Acct421-521-U1-TaxTypes-Chart-BLANK-09012011

Acct421-521-U1-TaxTypes-Chart-BLANK-09012011 - IUP -...

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Unformatted text preview: IUP - INDIANA UNIVERSITY OF PENNSYLVANIA Eberly College of Business & Information Technology Accounting Department ACCT 421/521 - Federal Taxation #1 ECOB 211 on M&W and ECOB Lab#109 on Fri UNIT #1 (PH-2012-Comprehensive-Pope/Anderson/Kramer-Chapters 1&2) Unit #1 Tax Types Chart 30 points Fall 2011 Page 1 STUDENT LAST NAME, FIRST NAME = TYPE OF TAX TAX BASE TAX RATE(s) For Year 2010 Tax Structure: Impact on T/P APPEARS to be Tax Structure: REALITY of Impact on T/P (1) SAMPLE 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) SAMPLE 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 THINK about this!...
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This note was uploaded on 09/20/2011 for the course ECONOMICS 101 taught by Professor Youalreadyknow during the Spring '11 term at Punjab Engineering College.

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Acct421-521-U1-TaxTypes-Chart-BLANK-09012011 - IUP -...

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