acct hw 1

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

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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. d. There is no statute of limitations if no return is filed.
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This note was uploaded on 04/08/2008 for the course ACCT 3221 taught by Professor Armentor during the Spring '08 term at LSU.

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

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