SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN: 9780357391266
Author: Nellen
Publisher: Cengage
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should social security funded more by raising or
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- What are the tax implications of Social Security? Is it taxable at the Federal Level?, the State Level?, any other level?arrow_forwardThe current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.arrow_forward1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share your thoughts on the processes and fairness associated with federal estate taxes.arrow_forward
- What are the essential differences between social insurance and public assistance programs? Why is Medicare a social insurance program, whereas Medicaid is a public assistance program? Why is the earned-income tax credit considered to be a public assistance program?arrow_forwardThe Social Security tax is often described as a regressive tax since only earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?arrow_forwardWhich is used by the government to determine eligibility for the Federal GST/HST credit payment? A Total income В Net income Taxable income Net federal tax payablearrow_forward
- Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.arrow_forwardWhich among the type of taxes (national or local) do you think can be reduced, removed, or revised to the benefit of both the government and the common individual? Cite relevant sources such as previous research studies, taxation reform programs, and the like.arrow_forward1. What is Community Tax and its examples?arrow_forward
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