Taxation in the United States

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    Charitable Deductions

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    The contributions towards nonprofits from individuals and businesses have been a critical factor to why thousands of organizations exist to this day. The tax regulations that the United States has created in relation to charitable deductions allows for all of these individuals and businesses to deduct the contributions that essentially reduces their taxable income. As we work to understand charitable contributions and the effect it has on the government, some basic information will be reviewed…

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    Net Pay Research Paper

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    withholding have been subtracted from your “gross” pay or what you actually earned. These withholdings include: federal and state income taxes, FICA, Medicare, and, in many cases, health insurance or retirement savings. What the employer does with these withholdings after collecting them from every employee is send the total as a payment to the proper collection agency whether is the state or federal government. Then when the employee, at the end of the year, receives their W-2 they are able to…

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    that holds the biggest stake in our economy, an astounding .1%. Exhibiting his case to the middle class citizens that he also writes about, Krugman presents the difference in opinion about how these ‘super-elites’ should be treated when it comes to taxation, with Democrats leaning toward the view that the elite should be helping with the ever depleting budget by contributing more of their incomes, while Republicans feel they need to decrease funding for social welfare programs in order to…

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    supply of services. The State government levies sales tax or value added tax (VAT) on the sale of goods. In addition, the Central Government levies the Central Sales Tax (CST) on inter-state sale of goods which is collected and retained by the state exporting the goods. The states also levy tax on the entry of goods within their areas. Such multifaceted net of indirect taxes leads to a complex tax structure with no uniformity in the tax levied and collected by the states across the lengths and…

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    deductions for mortgage interest. (http://www.alllaw.com/articles/tax/article3.asp) 2-B: b. Can John and Jane Smith utilize a 1031 tax exchange to buy a more expensive house using additional money from John’s case? The 1031 tax exchange states that “No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in…

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    The First issue identified was that of whether or not Miss. Seashell is still liable for the $200,000.00 despite not signing the charge on her property but signing to the loan document. In the absence of a charge on the property equates to an absence of equitable interest to the Bank. This therefore means that the bank is unable to exercise its power of sale in order to recover it’s debt in default. Nonetheless, under the law governing contracts, it is established that the bank's contract with…

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    US Taxation System

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    Understanding the US taxation system The US tax system is setup on both the federal and the state level. There are several taxes which the people of US have to face they are income tax, capital gains, sales tax. The federal tax and the state tax are two different taxation systems, where the state tax has other divisions too under the various states payment system. Each state has its own taxation system which is different from the other states and the state does not interferes in the taxation…

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    Child Care Outline

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    Most parents don’t have the time or means to be able to sit down and teach a child education. Elizabeth Dias states, “50% of full-time working moms who “wish they could be doing more” to be involved with their kids education.” iii. Maureen Pao states, “I didn’t want my kid to be somewhere… for 8 hours and not learn anything, not do anything, with no expectations of growth or development”. II. Topic Sentence: Child care costs are…

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    lab fees (required for physics class) o $1,000 required books and supplies o $4,800 room and board • Sabrina asked me, an FIU graduate and Certified Public Accountant of the state of Florida to advise her regarding the tax consequences of the scholarship. Issue and Conclusion 1 Is Sabrina a resident/citizen of the United States or is she from a foreign country? Since no information stating otherwise, it is assumed that Sabrina is a US resident/citizen. Analysis 1 The treatment of the…

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    “The U.S. corporate tax rate (35%) is the highest rate amongst the developed nations” (Dubay, 2015). Meaning, that U.S. companies pay a lot more in taxes than foreign companies do. Therefore, if Congress eliminated corporate taxes, Amazon would report a higher income since their earnings will no longer be taxed. This higher income would allow Amazon to partake in more investments such as the purchases of plant assets that they can use to earn additional revenue. Since Amazon would be doing well…

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