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Lecture notes - Introduction to Federal Income Taxation TAX...

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Introduction to Federal Income Taxation
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TAX ENVIRONMENT
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Types of U.S. Taxes Assessed on income Assessed on specific types of income - employment taxes. Property - Real estate & personal property tax Transaction based taxes
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Question 1 How is the tax formula applied to various taxes?
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Tax = Base x Rate For example, under the federal income tax, Base = taxable income Rate varies according to the base (taxable income) & family status
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Tax = Base x Rate Property or Transactions In general, base = value of the property or the transaction (ad valorem), and the rate is set.
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Question 2 What revenue source provides the most revenue for the federal government? Corporate income tax Individual income tax Social security & medicare taxes Other
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RECEIPTS BY SOURCE--SUMMARY (In millions of dollars) Source Actual Estimate 1996 % 1997 Individual income taxes ............ 656,417 0.45 672,683 0.45 Corporation income taxes ........... 171,824 0.12 176,199 0.12 Social insurance taxes ............ 509,414 0.35 535,766 0.36 Excise taxes ....................... 54,014 0.04 57,247 0.04 Estate and gift taxes .............. 17,189 0.01 17,588 0.01 Customs duties ..................... 18,670 0.01 17,328 0.01
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