CHAPTER 1 NOTES Fall 2009

CHAPTER 1 NOTES Fall 2009 - CHAPTER 1 NOTES TAX 4001 Spring...

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CHAPTER 1 NOTES TAX 4001 Spring 2010
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Major Concepts Types of Taxes Characteristics of Taxes Explicit vs. Implicit Taxes Objectives of Taxes Basic Tax Formula – Individuals Basic Tax Formula - Corporations
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Types of Taxes Income Federal State  Local Payroll Taxes FICA Medicare Sales Tax Property Taxes Excise Taxes, Estate Tax, Gift Tax, etc.
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Characteristics of Taxes Levy by a government that is uniformly applied  to raise revenue for the general public good and  not for individual benefit or designed to  discourage certain behaviors Incidence of Taxation Proportional (flat rate) Progressive (increasing tax rates) Regressive (when tax rates decrease as income  increases) Can apply to either proportional or progressive taxes Tax Rate Calculation Terminology Average Tax Rate = Taxes Paid/Taxable Income Effective Tax Rate = Tax Expense/Book Income B/4 
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Explicit Vs. Implicit Taxes
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This note was uploaded on 03/25/2011 for the course TAX 4001 taught by Professor Hampton,m during the Spring '08 term at University of Central Florida.

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CHAPTER 1 NOTES Fall 2009 - CHAPTER 1 NOTES TAX 4001 Spring...

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