2010 CCH Comp Topics Ch01

2010 CCH Comp Topics Ch01 - Chapter 1 Introduction to...

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Chapter 1 Introduction to Federal Taxation ©2009 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com
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CCH Federal Taxation Comprehensive Topics 2 of 11 Chapter 1 Exhibits 1. 4 Major Types of Federal Taxes 2. Tax Revenue Statistics 3. Tax Avoidance v. Tax Evasion 4. Brief History of Federal Income Tax 5. Tax Legislative Process 6. Objectives of the Tax Law Chapter 1, Exhibit Contents
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CCH Federal Taxation Comprehensive Topics 3 of 11 4 Major Types of Federal Taxes 1. Income taxes Individual income tax and corporate income tax . 2. Employment taxes FICA Social Security, FICA Medicare and FUTA. 3. Estate and gift taxes Taxes on transfers of property 4. Excise and custom taxes Taxes on transactions (taxes on the purchase of alcohol) Chapter 1, Exhibit 1
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CCH Federal Taxation Comprehensive Topics 4 of 11 Tax Revenue Statistics Source % Total Revenue Avg. Rev. per Return Overall Audit Probability Tax Revenue ($’s in billions # Returns (#’s in millions) Individual Income Tax 50.76% $ 9,834 1.0% $1,366 138.9 Corporate Income Tax 14.7% $59,848 1.3% $395 6.6 Excise and Customs Taxes 1.97% $58,889 4.0% $ 53 0.9 Estate and Gift Tax
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This note was uploaded on 03/09/2011 for the course ACTG 310 taught by Professor Neal during the Spring '10 term at N.E. Illinois.

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2010 CCH Comp Topics Ch01 - Chapter 1 Introduction to...

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