax
Indirect tax
Why use tax?
Specific tax
Ad valorem tax
Tax on consumption e.g sales tax and VAT
Source of government revenue... Discourage consumption of demeri…
a tax which is placed on every unit sold
a tax which is based on the value of a purchase - tax increas…
Indirect tax
Tax on consumption e.g sales tax and VAT
Why use tax?
Source of government revenue... Discourage consumption of demeri…
25 terms
Tax
adjusted gross income
Authorized IRS e-file Provider
Earned Income Credit
federal income tax
Gross income reduced by certain amounts, such as a deductible…
A business authorized by the IRS to participate in the IRS e-…
A tax credit for certain people who work, meet certain requir…
The federal government levies a tax on personal income. The f…
adjusted gross income
Gross income reduced by certain amounts, such as a deductible…
Authorized IRS e-file Provider
A business authorized by the IRS to participate in the IRS e-…
24 terms
TAX
tax
fee
charged
levied
daň
poplatok
účtovaný
vyberaný
tax
daň
fee
poplatok
38 terms
tax
itemized deduction: medical
Itemized deduction: property/income ta…
Itemized deduction: interest
Itemized deduction: investment interest
under age 65: 10% AGI; 65 and older: 7.5% AGI
state, local income and sales taxes
qualified residence (max debt limit $1min); home equity loans…
limited to net investment income (investment income - investm…
itemized deduction: medical
under age 65: 10% AGI; 65 and older: 7.5% AGI
Itemized deduction: property/income ta…
state, local income and sales taxes
55 terms
Tax
Dependency Exemption
Congressional Committee
Accrual Accounting
Carryover for Excess Charitable Donati…
1) Gross Income Test... 2) Support Test... 3) Member of family... 4) C…
- aka Blue Book... - provides congressional reasoning for enacti…
- recognize income when taxpayer has a right to collect... - rec…
Five carry-over provision (total years are 6)
Dependency Exemption
1) Gross Income Test... 2) Support Test... 3) Member of family... 4) C…
Congressional Committee
- aka Blue Book... - provides congressional reasoning for enacti…
98 terms
tax
1.) What is the doctrine of stare deci…
2.) What is precedent and what does it…
3.) What do we compare when we are asc…
4.) What does the term "common law" de…
a. The application of prior decisions to current legal issues
a. Precedent is prior authority on a legal issue, applied thr…
a. Facts and the logical reasoning
a. Situation in which rules of law have been inductively dete…
1.) What is the doctrine of stare deci…
a. The application of prior decisions to current legal issues
2.) What is precedent and what does it…
a. Precedent is prior authority on a legal issue, applied thr…
96 terms
Tax
How long to maintain records of client…
Main money laundering offence penalty
Failure to report money laundering/tip…
Penalty if contravene Money laundering…
5 years
14 years jail + unlimited fine
5 years jail + unlimited fine
2 years jail
How long to maintain records of client…
5 years
Main money laundering offence penalty
14 years jail + unlimited fine
20 terms
Tax
Income tax
Direct tax
Progressive tax
Indirect tax
The tax people pay on their wages and salaries
A tax on wages and salaries or on company profits
A tax levied at a higher rate on higher incomes
A tax paid on property, sales, transactions, imports, and so on
Income tax
The tax people pay on their wages and salaries
Direct tax
A tax on wages and salaries or on company profits
15 terms
Tax
1040EZ
1099INT
1099MISC
FICA
The quick tax form most often used, in paper or online, for t…
Report on interest income sent from the bank to both the IRS…
Report of income made to the IRS and the taxpayer for any mon…
Short for Federal Insurance Contributions Act, the name given…
1040EZ
The quick tax form most often used, in paper or online, for t…
1099INT
Report on interest income sent from the bank to both the IRS…
11 terms
Tax
Federal Income Tax
State Income Tax
FICA (Federal Insurance Contribution A…
Property Tax
This tax is used to support government programs. This is wher…
This tax is used to support state services (if you work in a…
This tax pays for benefits that workers and families receive…
This tax on wealth is the main source of revenue for local go…
Federal Income Tax
This tax is used to support government programs. This is wher…
State Income Tax
This tax is used to support state services (if you work in a…
11 terms
Tax
Amendement
Bill af rights
Consitution
Democracy
A change or addition to something
The first 10 Amendments made to the U.S Consitution
