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-…
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…
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
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
Tax
Employer Provided Meals
Employer Provided Lodging
Treasure Trove
Prizes
EE may exclude value of meals from gross income provided by E…
EE may exclude value of lodging from gross income provided by…
Found property is gross income. §1.61-14. Cesarini (cash foun…
Includes TV and radio giveaways, as well as prizes from emplo…
Employer Provided Meals
EE may exclude value of meals from gross income provided by E…
Employer Provided Lodging
EE may exclude value of lodging from gross income provided by…
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…
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
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…
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.
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…
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…
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…
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
Tax
Home Relocation Loan Deduction Calcula…
Home Relocation Loan Benefit
Child Care Expense LimitsInclu
Child Care Limits
Lesser of:... 1) 25000*prescribed rate or historic rate... 2) Home…
Lesser of 1) Current prescribed rate 2) Historic Prescribed r…
Lesser of:... - Amount of actual expenditures... - two thirds of ea…
Infirm: 11,000... Under 7: 8,000... 7-16: 5,000
Home Relocation Loan Deduction Calcula…
Lesser of:... 1) 25000*prescribed rate or historic rate... 2) Home…
Home Relocation Loan Benefit
Lesser of 1) Current prescribed rate 2) Historic Prescribed r…
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…
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
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…
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
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…
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
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
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)
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
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
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…
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
30 terms
Tax
Revenue commissioners
Corporation tax
Value Added Tax
Capital Gains Tax
State agency responsible for collecting taxes on behalf of th…
Tax paid on profits earned by companies and co-operatives. Ir…
A percentage Tax added to the price of certain goods and serv…
Tax paid on the profits earned from the sale or disposal of a…
Revenue commissioners
State agency responsible for collecting taxes on behalf of th…
Corporation tax
Tax paid on profits earned by companies and co-operatives. Ir…
tax
tax
feathers
accountant
bussinessman
impuesto
plumas
contador
comerciante
tax
impuesto
feathers
plumas
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…
11 terms
tax
proportional tax
progressive tax
regressive tax
internal revenue service
imposes the same percentage rate of taxation on everyone, reg…
imposes a higher percentage rate of taxation on higher income…
imposes a higher percentage rate of taxation on low incomes t…
in charge of collecting taxes, are lengthy and difficult to u…
proportional tax
imposes the same percentage rate of taxation on everyone, reg…
progressive tax
imposes a higher percentage rate of taxation on higher income…
TAX
tax
fee
charged
levied
daň
poplatok
účtovaný
vyberaný
tax
daň
fee
poplatok
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…
18 terms
Tax
regard tax as a burden
tax revenue
important implications
receive more funds
Many people regard tax as a burden, because it can reduce the…
I think that we need to pay tax, because without tax revenue,…
Paying tax can have important implications to a country's eco…
If the government has tax revenuem, public facilities such as…
regard tax as a burden
Many people regard tax as a burden, because it can reduce the…
tax revenue
I think that we need to pay tax, because without tax revenue,…
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
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-…
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…
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…
22 terms
tax
revenue
Ability to pay principle
Progressive taxes
Regressive taxes
1.income, especially when of a company or organization and of…
The ability-to-pay principle in taxation maintains that taxes…
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
1.income, especially when of a company or organization and of…
Ability to pay principle
The ability-to-pay principle in taxation maintains that taxes…
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)
23 terms
Tax
Tax
Revenue
Tax base
Individual Income Tax
mandatory payment to government
government income from taxes and other sources
a form of wealth such as income, property, goods, or other se…
based on an individuals income from all sources
Tax
mandatory payment to government
Revenue
government income from taxes and other sources
Tax
Dirt
Calculate dirt
Income tax / paye - pay as you earn…
PRSI
Depost, interest retention tax. Tax on intrest from saved mon…
Interest - e.g. .5% of savings ... Savings = 4000 @.5% = 20 ... 41%…
If over salary 33800 @ 20% = 6760... Salary - 33800 @ 40% ... 40%…
Pay related social insurance
Dirt
Depost, interest retention tax. Tax on intrest from saved mon…
Calculate dirt
Interest - e.g. .5% of savings ... Savings = 4000 @.5% = 20 ... 41%…
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…
dentify the taxpayer filing statuses f…
Identify the tax rate(s) at which qual…
Identify the barrier(s) to income shif…
The alternative minimum tax base is ty…
Single, married filing joint, married filing separate, head o…
0% 15% 20%
Assignment of income-income follows the owner of the assets K…
Larger
dentify the taxpayer filing statuses f…
Single, married filing joint, married filing separate, head o…
Identify the tax rate(s) at which qual…
0% 15% 20%
9 terms
Tax
47A.) Comment on the possible justific…
47B.) Comment on the possible justific…
47C.) Comment on the possible justific…
48A.) Discuss the probable justificati…
...
...
...
...
47A.) Comment on the possible justific…
...
47B.) Comment on the possible justific…
...
68 terms
Tax
tax
taxpayer
incidence
jurisdiction
compulsory payment to support the cost of governance
any person or organization that pays tax
ultimate economic burden of a tax. May not fall on the person…
right of a government to tax... -example: Quill corporation vs N…
tax
compulsory payment to support the cost of governance
taxpayer
any person or organization that pays tax
21 terms
Tax
Functions of taxation
Canons of taxation
Direct tax
Indirect tax
Redistribute wealth, essential services, infrastructure, econ…
Certainty, convenience, equity, economy.
The tax on the incomes earned by individuals. Eg. PAYE
Tax on specific goods and services. Eg VAT
Functions of taxation
Redistribute wealth, essential services, infrastructure, econ…
Canons of taxation
Certainty, convenience, equity, economy.
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