Exam+I+ACC330+Review - Exam I ReviewSeptember 5 2016 Define...

This preview shows page 1 - 3 out of 8 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
College Algebra with Applications for Business and Life Sciences
The document you are viewing contains questions related to this textbook.
Chapter 2 / Exercise 17
College Algebra with Applications for Business and Life Sciences
Larson
Expert Verified
Exam I Review—September 5, 2016 Define the following terms/phrases and offer examples: Term/Phrase Description/Example is appropriate Proportional tax Fixed tax rate (sales tax) Progressive tax (income tax) different for different people Self-employment tax Subject to SS taxes – Rates are twice that applicable to an employee FICA Social security and Medicare (no income limit) FEDERAL ONLY FUTA Federal and state Estate Transfer of assets at death Gift Donative intent Gift exclusion Per done annual exclusion is only available for gift tax perposes. Ideally, gifts should involve property that is expected to appreciate in value. Usually the donor is trying to shift future income to lower bracket Office audit Field audit Correspondence audit Letter Statute of limitation Generally 3 years from the later of the due date or the filing date of the return. No statute if no return filed of fraudulent return filed Pay-as-you-go Withholding or self-imployment AGI Preceeds the determination of taxable income Calculate TI Calculate Deductions for AGI KNOW EXAMPLES Calculate Deductions from AGI KNOW EXAMPLES Calculate Exclusion vs. Deduction Rather have exlusion Deduction vs Credit Standard deduction Calculate Additional standard deduction Calculate Standard deduction for a dependent KNOW Calculate when given formal Itemized deduction HOME- Calculate Exemptions Calculate Return of capital Taking out student loans = principal Paying back Calculate Tax treatment of personal gains and losses Calculate Taxability of dividends Declaration Record Payment Dividends are earned on specific date. Whoever owns stock on date of record has taxable income If gifted between dates – donor has to pay Calculate Taxability of interest Day to Calculate Agent vs principal and taxability Calculate Partnership—partners taxation Distributive share ( your percentage of earnings) Calculate 1
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
College Algebra with Applications for Business and Life Sciences
The document you are viewing contains questions related to this textbook.
Chapter 2 / Exercise 17
College Algebra with Applications for Business and Life Sciences
Larson
Expert Verified
Exam I Review—September 5, 2016 S-Corporation—shareholder taxation Distributive share (your percentage of earnings) Calculate Understand and apply the tax law to property settlement in a divorce, child support, alimony Property settlements are nontaxable events.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture