This website uses cookies to ensure you have the best experience. Learn more

Wgu Cgc1 Additional Study Questions Tax

581 words - 3 pages

Current Tax System
• Why do we have an income tax?
o To fund government programs
• What other types of taxes are individuals and/or professionals subject to?
o Estate tax, gift tax, self-employment tax, social security, medicare, unemployment taxes, excise, sales & use, property
• How do tax laws affect decisions made by individuals? Businesses?
o May determine how much an individual decides to gift or donate, how and where they choose to invest their money, whether they set up a trust or estate, do or do not purchase particular goods (eg might avoid cigarettes because of the excise tax, but may buy an electric vehicle for the tax benefits). May also be a factor in determining where they move or whether they take a job in a city/state with greater taxes. For businesses, it can help determine how they choose to structure (sole proprietor ...view middle of the document...

Allowed to use client estimates if they are reasonable. Inform client if receipts or other docs are required. Make every effort to answer a question on a form. If error is found, advise client to fix it, but do not contact IRS about it.
• What are the economic, social, equity, and political considerations that justify various aspects of the tax law?
o Economic: Can regulate the economy and encourage certain types of business
o Social: Can encourage good behaviours or discourage bad behaviours (such as smoking)
o Equity: Alleviate the effect of multiple taxation, wherewithal to pay, mitigate the effect of the annual accounting period, recognize the negative effects of inflation
o Political: Special interest legislation, local and state law impacts
• What is the alternative minimum tax and how does it apply to individual taxpayers?
o It is a minimum amount that a taxpayer must pay, even if other methods might produce a lower tax amount. It is to help prevent tax avoidance and abuse of loopholes.
• What are the rules pertaining to corporate taxation?
o Can use cash or accrual basis, but must stick to that method
o If changing from cash to accrual or vice versa, must stick with the new method (not switch back and forth)
o The corporation pays a tax separate from the owners
• What are trusts, estates, beneficiaries, and other parties?
o A trust is an agreement about property that is held for beneficiaries. It is a separate tax entity.
o Estates are created at the death of every individual. Must collect and conserve the individual’s assets, take care of liabilities, and distribute remaining assets to heirs identified in a will
o A beneficiary is someone who receives an asset from an estate or trust
• How are the accounting and taxable income of a trust or estate and the related taxable income of the beneficiaries determined?
o Beneficiaries receive their assets and are taxed on what they receive. What remains in the trust/estate is subject to its own tax.

Other assignments on Wgu Cgc1 Additional Study Questions - Tax

Spelling Lesson Essay

1610 words - 7 pages Spelling Lesson Plan for Kindergarten LESSON PLAN Name: V. Coy WGU Task Objective Number: 602.4.13-06 GENERAL INFORMATION | Subject(s): Spelling and Spelling Irregularities Topic or Unit of Study: Short Vowel Rule: A vowel followed by a consonant is short Irregular Spelling Rule: ck after a short vowel dock duck lock Grade/Level: 1st grade Instructional Setting: 32 Learners Venue: 2H classroom Sitting Arrangement

Hello Essay

1746 words - 7 pages email support is provided throughout the course. Resources: Students will require a calculator and access to the internet in order to undertake additional research for the completion of this training program. If you have a problem with gaining access to the above, please contact the College to discuss options. Enrolment Process: Face to Face Courses 1. Complete our enrolment form. If you have any questions regarding the form, please contact

Lat1 Final Paper

3215 words - 13 pages Let Them Play! : Benefits of Sports Briana B. Western Governors University WGU Student ID #: ************ Let Them Play! Childhood sports have been proven to provide multiple developmental benefits to all children involved in such programs. The best way for kids to reap all the benefits of sports participation is to submerse them into a program which offers a positive environment with encouraging coaches who instruct

Ac 505

584 words - 3 pages Jaylen Haynes AC 505 Professor Wright Case Study 2 5/20/12 Springfield Express is a luxury passenger carrier in Texas. All seats are first class, and the following data are available: Number of seats per passenger train car 90 Average load factor (percentage of seats filled) 70% Average full passenger fare

Assignment 5

439 words - 2 pages Universiteit van Amsterdam Business School Intermediate Financial Accounting 7139 Topic Case study Assignment 5 Due date: Friday 12th March 2010 ➢ Hand-in via the Digital Dropbox (Blackboard, Tools) ➢ Maximum of 4 students in a group ➢ Make sure that all assignments include names, student numbers and date of lecture ➢ The bonus of five points is earned when five of six assignments received a ‘pass’ grade

