Wgu c237 taxation i - Study guides, Class notes & Summaries

Tax. (CHAPTER 1) a payment required by a government that is unrelated to any specific benefit or service received from the government 3 Criteria Payment must be *Required (not INVOLUNTARY) *Imposed by a government agency (federal, state, local) *Not tied directly to the benefit received by the taxpayer - Continuous debate whom to tax, what to tax, how much to tax Sin Tax taxes imposed on the purchase of goods -e.g., alcohol, tobacco products - that are considered socially less desirab...

WGU C237 Taxation I, Exam Questions and answers, 100% Accurate, VERIFIED. Define each component of the individual income tax formula - -income from whatever source derived exclusions=any item of income that the tax laws says is not taxable gross income=all income received in cash, property, and services from whatever source derived and from which the taxpayer derives a direct economic benefit deductions for AGI=expense one would see on an income statement (wages, repairs, depreciation)...

Describe the history of taxation in the US - correct answer 1861 - to finance civil war 1894 - Income tax reinstated but ruled unconstitutional 1895 1913 - 16th amendment 1940 - WWII mass tax 1943 - pay as you go withholding 1986 - Internal Revenue Code Identify the sources of tax law - correct answer Legislative Branch - Internal Revenue Code (Top) - Congressional Committee Reports Executi...

After the reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? - Administration would be difficult since the tax was apportioned in proportion to state populations What are two primary sources of tax law in the United States? - Revenue Rulings, Court Decisions, Internal Revenue Code, Congressional Committee Reports, Income Tax Regulations, Revenue Procedures, and letter rulings What is a primary source of tax law in the United States? - Inte...

WGU C237 Taxation I: Questions/Answers

WGU C237 Taxation 1 study guide Taxation I 2024

B)Progressive tax rate structure The U.S. Federal Income Tax System is: A)Regressive tax rate structure B)Progressive tax rate structure C)Proportional tax rate structure D)Possessive tax rate structure marginal tax rate U.S. Federal and State Income Taxes use a progressive tax rate structures. Progressive tax rate structures increase the ______________ as the tax base increases. Regressive tax rate _______________structures decrease the marginal tax rate as the tax bases increases. R...

Describe the history of taxation in the US - -unconstitutional 1895 Sources of Tax Law-Legislative Branch - -- Internal Revenue Code (Top) - Congressional Committee Reports Describe the criteria of an equitable tax structure Equity - -Is it Fair Simplicity - -understandability Economy - -minimal compliance and administrative costs - Convenience - -no burden of records and compliance Certainty - -Stability and certainty of amount of taxes Regressive - -decreases as tax base increases Pr...

WGU C237 Taxation I, Exam Questions and answers, 100% Accurate. Graded A+ Tax. (CHAPTER 1) a payment required by a government that is unrelated to any specific benefit or service received from the government 3 Criteria Payment must be *Required (not INVOLUNTARY) *Imposed by a government agency (federal, state, local) *Not tied directly to the benefit received by the taxpayer - Continuous debate whom to tax, what to tax, how much to tax Sin Tax taxes imposed on the purchase of goods...

WGU C237 Taxation I Review/Study Guide