DB2_Biblical Integration

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Liberty University *

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618

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Accounting

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Feb 20, 2024

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pdf

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BIBLICAL INTEGRATION 1 DB2: Biblical Integration ACCT 618 MS: Accounting: Taxation, Liberty University December 9, 2023 Author Note I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to
2 Biblical Integration In the Bible, we examine the laws established by God to guide his people on Earth. We ascertain that he is identified as the path to righteousness, knowledge, and enlightenment and that achieving glory and exaltation is contingent upon obeying His teachings. Just as his teachings serve as principles and safeguards for our everyday existence, the scriptures offer awareness to grant the governing body the authority to impose taxes to uphold the rule of law. Without those guidelines, there are inequalities, misconduct, and a lack of consequences or repercussions. Scriptural evidence confirms that the government possesses the authority to collect taxes on its citizens. In the book of Romans, he states why we must pay taxes. The authorities represent God and dedicate all their working hours to ruling. It said that we should Render to each individual their rightful dues: If you are indebted in taxes, settle your tax obligations; if you own income, allocate the appropriate money; if regard is owed, demonstrate respect; if esteem is due, bestow honor accordingly ( Romans 13:6-7, NIV). Etter (2021) explains that Corporations are the commonly preferred organizational structure that most individuals like to choose when considering beginning a business, which is valid worldwide. Corporations are overseen by a board of directors selected by the equity holders of the business, commonly referred to as Shareholders or Stockholders, depending on the terminology used in a particular country. There are numerous compelling reasons for choosing to run a firm. Corporations possess a consistent and documented management framework, as mandated by the laws of a particular jurisdiction. Furthermore, due to reliable and efficient administration, corporations are the favored organizational form for most investors. In addition, companies establish a protective barrier that safeguards their owners' personal assets, effectively isolating them from any legal claims or damages resulting from the activities or products of the
3 corporation. Etter added that the Corporation is the most straightforward framework for accommodating various ownership stakes. Corporations can be classified into two categories: C and S. These are used for tax purposes, with the S company being classified as a pass-through tax category. Nevertheless, this differentiation solely pertains to taxes and does not influence management or the general structure. The Bible instructs us to act as custodians of our possessions, providing proof that individuals, rather than the government, possess the rightful ownership of their property. Jesus' followers, known as disciples, also fulfilled their obligation to pay taxes to the governing authority. The book of Matthew states, “But so that we may not cause offense, go to the lake and throw out your line. Take the first fish you catch; open its mouth and you will find a four- drachma coin. Take it and give it to them for my tax and yours.” (Matthew 17:27 NIV). The well-being of our society suffers when we neglect to provide financial backing to the government's functions through taxation. The tax system implemented a flat tax rate during the Biblical time frame, which is different from current tax rules in the United States. Although individual tax brackets increase proportionally to taxable income, corporate tax rates remain constant. Deductions enable firms to decrease taxable incomes, although ownership percentages can also impact a justifiable tax benefit. This course strengthened my understanding of the protection and benefits that stockholders can derive from their organizations. However, it is essential to note that selecting a corporation may not be suitable for every individual, depending on their specific company requirements. The presence of several organizations to choose from advantages to the taxpayer offers a distinctive interpretation of the tax legislation that might reflect equality and fairness. In
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