Document that states the ideas and rules that our Country agr…
A form of government in which the citizens vote for their lea…
Amendement
A change or addition to something
Bill af rights
The first 10 Amendments made to the U.S Consitution
25 terms
Tax
Gross income - what's included
Exclusions from gross income
Deductions for AGI (Above the line)
Deductions from AGI (Below the line)
All income from whatever source derived... = income - exclusions…
Muni Bonds - interest is non-taxable ... Sale of principal resid…
Penalty of timed savings account- take deduction if take out…
-Standard Deduction or Itemized Deductions... -Personal and depe…
Gross income - what's included
All income from whatever source derived... = income - exclusions…
Exclusions from gross income
Muni Bonds - interest is non-taxable ... Sale of principal resid…
19 terms
Tax
Deduction For Expenses (elements)
Deduction For Expenses - 1) Ordinary
Deductions for Expenses- 2) Necessary
Deductions for Expenses- 3) Expense
Section 162(a)... (1) It must be an ordinary... (2) and *necessa…
Ordinary Characteristics ... - Ordinary doesn't mean that paymen…
Case- Country singer's resturant failed, he reimbursed the in…
-The monies spent in the taxable year must be properly catego…
Deduction For Expenses (elements)
Section 162(a)... (1) It must be an ordinary... (2) and *necessa…
Deduction For Expenses - 1) Ordinary
Ordinary Characteristics ... - Ordinary doesn't mean that paymen…
40 terms
TAX
Income tax on companies
limited liability
limited liability
trade tax
Einkommensteuer für Firmen
beschränkte Haftung
begrenzte Steuerpflicht
Gewerbesteuer
Income tax on companies
Einkommensteuer für Firmen
limited liability
beschränkte Haftung
136 terms
TAX
Leslie made a mathematical mistake in…
Basu received a letter from the IRS th…
Which judicial doctrine means that a c…
Allen filed his 2013 tax return on May…
Document perfection.
90-day letter.
stare decisis
Because Allen underreported his gross income by 30 percent, t…
Leslie made a mathematical mistake in…
Document perfection.
Basu received a letter from the IRS th…
90-day letter.
9 terms
TAX
TAX
13 original colonies
taxes in the colonies
"no taxation without representation"
money People pay that goes to the government.
where the United States began
divided Great Britain and colonies
What the colonists thought
TAX
money People pay that goes to the government.
13 original colonies
where the United States began
8 terms
Tax
Gratuity section?
Pension section?
Leave salary section?
Voluntary retirement scheme section?
Sec 10(10)
Sec 10(10A)
Sec 10(10AA)
Sec 10(10C)
Gratuity section?
Sec 10(10)
Pension section?
Sec 10(10A)
35 terms
Tax
Medicare Levy
Fringe benefit tax
Capital Gains Tax
Corporate Tax
An amount payable most taxpayers pay, this covers the cost of…
A tax on non-salary benefits provided by an employee
the difference between what you buy something for and sell it…
a tax levied on 30% of all companies profit
Medicare Levy
An amount payable most taxpayers pay, this covers the cost of…
Fringe benefit tax
A tax on non-salary benefits provided by an employee
20 terms
TAX
If Jim invested $100,000 in an annual-…
Which of the following types of intere…
Nontax factor(s) investors should cons…
What rate should be used when calculat…
None of these
accrued market discount on bonds
before-tax rates of return and liquidity needs
annual after-tax rate of return
If Jim invested $100,000 in an annual-…
None of these
Which of the following types of intere…
accrued market discount on bonds
49 terms
Tax
How do you determine tax liability?
What is gross income defined?
What does realization mean?
How do you distinguish cash from non-c…
Step 1: compute gross income - what is included? What is excl…
Gross income means all income from whatever source derived. T…
To be taxable the gain must be realized. Realization requires…
Except in cases of gain derived from dealings in property, in…
How do you determine tax liability?
Step 1: compute gross income - what is included? What is excl…
What is gross income defined?
Gross income means all income from whatever source derived. T…
101 terms
Tax
Where is the residency of a corporation?
Are non-resident corporations liable f…
What counts as 'Taxable Canadian Prope…
What are the advantages of Incorporati…
1. Where central management and control resides... 2. If incorp…
Yes, they are liable for Canadian source income from... 1. Busi…
1. Real property located in Canada... 2. Property used to carry…
-Limited liability... -Small Business deduction leading to lowe…
Where is the residency of a corporation?
