SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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If you will be a taxpayer, how do you want to pay your taxes? Focus on the administrative feasibility among the principles of sound tax system.
Some people earn money that is paid to them in cash and then do not include this as income when they file their tax returns. What are the pros and cons of this practice?
Which of the following types of income is subject to the self-employment tax?
a.Dividends from stock
b.Interest income
c.Gain on sale of real estate
d.Income from a sole proprietor's law practice
e.None of these choices are correct.
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- What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim the earned income credit?$ Why is there an investment income limit in the tax law regarding the credit? The earned income credit is meant to assistarrow_forwardYou are employed. Your salary is your only source of income. You are subject to which of the following taxes? A. Income Tax B. Business Tax C. A and B D. None of thesearrow_forwardWhich of the following statements is NOT true? A) A progressive tax system should increase the incentive for people to take low paid jobs. B) With a progressive tax system, the more a person earns, the higher the average rate of tax will be. C) A progressive tax is a type of tax that is assessed regardless of income. D) A progressive tax takes a higher percentage of tax from people with higher incomes.arrow_forward
- Hi can you help me come up with answers. Question: Among the essential characteristics of tax, which do you think is the most relevant for you as a student?arrow_forwardWhich of the following is not considered a purpose of taxation? A. To regulate B. To make the poor poorer C. To minimize the adverse effects of certain activities D. To have an equitable distribution of wealth among inhabitants True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s Office.arrow_forwardGive an argument in favor of taxes on wealth like the estate tax. What potential problems would there be in trying to enforce a new wealth tax on living individuals?arrow_forward
- If the tax payer's claimed capital allowance for a car that registered under his personal name and the car was used in his business. What should I do to this issue as a tax agent?arrow_forwardDescribe some reasons why it is a good idea to file a tax return if you have earned income, even if you do not owe any taxes.arrow_forwardTaxpayer received a tax-free benefit, perhaps a gift from a company that wanted to increase its business. Why must taxpayer have a fmv basis in the item?arrow_forward
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