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

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

After reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? A. Revenue from taxes was no longer necessary because the Civil War was over. B. Administration would be difficult since the tax was apportioned in proportion to state populations. C. The preferred method of taxation was on business transactions as opposed to individual income tax. D. The U.S. Constitution failed to define the meaning of income which would arguably prevent consiste...

(WGU C237) ACCT 3630 TAXATION I FINAL (WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024(WGU C237) ACCT 3630 TAXATION I FINAL EXAM REVIEW Q & A 2024EXAM REVIEW Q & A 2024

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) and some nonbusiness deductions (alimony, moving expenses, IRA contributions) ...

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...

Horizontal equity -ANSWER similarly situated taxpayers should be treated equally Vertical Equity -ANSWER taxpayers who are not similarly situation should not be treated the same Tax base -ANSWER the amount to which the tax rate is applied to determine the tax due Marginal tax rate -ANSWER the tax rate applied to an incremental amount of taxable income that is added to the tax base average tax rate -ANSWER Total tax liability

Describe the history of taxation in the US - 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 - Legislative Branch - Internal Revenue Code (Top) - Congressional Committee Reports Executive - Income Tax Regulations - Revenue Rulings - Revenue Procedures - Letter Rulings Judicial - Court Decisions Descri...

Taxation I WGU - C237, Exam Questions and answers, 100% Accurate. VERIFIED. After reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? A. Revenue from taxes was no longer necessary because the Civil War was over. B. Administration would be difficult since the tax was apportioned in proportion to state populations. C. The preferred method of taxation was on business transactions as opposed to individual income tax. D. The U.S. Constitution...

WGU C237 - Taxation I – Preassessment

WGU-C237 TAXATION I EXAM QUESTIONS AND ANSWERS (LATEST ) VERIFIED ANSWERS.pdf