Ch01 - Chapter 1 Introduction to Federal Taxation 2011 CCH....

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Chapter 1 Introduction to Federal Taxation ©2011 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com
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Chapter 1 Exhibits 1. 4 Major Types of Federal Taxes 2. Tax Revenue Statistics 3. Tax Avoidance v. Tax Evasion 4. Brief History of Federal Income Tax 5. Tax Legislative Process 6. Objectives of the Tax Law CCH Federal Taxation Basic Principles 2 of 11 Chapter 1, Exhibit Contents
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4 Major Types of Federal Taxes 1. Income taxes Individual income tax and corporate income tax . 2. Employment taxes FICA Social Security, FICA Medicare and FUTA. 3. Estate and gift taxes Taxes on transfers of property 4. Excise and custom taxes Taxes on transactions (taxes on the purchase of alcohol) CCH Federal Taxation Basic Principles 3 of 11 Chapter 1, Exhibit 1
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Tax Revenue Statistics Source % Total Revenue Avg. Rev. per Return Overall Audit Probability Tax Revenue ($’s in billions # Returns (#’s in millions) Individual Income Tax 44.77% $ 6,829 1.0% $854 144.1 Corporate Income Tax 6.83% $18,841 1.3% $130 6.9 Excise and Customs Taxes 2.37% $55,679 1.8% $ 45.1 0.81 Estate and Gift Tax 1.23% $78,000 9.3% $ 23.4 0.3
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This note was uploaded on 01/14/2012 for the course ACCT 101 taught by Professor Smith during the Spring '11 term at UT Arlington.

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Ch01 - Chapter 1 Introduction to Federal Taxation 2011 CCH....

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