Case Study Employee Benefits For Medical Center

2177 words - 9 pages GEISINGER MEDICAL CENTER: AFFECTS OF THE MERGER ON EMPLOYEE BENEFITS Executive Summary I. Introduction The purpose of this case study is to evaluate the effectiveness of the changes in employee benefits as a result of the merger. II. Situation As of 17 January 1997 our HMO, the Geisinger Health System (GHS) merged with the former Penn State Milton S. Hershey Medical Center (HMC). Since

Fin Homework Set 5

3433 words - 14 pages ) increase output by 20 units, but (3) the sales price on all units will have to be lowered to $95,000 to permit sales of the additional output. The firm has tax loss carry forwards that render its tax rate zero, its cost of equity is 16%, and it uses no debt. QUESTION # 5: What is the incremental profit? To get a rough idea of the project’s profitability, what is the project’s expected rate of return for the next year (defined as the

Acc 497 Final Exam Question And Answers

6211 words - 25 pages ended December 31, 2008, assuming a 40% tax rate, is A. $420,000. B. $252,000. C. $168,000. D. $0. 57. Which of the following serves as the highest authority for tax research, planning, and compliance activities? A. Internal Revenue Code B. Income Tax Regulations C. Revenue rulings D. Revenue procedure To download the Week 2 Case Study Click ACC 497 Week 2 Case Study Assignment 58. The retail inventory method is based on the

Victoria Chemicals Case Study 1 Victoria Chemicals (A) Mba9005 Ashley James

1935 words - 8 pages Project Risk and Cost Management Case Study Diamond Chemicals PLC (A): The Merseyside Project Group Members: Divya Yadav, Lamia Nafees, Ashwin Chadaga, Deeshanu Sharma Executive Summary This summary report provides an analysis and estimation of capital budgeting proposed that is being proposed to the Senior Management in Diamond Chemicals. The goal of this project was to save energy, improve

Economics Paper

1646 words - 7 pages “Sports Entertainment” back to the city of angels. Los Angeles did just that when they decided and took a major step toward building a downtown stadium to lure an NFL team back to the nation's second-most populous city, despite questions about how a 72,000-seat venue in the urban core would impact notorious freeway traffic, nearby housing prices and air quality. Last fall the city council unanimously voted for a new stadium to be constructed in the


1051 words - 5 pages Having a Will Assessment Please see instructor's syllabus for details on assignments. Participation/Discussion Questions WEEK 8 - TOPIC 1: TAX MANAGEMENT Objectives Explain taxable income and taxes owed. Summarize ways to save money on federal taxes. List steps to file a federal tax return. Materials READING: Read Ch. 3 of Personal finance - Managing Your Taxes: The Basics of the U.S. Tax System. TOOLWIRE: Toolwire® Learnscape

Similar Documents

Hkicpa Essay

309 words - 2 pages Taxation Workshop Outline and Learning Methodologies Session Methodologies Chapters covered Workshop 1 1. Introduction • • Presentation Group discussion 2. Profits tax • Group exercise 3. Negotiation • • Role play Group exercise 4. Tax for individuals • • Case study Group discussion 5. Reboot • • Presentation Group discussion 6. Tax cases / Anti-avoidance • Group discussion

Ac 505 Case Study 2

570 words - 3 pages ). Springfield Express is considering offering a discounted fare of $ 120, which the company believes would increase the load factor to 80 percent. Only the additional seats would be sold at the discounted fare. Additional monthly advertising cost would be $ 180,000. How much pre-tax income would the discounted fare provide Springfield Express if the company has 50 passenger train cars per day, 30 days per month? g. Springfield Express has an

Finance Essay

499 words - 2 pages income taxes withheld, how much of a refund will the Johnsons receive? | Refund $10,225.00 | g. What is their marginal tax rate? | There marginal tax rate 32% | h. List three additional ways that the Johnsons might reduce their tax liability next year. | Three additional ways that the johnsons might reduce their tax liability nontaxable income,substracting exclusions and exemptions. |

Bus 485 Final Essay

8631 words - 35 pages exploratory study will help to generate hypotheses to be more fully tested by further research. Based on gender, there was no significant difference in the respondents’ level of agreement to the questions (Table II). All age groups were in agreement to support legislation giving tax credits for purchasing environmentally friendly cars. All age groups also agreed with legislation for tax credits to companies that produce products that are safe for