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Review_for_first_midterm - Review for Midterm 1 You need to...

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Review for Midterm 1. You need to read chapters 1, 2, 4 and 15 (LO 1-4) for this test and go over all recommended problems. However, here are the concepts you need to make sure you have a very good understanding of: Chapter 1: Concepts to understand: FICA (social security and Medicare). Self-employment tax. FUTA. Sales, and use tax. Estate tax, inheritance tax, gift tax. Property tax, ad valerom, personalty tax. Figure 1-1 and 1-2, Basic tax formula. Make a distinction between deductions for AGI and deductions from AGI. Which one is better and why? Income taxation of business entities: Distinguish between proprietorship (Sch. C.), partnerships (1065), S Corps (1120S) and C corps (1120 S). How are they treated in terms of income tax and self employment taxes? Refer to graph done in class. How about LLC? What is the meaning of double taxation? Distinguish between tax avoidance and tax evasion. Give three examples of “Tax Minimization Strategies”.
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