Chapter 4 - Chapter 4 Chapter Objectives Explain how to...

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Chapter 4 Chapter Objectives Explain how to determine your tax filing status Demonstrate how to calculate your gross income Show how deductions and exemptions can be used Explain how to determine your taxable income, tax liability, and refund or additional taxes owed Background on Taxes Taxes are an integral part of our economy They are paid on earned income, consumer purchases, wealth transfers and capital assets Special taxes are levied on things like alcohol, cigarettes and gasoline Taxes are paid at the federal, state, and local levels The purpose of taxes is to fund government activities The federal tax system is administered by the Internal Revenue Service This chapter focuses on the federal income tax process Corporations pay income tax on profits Homeowners pay property taxes Taxes are used to pay for government services and programs Most individuals pay taxes at federal, state and local levels Federal tax system is administered by the Internal Revenue Service (IRS)
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This note was uploaded on 02/08/2012 for the course FINANCE 250 taught by Professor Maryevans during the Spring '12 term at Rutgers.

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Chapter 4 - Chapter 4 Chapter Objectives Explain how to...

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