Tax 4001 exam 1 - Study guides, Class notes & Summaries

Proportional Tax Correct Answer--applies the same rate on all income, ex: Sales Tax -Also known as a flat tax rate = Tax Base X Tax Rate Regressive Tax Correct Answer--applies a decreasing rate as the tax base increases, ex: Social Security Taxes (Payroll Taxes) -as the tax base increases, the taxes paid increase, but the marginal tax rate decreases (not common) Progressive Tax Correct Answer--imposes an increasing marginal rate as the tax base increases, ex: Federal & State Income Taxe...

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TAX 4001 Exam 1 Questions with Complete SolutionsTAX 4001 Exam 1 Questions with Complete SolutionsTAX 4001 Exam 1 Questions with Complete Solutions

TAX 4001 Exam 1 Complete Questions And Answers

Deemed substantiation - Employers give employees per diem to spend- so employees do not need proof of their expenses. MUST USE THE LESSOR OF: the per diem rate by company or federal per diem rate What is an accountable plan? What are the two requirements of employees? - Expenses incurred by employees are reimbursed by employer- so employees report no expenses. Requirements: 1- must return any excess reimbursement 2- must substantiate expenses (maintain records of) What is the 'catch up...

ad valorem taxes - real property taxes and personal property taxes; significant source of revenue for local governments tax planning - the structuring of transactions to reduce tax costs or increase tax savings to maximize NPV variables of tax planning - entity, time period, jurisdiction, character tax planning strategies - - tax costs decrease and cost flows increase when income is generated by an entity subject to a low rate - in present value terms, tax costs decrease, and cost flow...