1. Where central management and control resides... 2. If incorp…
Are non-resident corporations liable f…
Yes, they are liable for Canadian source income from... 1. Busi…
8 terms
Tax
Income Tax
Excise Tax
Gift Tax
Estate Tax
a government tax imposed on individuals based on income
taxes paid when certain purchases are made (gas, highway usag…
a tax on the transfer of property from one individual to anot…
a tax on the net value of the estate of a deceased person bef…
Income Tax
a government tax imposed on individuals based on income
Excise Tax
taxes paid when certain purchases are made (gas, highway usag…
98 terms
tax
1.) What is the doctrine of stare deci…
2.) What is precedent and what does it…
3.) What do we compare when we are asc…
4.) What does the term "common law" de…
a. The application of prior decisions to current legal issues
a. Precedent is prior authority on a legal issue, applied thr…
a. Facts and the logical reasoning
a. Situation in which rules of law have been inductively dete…
1.) What is the doctrine of stare deci…
a. The application of prior decisions to current legal issues
2.) What is precedent and what does it…
a. Precedent is prior authority on a legal issue, applied thr…
101 terms
Tax
Where is the residency of a corporation?
Are non-resident corporations liable f…
What counts as 'Taxable Canadian Prope…
What are the advantages of Incorporati…
1. Where central management and control resides... 2. If incorp…
Yes, they are liable for Canadian source income from... 1. Busi…
1. Real property located in Canada... 2. Property used to carry…
-Limited liability... -Small Business deduction leading to lowe…
Where is the residency of a corporation?
1. Where central management and control resides... 2. If incorp…
Are non-resident corporations liable f…
Yes, they are liable for Canadian source income from... 1. Busi…
30 terms
Tax
Vision 2020 Tax practice revenue will…
Tax Life Cycle - name the four elements
Are the stages of the life cycle seque…
What are the second layer areas of the…
$13.8 billion
Planning, accounting, compliance and controversy (PORI)
No - no defined start or end point and stages can come in any…
Reporting,... Technology,... Risk,... Data, ... Talent,
Vision 2020 Tax practice revenue will…
$13.8 billion
Tax Life Cycle - name the four elements
Planning, accounting, compliance and controversy (PORI)
8 terms
Taxes
Deductions
FICA
Form W-2
Form W-4
The amount that is subtracted from gross pay
Includes Social Security and Medicare
Wage and tax statement. States the amount of money earned and…
Employee's Withholding Allowance Certificate; it determines t…
Deductions
The amount that is subtracted from gross pay
FICA
Includes Social Security and Medicare
27 terms
taxes
payroll taxes
income taxes
Federal Insurance Contributions Act (F…
withholding
based on employee total earnings and paid to the government b…
paid to the government based on your income and your financia…
the law that requires workers to contribute to Social Securit…
money your employer deducts from your paycheck
payroll taxes
based on employee total earnings and paid to the government b…
income taxes
paid to the government based on your income and your financia…
19 terms
Tax
Federal Income Tax
Sales tax
Capital gains tax
Inheritance tax
federal income tax is a tax levied by the United States Inter…
sales tax... a tax on sales or on the receipts from sales.
cap·i·tal gains tax... a tax levied on profit from the sale of…
in·her·it·ance tax... a tax imposed on someone who inherits pro…
Federal Income Tax
federal income tax is a tax levied by the United States Inter…
Sales tax
sales tax... a tax on sales or on the receipts from sales.
42 terms
TAx
Közvetlen/Közvetett adó
Személyi jövedelemadó
Általános forgalmi adó
Értéket hozzáadott adó, áfa
Direct/Indirect taxes
Personal Income tax
General turnover tax
Value added tax
Közvetlen/Közvetett adó
Direct/Indirect taxes
Személyi jövedelemadó
Personal Income tax
10 terms
Tax
Progressive
Regressive
Sales tax
Excive tax
The tax rate increases is the taxable income increases
Tax that claims a greater percentage of money from people of…
Is money paid on certain and services
...
