SEMESTER REVIEW - Ad valorem taxes Correspondence audit...

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Ad valorem taxes Correspondence audit Employment taxes Estate tax Excise taxes FICA tax Field audit Flat tax Franchise tax FUTA tax Gift tax Indexation Inheritance tax National sales tax Office audit Personalty Realty Revenue neutrality Sales tax Statute of limitations Use tax Value added tax (VAT) Wherewithal to pay
A tax imposed on the right to transfer property by death. Thus, an estate tax is levied on the decedent's estate and not on the h An audit conducted by the IRS on the business premises of the taxpayer or in the office of the tax practitioner representing the In its pure form, a flat tax would eliminate all exclusions, deductions, and credits and impose a one-rate tax on gross income. A tax levied on the right to do business in a state as a corporation. Although income considerations may come into play, the tax A tax imposed on the transfer of property by gift. The tax is imposed upon the donor of a gift and is based on the fair market val A tax imposed on the right to receive property from a decedent. Thus, theoretically, an inheritance tax is imposed on the heir. Th An audit conducted by the IRS in the agent's office. All property that is not attached to real estate (realty) and is movable. Examples of personalty are machinery, automobiles, cloth Real estate. A sales tax that is collectible by the seller where the purchaser is domiciled in a different state. A tax imposed on the value of property. The most common ad valorem tax is that imposed by states, counties, and cities on rea property as well. An audit conducted by the IRS by the U.S. mail. Typically, the IRS writes to the taxpayer requesting the verification of a particul records or other support is requested of the taxpayer. Taxes that an employer must pay on account of its employees. Employment taxes include FICA (Federal Insurance Contribution Employment taxes are paid to the IRS in addition to income tax withholdings at specified intervals. Such taxes can be levied on A tax on the manufacture, sale, or use of goods; on the carrying on of an occupation or activity; or on the transfer of property. T excise taxes. An abbreviation that stands for Federal Insurance Contributions Act, commonly referred to as the Social Security tax. The FICA survivors, and disability insurance) and the Medicare tax (hospital insurance) and is imposed on both employers and employees employee's wages the Social Security tax at a rate of 6.2 percent on a maximum wage base and the Medicare tax at a rate of 1 Security wage base for 2016 is $118,500 and for 2015 is $118,500. An employment tax levied on employers. Jointly administered by the Federal and state governments, the tax provides funding f percent on the first $7,000 of covered wages paid during the year for each employee in 2015. The Federal government allows a system) to the state. The credit cannot exceed 5.4 percent of the covered wages.

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