SWFT Individual Income Taxes
43rd Edition
ISBN: 9780357391365
Author: YOUNG
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.
Which of the following is not a social objective of the tax laws?
a) Place more after tax income into the hands of taxpayers for
their disposal.
b) Fight unemployment problems of certain disadvantaged
groups of citizens through the Work Opportunity Tax Credit.
C) Relieve the tax burdens of taxpayers who are 65 or over or are
blind.
d) Subsidize the cost of a home, and thus encourage home
ownership.
e) Encourage individuals to provide for their future needs by
contributing to their retirement savings accounts.
If taxpayer receives a benefit but has no choice regarding its consumption – the manager of a lighthouse must live with his family in the lighthouse –should taxpayer be taxed on the value of the benefit? Why or why not?
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- Please Answer in detail! Taxpayer 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_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_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_forward
- Which 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_forwardHi 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_forward
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