Introduction Taxation course is not an easy course that I thought because it provide a large amount of information, filling schedule, principles, rules and calculation. In this reflection, I will discuss the main ideas that I learn it and I will provide some challenges that I face and solutions. Individual taxation Firstly, let's discuss the main points that I learnt in individual taxation. This topic includes many categories such as personal and Dependency deductions, filing status, standard deductions, itemized deductions and computing Tax and Tax Credits. According to personal deduction, which include student loan interest, I learnt that not all students are eligible for this deduction and also the deduction is depend on the AGI and …show more content…
Firstly, sole proprietorship is one person own the business, and he\she should pay self-employment tax from their net profit. Sole proprietorship has full responsibility for any loss and liability (unlimited liability). Partnerships are more than one person share the company so they will taxed from their distribution. S Corporation is a small business and they are LL and they don’t have double taxation. Shareholders should pay the taxed from their profit, even if they don’t have any profit. They can get fringe benefit if they own less than 2 %. Finally, the corporation is LL and the owners has fringe benefit and double taxation, the company pays tax from profit and the shareholders pay tax too from their distributions. Any loss for the company, the employees are not responsible for it, the company has full responsibility. As we can note there are advantages and disadvantages for each business, so this topic will help me in the future if I want to open a business. These all important information that I learnt in business …show more content…
After that, I start searching on the internet and I got a lot of websites with full information and they explain it in easy way. In every project, the time was the biggest challenge for me, but this time I manage my time and I start early in the project and I finish it early. On the other hand, the challenge that if face at the beginning of this course that I was really lost due to new information, but after the course pass and I did the project with my classmate and read more about it in Text book, I really understand most ideas that I was misunderstanding it. These some of challenge it that I face it in project and
A sole trader is a one man business. There is just one manager. Although they are the sole manager and owner they can employ staff to work for them. They can employ as many as they want to work for them. A sole trader is self employed, this means they work for themselves, they employed themselves, they for nobody. Sole traders trade with others. They may trade expertise, an example of this would be a business consultant taking on a big job and needing an extra hand just for that job, so this person may employ a person with the expertise he/she needs. Because a sole trader is the sole owner he/she keeps all the profits, unless he/she has any employees. The owner of the business makes all the decisions, he/she will not have anyone telling them what to do. When one wants to set up a sole trader business it is relatively easy. There is little paper work involved bec...
Capital is a major factor for decision making. Since the business involves a group then the three forms of business exposes the group to a greater capital availability. The liability of members is also an important factor. The partnership offers unlimited liability to the members of the partnership while the corporation and Limited Liability Company allows the members limited liability and thus their personal assets cannot be interfered with in the event of a liability. The decision making process is for the business associations but the input of all members results to the making of good and informed decisions. Finally, the taxation practices for various forms of associations informs the decision. Corporations are often taxed twice whereas the LLC and partnership business is taxed
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)
Therefore, I need to strengthen my knowledge so I won't have missing links, have the right knowledge for any situation I encounter, and master the use of time management. I need these skills to become a successful student and pierce through the obstacle I came across. It is important for me to keep remembering these because not only they will help me become a successful student, it would also make me a great individual in the future.
From the starting of the semester, I have matched the target days and I did the tasks as soon as possible after the lecture. At the end of the semester, I have submitted all the tasks that I was capable of
Pietsch shows how the education fees paid are an important part of the economy, emphasising why society values higher education in terms of monetary value. The education fees paid by students wanting to study at higher education level are enormous, and require a significant life changing event. This event is known as the student loan. The student loan is an interest free loan given by the government in order for those who cannot pay for higher education by themselves, a chance to study. The loan repayments are deducted out of the wages of the student after they begin earning over a set threshold.
13, General taxation is indispensable for the upkeep of the public force and for the expenses of govern...
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.
Tax reform has undergone much debate in the political stratosphere recently. The tax system has been stigmatized because of a multitude of reasons that include corruption. Additionally, tax reform is a very complex issue. In addition, there has been an abundance of negotiations in Congress to pass some type of tax reform. Despite these talks, actual action has remained stagnant. This topic clearly reflects the collective action principle and the policy principle due to failed tax reform negotiations and the outcomes of various legislation.
This problem influences my academic and personal life because I cannot manage my time correctly in order to be successful. Firstly I am not organized and I don’t have any plan to set and apply. This shows clearly the difficulty of my critical situation. I became to feel anxious and nervous all the time and also it affects on my grade. According to this I must change the way I deal with my time by changing the methodology and follow other time management strategies. The reality that I never have manage my time and now I regret deeply that I don’t have any schedule to follow then I realize that managing time is necessary and very important.
The purpose of this paper is to illustrate the layout of taxation. I will differentiate the types of taxes and the roles that they serve currently. Subsequently, I will explain what equity, efficiency, effectiveness and transparency (EEET) are and show how they apply to taxation as a whole. Lastly, I will conclude how the EEET applies to the four tax types.
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.
The government use of taxes plays a crucial role in today’s economy as well as personal finances, it has and will continue to leave its mark on the world we live in.
According to Admir Ramadani, an economist, the issue of tax system is so complex that it cannot have a definitive conclusion. the best choice to find a solution for the tax system is to achieve the balance between honesty and equity and also efficiency.
1.LIABILITY: There are no limits on liability with a sole proprietorship, the owner is responsible for all the businesses debts and obligations. The earning power of a sole proprietor can be limited due to lack of capital. The sole proprietor is only able to obtain personal credit to expand the company, the bank will not treat the company as its own entity