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.
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?
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.
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- Some people earn money that is paid to them in cash and then do not include this as income when they file their tax returns. What are the pros and cons of this practice?arrow_forwardWhich of the following types of income is subject to the self-employment tax? a.Dividends from stock b.Interest income c.Gain on sale of real estate d.Income from a sole proprietor's law practice e.None of these choices are correct.arrow_forwardPlease 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_forward
- You 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_forwardWhat is the maximum investment income a taxpayer is allowed to have and still be allowed to claim the earned income credit?$ Why is there an investment income limit in the tax law regarding the credit? The earned income credit is meant to assistarrow_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
- Hi 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 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_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
- Give an argument in favor of taxes on wealth like the estate tax. What potential problems would there be in trying to enforce a new wealth tax on living individuals?arrow_forwardIf the tax payer's claimed capital allowance for a car that registered under his personal name and the car was used in his business. What should I do to this issue as a tax agent?arrow_forwardTaxpayer 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_forward
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