CHAPTER 1 STUDENT F 2010

CHAPTER 1 STUDENT F 2010 - CHAPTER 1 INTRODUCTION TO...

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CHAPTER 1 INTRODUCTION TO TAXATION
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TAXES VS. FINES/PENALTIES TAXES REQUIRED IMPOSED BY GOVERNMENT NOT TIED DIRECTLY TO ANY BENEFIT RECEIVED BY TAXPAYER FINES/PENALTIES DESIGNED TO PUNISH OR PREVENT ILLEGAL BEHAVIOR
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WHY TAXES
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TAX STRUCTURE TAX BASE TAX RATES PROPORTIONAL PROGRESSIVE REGRESSIVE
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TAX STRUCTURE INCOME $10 $20 $30 PROPORTIONAL TAX $3 (3%) $6 (3%) $9 (3%) PROGRESSIVE TAX $3 (3%) $7 (3.5%) $12 (4%) REGRESSIVE TAX $3 (3%) $5 (2.5%) $6 (2%)
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MAJOR TYPES OF TAXES
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Imposed at the Federal, most state, and some local levels of government Which states DON’T impose?? Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming Most states use as the tax base the income determination made for Federal income tax purposes
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FEDERAL TAX FORMULA Income (broadly conceived) $xx,xxx) Less: Exclusions (x,xxx) Gross income $xx,xxx) Less: Deductions (x,xxx) Taxable Income $xx,xxx)
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FEDERAL TAX FORMULA Tax on taxable income (Tax Rate Schedules)
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This note was uploaded on 04/15/2011 for the course ACC 5170 taught by Professor Jones during the Spring '10 term at Wayne State University.

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CHAPTER 1 STUDENT F 2010 - CHAPTER 1 INTRODUCTION TO...

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