Tax

Michael. (Fall 2015). The Knowledge Tax. The University of Chicago Law Review. Vol. 82.4. 1981-2043. In the article entitled the “Knowledge Tax”, the author looks at why is Higher Education facing a higher rate of taxes, and why is the tax pool itself so large compared to other taxable entities. An example used in the text is that why would a person who graduates from college, and then decides to go on medical school, faces a higher tax rate with less lucrative tax loopholes than someone who decides

different strategies to avoid paying taxes, these include tax avoidance and tax evasion. Tax avoidance is generally defined as a more ‘legal’ means with the taxpayer lowering his/her tax liability by making use of the loopholes and vagueness of the tax policies to reduce the amount of tax paid in different areas, whereas tax evasion refers to purposely understate his/her taxable amount in order to lower his/her tax liability (Jain, 1987). Tax evasion is therefore strictly against

The flat tax carries many names. Among these names are the “fair tax,” “progressive tax” or a “consumption tax.” Despite these nicknames, the flat tax is a proposal that taxes are collected on different goods and services. The basic premise is that everyone pays a certain percentage of tax on the things that they buy. This percentage varies depending on who is making the particular proposal. This idea of a tax on goods rather than on income has different arguments for and against it. The first major

The concept behind federal income tax, state tax, and property tax is…….. The ratification of the sixteenth amendment to the constitution established the federal income tax. The federal income tax is a tax the United States government collects on the wages and income an individual may earn in a year. Each year federal income taxes are collected from millions of Americans based on a progressive taxing formula. The progressive structure of the formula is designed to ensure that each individual no

To Tax or Not to Tax? Since the recent passage of the Internet Tax Freedom Act, on October 21, 1998, making the Internet tax free, there has been an intense debate on whether to tax or not to tax Internet purchases. The conservative side, also known as the Republicans, is opposed to Internet taxation saying that it is too costly to collect taxes on Internet purchases. They also believe that since Internet retailers do not have a physical presence in every state, why should the state

Income tax Liability method is used to executive the income tax process for a transportation company. The deferred tax assets and liabilities are being accomplished for upcoming tax consequences. It is attributed to distinct financial statement carrying values of current assets and liabilities and respective tax basis as well as operating loss as well tax credit could be carried forward. The temporary differences or expected to be settled or recovered by using enacted tax rates and being measured

If you are owed a tax refund from the government, it can be tempting to fritter away your money on things you may not really need. Extravagant vacations, an expensive trip to the casino, and buying unnecessary things may provide immediate gratification, but are not good ways to spend your hard-earned money. Cheryl Hawkins, an experienced CPA at Cheryl Hawkins Tax and Accounting in Jordan, MN, explains some smart ways to use your tax return: • Invest Your Refund: Invest your tax return to maximize

Income Tax As the name implies income tax is a percentage of a person’s income but it is not quite as simple as the percentage changes depending on how much you earn on average in a year (See Figure 1) ergo if you make more money you pay a larger amount of income tax, however most people get a ‘Personal Allowance’ of £10,000 a year which you don’t pay tax on therefore if you don’t earn more than this amount you aren’t required to pay any form of income tax. There are certain forms of income which

rate of tax, international tax evasion and avoidance of potential benefits from the taxpayers have increased cross-border so that international tax avoidance and tax evasion in the field more and more serious. Since tax evasion in the domestic law of each country they belong to the infamous illegal, many multinational taxpayers aware of tax evasion, once brought to light, causing harm to the company 's earnings will be far greater than the tax evasion brought about, so instead bother States tax study

the topic of tax fraud. We will begin by introducing the basic concepts of tax fraud. Secondly, this paper will also delve into some of the laws that have been passed as punishment for those parties that decide to commit tax fraud. We will also highlight some of the more current examples of tax fraud that have been committed and the details that lead to the perpetrators being caught. Lastly we will discuss the role that criminal investigators have in the realm of tax fraud. Tax fraud can be