University:
Indiana University South Bend
Course:
BUS-A 201 | Introduction to Financial Accounting
Academic year:

2023
Views:

19

Pages:

1
Author:

Rose G

unit #summarytaxesID DEFINESflat tax : takes the same share of everyone's annual incomeW-2 Form: a document one recieves in January that states your pay in salary & how much was taken out forTaxes: contributions one makes to support the government. taxes in the previous year.Regressive Tax : the share of one's income used to pay the tax declines as the income increasesHemized Deduction: allowed deductions on the schedule A formsale's tax: on a broad range of goods, on buyer, to state governmentExcise tax: on certain targeted goods, on seller, to federal & state governmentEarned income credit (E)C): negative income tax filers file 10 receive cash payments from the governmentstandard deduction the set deduction by the government ($12,000)progressive Tax the more moneyone makes, the higher share of income is paid in taxesMULTIPLE CHOICEwhere does largest portion of property taxes go to? local public schools- HOW is payment of socidi security tax divided? 1/2 employee, V2 employer-IRS: internal Revenue service; collect federal income taxMATH PROBLEMdue date to file taxes April 1540,000 1600[Medicare: for the exterly received by everyone after retirementFormula: num/ mils x 001 x as valMedicaid: aids the poornumber of mills x 001 x theAd valorem Tax: tax according to the value CX car tags, property taxassessed property valueE file on IRS gov to file tones onlineW-4:filed on 1st day OF work; tells employer how much out of paycheckW.9 W-4 for the self-emolovedW-2: document got in Jan, telle how much out of salary in previous year10901 W-2 for the self- employedSCHEDULESWORKSHEET-MC- schedule 1: additional incomebenefits principle of taxation: taxes are paid by only those- schedule 2: alternitive minimum taxwho use certain government services- schedule 3: claiming tax creditsAbility to pay principle: people are made to contribute to gov- scnedule 4: self employment tax & householdin accordance to their means-schedule 5: other payments & refundable creditsales toucs are regressive bc high income persons typically-schedule 6: Foreign addressspend a smaller share of their incomes than do those with-schedule B: report high taxable interestlower incomes-schedule Chuisiness income or lossdiminishing marginal utility of income each dollar of income-schedule D: capital gains or lossesmeans You get means less to you as your income rises--schedule B: rental real estatetax incidence-analysis of who carries the burden of a tax-schedule F farm income-tax sharing: part OF the burden or a tax-schedule SE: self employment tax- price elasticity of demand: sensitivity of buyers to prices- schedule H: household taxDISCUSSIO Nthere are 8 types of taxes from Georgia and south carolina a person will have to pay consumer taxesare sales taxes which are on a broad range of goods, excise takes on certain targeted goods. payroll takes inaudepersonal income, federal and state social security, ana medicare. ownership taxes are property tones andcar tags. Taxes are a pain, but are essential to running our country.

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