in16 - Chapter 4: Managing Taxes Objectives Explain how...

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Chapter 4: Managing Taxes
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Objectives Explain how taxes are administered and classified. Describe the concept of the marginal tax rate. Determine who should file an income tax return.
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Objectives Describe the two ways of paying taxes: payroll withholding and estimated taxes. Identify the three steps involved in calculating federal income taxes. Understand planning strategies to legally avoid overpayment of income taxes. Explain the basics of IRS audits.
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Taxes on Purchases State and local taxes are added to the purchase price of goods. Excise tax is imposed on specific goods and services Gasoline Cigarettes Alcohol Tires Air travel Telephone service
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Taxes on Property Real estate property tax is based on the value of land and buildings. Personal property taxes on the value of automobiles, boats, furniture, and farm equipment are imposed in some areas.
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Estate tax-imposed on the value of an individual’s property at the time of death. Inheritance tax-levied on the value of
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This note was uploaded on 02/11/2011 for the course FIN 3403 taught by Professor Tapley during the Spring '06 term at University of Florida.

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in16 - Chapter 4: Managing Taxes Objectives Explain how...

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