Section 4 - ACC 200 Spring 2011 Click to edit Master...

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Click to edit Master subtitle style ACC 200 Spring 2011 Section 4: Tax Christopher T. McKittrick CPA, MBA, CFE College of Management
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Section 4 Objectives – Introduction to Taxation ¢ Identify the various taxes affecting business enterprises and individuals including transaction taxes l Sales and excise taxes, employment taxes, death taxes, gift taxes, etc.) property and wealth taxes, and income taxes ¢ Distinguish between the basic tax formula for individuals and corporations ¢ Calculate the taxable income and income tax for an individual taxpayer ¢ Calculate the taxable income and income tax for a corporate taxpayer
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Section 4 Objectives – Introduction to Taxation ¢ Distinguish between and calculate marginal and average tax rates ¢ Taxable vs. Nontaxable (municipal) bonds l Use marginal tax rates to compare the after-tax return of tax- free municipal bonds and fully taxable bonds
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44 In Class Assignment (Review of Accrual) ¢ Beg Assets = $50,000, Beg Liabilities = $20,000 and Beg. Stockholders’ Equity = $30,000 ¢ During the month the company completed the following transactions: l Paid $5,000 to a supplier to reduce an account payable l Performed services for a client and billed the client for $6,000 l Purchased inventory for $1,000 on account l Purchased depreciable equipment for cash of $3,600 l Depreciated the equipment for one month (it has a useful life of 36 months)
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55 Tax Base ¢ Transaction Taxes ¢ Property taxes in NC: l Real property (e.g. your home, plant) l Personal property (e.g. your car, business equipment) ¢ Income taxes l Individual l Corporate
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Types of Transaction Taxes ¢ Production, sale, and consumption of commodities l Excise tax l Sales tax
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