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ACCT 421 Tax_Chart - IUP INDIANA UNIVERSITY OF PENNSYLVANIA...

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IUP - INDIANA UNIVERSITY OF PENNSYLVANIA ACCT 421/521 FEDERAL TAXATION #1 - DR. FAYE BRADWICK – Spring 2009 Unit #1 – Tax Chart (30 points) STUDENT NAME: Chintan Modi TYPE OF TAX TAX BASE TAX RATE(s) For Year 2008 Tax Structure: Impact on T/P APPEARS to be Tax Structure: REALITY of Impact on T/P (1) Individual Federal Income Tax -- or -- FIT Federal individual taxable income – or – Fed T.I. 10-15-25- 28-33-35% Progressive Progressive except as to tax- exempt income & then it is regressive (2) Individual PA Income Tax – or – PA-SIT Approximately Gross Income – or – PA T.I. 3.07% for all Proportional (which is another term for “flat tax”) Could make the case that it is regressive (3) Federal Corporate Income Tax Gross income less expenses unless otherwise specified by law. 15-25-34-39- 34-35-38-35% Progressive Progressive except some service corporations are taxed at flat 35% (4) PA Sales Tax Sales Taxable Items
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ACCT 421 Tax_Chart - IUP INDIANA UNIVERSITY OF PENNSYLVANIA...

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