ACCT 3321.002 - Tax Rate Finance Internship Do we need to...

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Tax Rate Finance Internship Do we need to study thing in the book that does not mention in the PowerPoint September 9, 1 AM PPA Marginal Tax Rate To find the marginal tax rate, you take the amount of tax paid in next money category divide by the tax base for that category then you have the Marginal tax rate Progressive rate tax The more you make, the more you pay Income and Estate/Gift tax A neutral tax rate because is doesn't change Sales tax, medicate Regressive rate tax The more you make, the less you pay FICA(Federal Insurance Contributions Act _ Regressive rate, you only pay 6.2% of your first $106,800, after that you pay 0 tax rate), FUTA(Federal Unemployment Tax Act), SUTA(State Unemployment Tax Act) Average Tax Rate They divide tax, by category like 0 to $50000 for 10%, >$50000 to $100000 for 15% … Then you sum all of the tax then divide by tax base and we have average tax rate Effective Tax Rate - used by economists Income tax - the more you make, the more you pay Question: If you want to give $300,000 for your children in a year, you just need to find 20 people, give them $15,000 each and all of them give it back to your children Ad valorem (Based on value) tax Excise ("sin") taxes & customs duties: gasoline, tobacco In 2011, the tax rate is Tax Law and Research All corporations need to file tax on March 15, but can be extend for 6 months. However, they canot extend payment Internationaly, we write tax contract with other country Domestically, we do tax with the small company Rank the following sources of tax law in order of highest (to lowest) authority The Internal Revenue Code Revenue Regulations Revenue Rulings PTIN - Pay per period _ You need to pass some test (CPA or PTIN _ Preparer Tax Identification Number) to let you prepare tax return Search, Trident gum Pay me in gum. For Cash Equivalency – benefit is available w/ cash alternative If the tax collector go to your home and tried to collect your possession, you should file the form 911, so they will stop any collection action Form 9465 - if you owe less than $25,000, you can pay off what you owe for a period. The function is that, they tale your leftover debt multiple with 1.13 then divide by 60. You need = A to make monthly payment, and they accept any number higher than A Chapter 2, Slide 17: Use Form 9465 where possible: acceptance formula is 1.13*amount due/60 of up to $25k ($10 k stat) Profession Program in Accounting There are 4 types of Court that we can file in the United States - U.S. District Court, Court of Federal Claims, Tax Court, Other: bankruptcy court With Small Cases/Tax Court/Bankruptcy Court, you don't need to pay in advance (like pay for the people you owe) With Federal Claims Court/District Court, you need to pay in advance All of the 5 above (except Small Cases) you can appeal, but you can choose only 1 of them. For example, you can not appeal from Tax Court to District Court, but you can appeal from Tax Court to Court of Appeal Golsem Stare decisis - once it be apply, it will be apply
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This note was uploaded on 03/27/2012 for the course ACCT 3321 taught by Professor Chambers during the Spring '09 term at Texas A&M University, Corpus Christi.

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ACCT 3321.002 - Tax Rate Finance Internship Do we need to...

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