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

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

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IUP - INDIANA UNIVERSITY OF PENNSYLVANIA Unit #1 – Tax Types Chart – 30 points – Fall 2011 … Page 1 STUDENT LAST NAME, FIRST NAME = SHAH, CHINMAY 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! (3)
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Acct421-521-U1-TaxTypes-Chart-BLANK-09012011 - IUP -...

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