Income tax

The topic of tax policy includes many widespread views and ideas. A relevant question is whether high-income earners should be required to pay a larger percentage of their income in federal taxes than low-income earners. The position I take is that everyone should pay a flat tax rate and can, if desired, choose to pay a larger percentage in federal income tax. Taxes are set so that the government can invest the money into services that everyone has the same access to. As a strong believer in…

under the warfare is 89 %, that means there were 89 years under warfare in any of these three centuries. Along with the wars, there were plague and diseases outbreak Europe. All these indicate a high mortality in the early middle ages, and Europe’s income per capita had risen sharply during that time. The article explains the fast development of Europe via Malthusian model, and compares it to the rest of world like China. The First Divergence was the start of building the leading position of…

way off from the actual system itself. Some may wonder what is the real reason of why we have federalism? Well federalism is a way for the government to get money from the people. If that is through federal income tax, state income tax, city income tax, or even property tax. Even though the tax may be used to better the community the governments are going a little bit out of control by raising the taxes, which is upsetting…

accomplishments, e.g. touchdowns scored, touchdowns caught, physical conditioning benchmarks including weight limits, and rankings compared to other position players” (Mondello and Moxcy, pg.6). Professional athletes have multiple opportunities to earn more income for themselves. If they play up to their highest potential, athletes can get compensated for. A team incentive may include “winning games, conference championships, or the Super Bowl, total points scored, yards accumulated, and team…

Purpose At the end of my presentation, the audience will favor purchasing entertainment, as opposed to illegally downloading pirated material. Introduction Let’s be honest, we’ve all downloaded a form of pirated entertainment at least once in our lifetimes. It could’ve been your favorite pop album, or a 20 minute TV show you’re enjoying at the moment. But what we fail to realize is how it actively hurts the creators, and everyone involved. Illegally downloaded entertainment hurts many without…

federal income tax a direct or indirect tax? Explain your response. Federal income tax is a direct tax. This is because it is paid straight to the government. • What are the main differences between the flat, regressive, and progressive tax plans? Flat tax is a set or fixed rate. The tax percentage stays the same no matter the income or price of the product. In regressive the tax rate decreases as the price of the product increases. In this if you have less of an income you have a higher tax.…

The Australian Accounting Standard Board Drafted Accounting Standard AASB-112, Income taxes under section 334 of The Corporations Act 2001 on 15 July 2004. The main principle of tax effect accounting as per AASB-112 are as follows:- • Computation of any future recovery of the carrying amount of assets which an entity recognizes in its financial statements • Transactions and other important events of the current period that are present in the financial statements. The recognition of asset or…

In comparing the old and new standard, for tax purposes, one of the new rules provides guidance for gift card revenue recognition: when to recognize the income comes from the advance sales of gift cards. For tax purposes, taxpayers can choose either the cash or the accrual method of accounting. If the cash method is used, the income from advance sales of gift cards will be recognized in the same period. For the accrual method, the income might not be recognized in the same year it received.…

competitive with high expectations which created high performing students. Why couldn't the public schools in my hometown be this amazing? Montgomery County’s public school system is funded by public tax dollars just like the one in my hometown, but being in a more affluent neighborhood with a median income much higher than that of my small town has created a disparity in the quality of education. Most of my classmates in Maryland expected to go to college and get good jobs while those in the…

Total cost of revenue is almost double every year (yahoo finance, 2016). Net income. Net income is the amount of revenue in an accounting period deducted the expenses at the same time with a deduction of income taxes and interest (Stock Analysis on net, 2016). Net income For General Electric Company as of December 31, 2012 $13,641,000, 2013 $13,057,000, and 2014 $15,233,000 (Yahoo Finance, 2016). General Electric Net income dropped from 2012 to 2013 however 2013 to 2014 it increases more than…