Tax Outline

Tax Outline - Tax Outline 1) types of taxes (constitutional...

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Tax Outline 1) types of taxes (constitutional in mid 1800s, early head tax) -1916: IRS was established, came out with 1040 - 2-6% - individual income tax laws - corporate income tax laws - partnership income tax laws 2) sales tax - EBR = 9%, half goes to state of LA, half goes to EBR 3) use tax * say we order laptop from Dell for $2,000; Dell won’t charge tax because it’s a mail-order company. Doesn’t have NEXUS (no physical presence) in state of LA. - if you import good from out of state for use in LA, you are supposed to pay use tax of 8% flat rate - on income tax return: supposed to report out of state purchases for use 4) property taxes * “ad velorum” taxes (based on value of property) - homestead exemption: if house is valued below $75,000; no property taxes (i.e. trailer) - some parts of country only impose tax on realty (real estate); and personalty (all non-real estate items) [equipment, cars, etc.] 5) payroll/employment tax - social security tax *6.2% of the first $97,000 earned wages/year
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This note was uploaded on 04/14/2008 for the course ACCT 2000 taught by Professor Holmes during the Fall '08 term at LSU.

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Tax Outline - Tax Outline 1) types of taxes (constitutional...

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