Section 4 Lab Exercise Solutions

Section 4 Lab Exercise Solutions - Section 4 Introduction...

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1 Section 4 – Introduction to Taxation SOLUTION 1. Indicate (with a ) whether the following taxes are most likely to be progressive, proportional, or regressive. Progressive Proportional Regressive General sales tax FICA tax (after annual maximum has been met) Federal income tax 2. For each of the following types of business entities, indicate (with a ) whether: the entity would file a tax return separate from its owners or if the profits are reported on the owner’s return, and the entity would pay tax with its return, or if the owner reports their share of the profits on their own tax return, and, consequently, pays taxes with their return Files a return separate from the owners Does not file a return separate from the owner Business entity pays tax with it’s own tax return Owners pay tax on their share of the profits Sole proprietorship Partnership S-Corporation C-Corporation 3. The ABC Corporation has the following information available for 2009: Gross income of $500,000
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This note was uploaded on 11/22/2010 for the course ACC 200 taught by Professor Buckless during the Spring '08 term at N.C. State.

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Section 4 Lab Exercise Solutions - Section 4 Introduction...

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