acct hw 1 - Bryan Whalen CH 1 2 Chapter 1 5 For persons who...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Bryan Whalen CH 1 & 2 Chapter 1 5.) For persons who earn wages, the employer withholds a specified portion of the employee’s wage for taxes. For persons who don’t earn a wage, the must make quarterly payments to the IRS for estimated taxes due for the year. 28.) Mike would not have to pay a state income tax but he will be taxed in other ways. For example his property tax will be much higher than states that have a state income tax. He also could be charged a “jock tax” which is where states tax the income of nonresidents who earn income within the state . 29.) This means that states used to allow deductions for Federal income tax purposes to also count for state income tax purposes. The states put a stop to this because they could not afford to allow taxpayers the same deduction for state purposes as is allowed for Federal purposes. 41.) a. Three years from April 15, 2007 b. Three years from June 28, 2007 c. There is no statute of limitations if no return is filed.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern