Introduction
Tax is forced payment which includes all of people and corporate pay for government.I study in this semester taxation BUS 4163 and I learn many things about taxation which help me in my life. Also, I know the taxes have many different types and our sir is explaining the concept of all types of taxes and why is important. In this course we study how to calculate the taxable income, tax liability of the individual and the taxable income of business entities. I will write in this reflection about individual and corporate taxation. The last thing which I will write it is the challenges I faced in the project or class and in the exam.
What did you learn about individual and business taxation in BUS 4163 class
First of all, I learn what mean the tax and the people and corporation must pay the tax for the government. There are many different types of taxes such as income tax (means you get money from a job), wealth tax (which is real property taxes), consumption tax (we consume for sale and use taxes), tariff and duties from government take taxes. Thus, consumption taxes contains three types which are sales tax, use tax like Salik and value added tax like McDonald’s when they put a price in happy meal we didn’t know it take 1 percent for value
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When I take the first exam I shocked about it because some questions I didn’t know how to answer it. For instance, I didn’t how to calculate sole sole proprietorship and how calculate itemized deduction. After that I learn how to calculate step by step because our Sir explain for us the thing which we didn’t know about the taxation. In this project, I face difficult to find some of examples because I take more time to find the right example of the requirement of the project. Also, some of the examples in the book don’t give us the solution so I research to find
Taxation is a system that the government uses to gain money, they gain this money to support the government and provide public services. The government may secure their profits without taxation from natural resources, products, or services. (Taxation 1)
The author is a editor and writer for a textbook publishing company. She argues that there are pros and cons of the system that is in place now, as well the new proposed flat tax system. With the flat tax system it would be easier for businesses and individuals because the tax would be simpler making taxes easier. There would be more drawbacks with the flat tax system such as: fewer jobs for accountants—no tax deductions. States would also be allowed to implement their own taxes. For those reasons they believe that the current tax system is the best system and people would not support a flat tax. The circumstances that cause the chapter to be written is that there could be a need for new textbook to be written. The purpose of the article is to educate students about the government, especially in America, this chapter was about taxation. The audience are students of either history or politics. He believes it will not be used in America: “The plans sound straightforward and have much to recommend them. But convincing voters and taxpayers to embrace them is a monumental task. People complain about their taxes, and the thought of taxation taking on a radically different form is a lot for people to
For my Final Reflection Essay I attempted to focus on the most obvious adjustments I made from writing high school papers to producing college level essays. This approach compelled me to examine a few of the papers I submitted in high school and look back on the steps I took to write them. By reviewing my previous work I realized that during Dr. Kennedys English 111 class I have effectively learned how to apply an outline, utilize research, and incorporate that research into my final paper. English 111 has helped me to understand the importance of the multiple steps of writing a great college level essay by forcing me to complete each step individually. My overall performance in this class has been above average and I have really demonstrated dedication to improvement.
the example of taxation which is the first of its kind on this particular product. The author is
Before applying this strategy, the teacher have to concern that assistance could be given in ensuring that resources to support the project are available. Also, the teacher can facilitate the process by providing explicit directions so that the students will not get some confusion during the
Taxation has always been a major controversy. Just like any major corporation, the government is constantly looking to raise revenue. The easiest and fairest way to do this is by taxing the people. However, how the people will be taxed is always an issue.
The use of taxes is one of the government's favorite ways to make its presence known in the economy. While this method seems blatantly obvious, many of the ways the government uses the money collected by taxation is not. Some of the money it takes is used to fund other programs designed to "protect" consumers and to "create" jobs. Be...
In this article the author has discuss the different issues about the economical aspect that are related to the individual and government level. Author has focus on the taxing policies and has criticized the unfairness in those policies. Along with this discussion author has also discussed the points which could be used as the solution for unfairness in taxing policies. In this essay I will presents rhetorical analysis o this essay with different point of view. I will discuss the use of ethos, logos, pathos and also discuss
Government expenditure and taxation, as well as debts, are of great national importance as far as the economic growth is concerned. The collection of taxes has so much to do with the economic growth of the country (Konczal & Mason, 2017). With revenues from the taxes, the government provides a whole lot of services that require proper funding to be a success. The United States government has expressed the desire to reduce the taxes to increase the disposable income to its working class and steer economic growth. The government has considered tax cut as a strategic move to achieve economic justice.
Albert Einstein once said, “the hardest thing to understand in the world is the income tax.” In United States, there is local government, state government and federal government with various branches. Money is needed in different sectors of a country like military, health, education, and it has to be taken out of somewhere. The government officials and workers get their salary by the tax paid by everyone. There are different types of taxes, income tax, sales tax, property tax these all are to be paid by everyone, if not then they will face penalties or jail time which is monitored by Internal Revenue Services (IRS).
The four types of taxes this paper will discuss are income tax, sales tax, property tax, and user fees. Income tax was not permanently established until the 16th Amendment was passed in 1913. Most federal taxes had been previously derived from excise taxes on tobacco and alcohol and other consumer goods. The US Constitution, when written and still continues to, legitimize taxation in the United States through Article I, Section 8, that Congress has the power to lay and collect taxes, duties et al, pay the debts or provide for the common defense and general welfare of the United States (Cornell Law LII). Investopedia defines income tax as ‘a tax government(s) impose on financial income generated by all entities within their jurisdictions (Investopedia, 2014). Businesses and individuals are required to file an income tax return every year to determine if they owe taxes or qualify for a refund. That is determined by measuring the total income one earns to a designated tax rate, calculating one’s taxable income, which are some or all items of income reduced by other adjustments or expenses in that tax year. There are different subcategories of income tax; there is a federal income tax that is set by the federal government, apart from a few states, there is a state income tax that is imposed on their respective residents, as well as the possibility of there being local income tax ...
The tax proceeds collected from the public to develop a country with two types of direct tax are a tax on people with income from tax and occupation of business trade, services and industry and indirect tax is a tax on people when they buy goods and services that are referred to another that the value added tax (VAT), which all people need to be taxable because the benefits of the tax will come back to reward people. Environmental taxes have had a clear positive impact on the environment in community. Environmental taxation has a many type. The advantages of taxation are to finance government expenditure. Governments will use different kinds of taxes and vary the tax rates. Taxes can make consumer or producer pay social cost of goods and services. Corrective tax can make the producer reduce amount of the negative externality. This adds to the producers marginal cost and will cause them to decrease output. For the benefit of a corrective tax is the provision of an incentive for companies to reduce activities. In fact, first point is without considered about negative externalities. A corrective tax increase marginal private cost by an amount equal to the marginal external cost and results in the efficient annual output. The tax can represent the total external cost of efficient output. This area equal to the external cost at optimal point. The tax allows net
Taxation is a compulsory levy imposed on the income, value of goods and services of individuals, partners and companies by the government. It is can be said to be an approach of imposing tax on the citizen. This imposition of tax, is expected to yield income which should be utilized in the provision of both basic and substantial infrastructural amenities, both social and security, as well as creates conditions for the economic well-being of the society at large.
When I took the scores of macroeconomics I thought I was going to get the same old spiel of how the economy works. Little did I know I will discuss economics and going to Depth and he and other economical situations will be brought up in resolved
I am currently majoring in Finance Management. Most of the time people think of finance as just managing money. However, finance is needed for so much more! The finance industry deals with starting businesses, developing new products, expanding markets, as well as everyday things like saving for retirement, purchasing a home, and even insurance. The stock market, asset allocation, portfolio analysis, and electronic commerce are all key aspects in finance. In this paper, I will explain how these features play a vital role in the industry, along with the issues that come with these factors.