Progressive
The tax rate increases is the taxable income increases
Regressive
Tax that claims a greater percentage of money from people of…
12 terms
Tax
Tax
Income tax, payroll tax
Taxation
Tax deduction
Skatt
Skatt på inkomst
Beskattning
Skatteavdrag
Tax
Skatt
Income tax, payroll tax
Skatt på inkomst
Tax
Federal Income Tax
Sales tax
Capital gains tax
Inheritance tax
the taxes that the federal government imposes on personal inc…
A tax on a sale of merchandise or services
If held over one year are considered long-term capital gains…
This is a tax one would pay on their parents or grandparents'…
Federal Income Tax
the taxes that the federal government imposes on personal inc…
Sales tax
A tax on a sale of merchandise or services
19 terms
tax
Federal Income Tax
Sales tax
Capital gains tax
Inheritance tax
is a tax levied by the United States Internal Revenue Service…
is a consumption tax imposed by the government on the sale of…
is a tax on capital gains, the profit realized on the sale of…
is a federal tax applied to an individual giving anything of…
Federal Income Tax
is a tax levied by the United States Internal Revenue Service…
Sales tax
is a consumption tax imposed by the government on the sale of…
25 terms
Tax
American Opportunity tax
Life time Learning credit
Research and Development credit:
Foreign Tax Credit
provides a maximum nonrefundable tax credit of $2,500 per stu…
-allows a maximum nonrefundable tax credit of $2,000 per taxp…
-A tax credit is allowed for qualifying research and developm…
-Both individuals and corporations may claim a credit against…
American Opportunity tax
provides a maximum nonrefundable tax credit of $2,500 per stu…
Life time Learning credit
-allows a maximum nonrefundable tax credit of $2,000 per taxp…
22 terms
Tax
1040EZ
Ability to pay
Audit
Credit
...
Earn more, pay more
Examination of tax returns
Amount subtracted from your tax liability
1040EZ
...
Ability to pay
Earn more, pay more
11 terms
Tax
Revenue
Ability to pay principle
Progressive taxes
Regressive taxes
income, especially when of a company or organization and of a…
taxation is a progressive taxation principle that maintains t…
A progressive tax is a tax in which the tax rate increases as…
A regressive tax is a tax imposed in such a manner that the t…
Revenue
income, especially when of a company or organization and of a…
Ability to pay principle
taxation is a progressive taxation principle that maintains t…
tax
purpose of tax
federal government collection
state/territory collection
local collection
1) ensure that people contribute to community services (etc.…
income, medicare, gst, fbt, company, cgt, excise, departure,…
gambling, payroll, stamp duty, land, special purpose
rubbish disposal, property, building permits, fines, pet lice…
purpose of tax
1) ensure that people contribute to community services (etc.…
federal government collection
income, medicare, gst, fbt, company, cgt, excise, departure,…
18 terms
tax
FOR AGI
FOR AGI
FOR AGI
FOR AGI
trade or business expenses
deductions from losses on sale or exchange of property
deductions from rental and royalty property
alimony
FOR AGI
trade or business expenses
FOR AGI
deductions from losses on sale or exchange of property
21 terms
TAX
Arbeitsorte
Wertschriften
Guthabenverzeichnis
Verrechnung
change de travail
les titres (m) (actions, obligations)
Répertoire des soldes
Règlement, Mesure de décompte
Arbeitsorte
change de travail
Wertschriften
les titres (m) (actions, obligations)
60 terms
Tax
TorF A corporation with an income must…
_______ and _______ are required to fi…
sales tax is a ________ tax rate
Single person minimum income to file t…
T
Estates and trusts
regressive
$10350
TorF A corporation with an income must…
T
_______ and _______ are required to fi…
Estates and trusts
49 terms
Tax
Sec 1221
Sec 1236
Security Dealers Inventory Procedure
Real Property Sub-divided for sale
List of Non-Capital Assets:... inventory... property that is deprec…
Dealers and Securities:... sale of securities are treated as ord…
securities are treated as inventory and at end of year the "i…
Regular real estate "dealers" sales are ordinary income
Sec 1221
List of Non-Capital Assets:... inventory... property that is deprec…
Sec 1236
Dealers and Securities:... sale of securities are treated as ord…
30 terms
Tax
Tax Formula
Must file if under 65 and Gross income…
Must also file if:
Due dates
Income - Exclusions = Gross Income... Gross Income - Deductions…
Single: 10,350... MFJ: 20,700... Surviving Spouse: 16,650... MFS: 4,05…
Received advance payments of EIC... Self employment income > 40…
Individual : April 15... Corps and S Corps : 15th day of 3rd mo…
Tax Formula
Income - Exclusions = Gross Income... Gross Income - Deductions…
Must file if under 65 and Gross income…
Single: 10,350... MFJ: 20,700... Surviving Spouse: 16,650... MFS: 4,05…
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