taxes go back to ancient Egypt. Being a barter system, taxation of agricultural products involved the seizing of a portion of the crops or products produced. This form of taxation was known as a tithe. Not everybody 's means of livelihood could be taxed as easily as the farmers. When this occurred, corvée was the form of taxation used. Corvée was forced labor provided to the state by peasants too poor to pay other forms of taxation. Early taxation was simple you paid a tithe, which literally means ten-percent
Franklin once said, “in this world nothing can be said to be certain, except death and taxes.” Taxation has always been a hot-button issue in the United States, as it was one of the primary reasons the United States revolted from the British. The media have once again turned its attention to the issue of taxation, but primarily on the increasing of taxes solely on upper-class citizens. The United States currently employs a progressive tax rate, which means that the upper class already is liable for
Rather Taxing Matter The United States taxation system has had a longstanding debate regarding whether or not the taxes implicated on American citizens are justified. In general, the rates that citizens must pay are both too high for the lower-classes to have to pay, and too low for the upper-classes to have to pay. Much of the money collected from taxation goes into causes of less importance or is not managed correctly by the U.S. government. Among all of the fifty states, there are several philosophies
000. His deductible expenses are as follows: Alimony|$20,000| Charitable contributions|4,000| Contribution to a traditional IRA|5,000| Expenses paid on rental property|7,500| Interest on home mortgage and property taxes on personal residence|7,200| State income tax|2,200| || What is Al’s AGI? A. $94,100. B. $103,500. C. $107,500. D. $127,500. E. None of the above. 59. Janice is single, had gross income of $38,000, and incurred the following expenses: Charitable contribution|$2,500| Taxes and interest
Taxation is an issue that has plagued the United States even prior to the founding of the nation and the issue at hand is fair taxation. American Colonists were being taxed unfairly without parliamentary representation, and now ordinary modern Americans are being taxed unfairly without legal representation. There is a sector of the citizenry that hold the belief that the progressive tax code, employed by the United States, and is fair as the wealthy pay a higher marginal tax rate with the operative
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EXCLUSIONS Question MC #10 A scholarship recipient at State University may exclude from gross income the scholarship proceeds used to pay for: a. Only tuition. *b. Tuition, books, and supplies. c. Tuition, books, supplies, meals, and lodging. d. Meals and lodging. e. None of the above. 562. CHAPTER 5GROSS INCOME: EXCLUSIONS Question MC #11 Ron, age 19, is a full-time graduate student at City University. During 2011, he received the following payments: State scholarship for ten months (tuition and books)
considered earned income for the year. The $300,000 is earned income for John Smith and will be reported as gross income either on Schedule C of the individual return or as gross income on the LLC return. “US code defines gross income in 26 U.S.C § 61 states except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, fringe benefits, and similar
Cindy left Readers Ltd., where she had worked since April 2000; she had not been a member of an RPP or a DPSP with that employer. In December 2013, she took a new job with Writers Ltd. She was a member of that company’s RPP at the end of the 2013 taxation year. Following is a summary of the details on the T4 slips that Cindy received for 2013: Readers Ltd. Writers Ltd. Salary (Box 14) $ 81,000.00 $ 5,000 CPP (Box 16) 2,356.20 — EI (Box 18) 891.12 — RPP (Box 20) — 100 Tax withheld (Box 22) 20,000
Cigarette taxation is the fastest growing revenue in the United States. The article says that about 1.3 billion people around the world smoke, which is really high. All over America, underage smoking is happening, and the government thinks raising the taxes on cigarettes is a way they can stop this. According to the article, if the government increases cigarette taxes by 50%, it reduces the overall consumption of cigarettes by 20%. This is because a rise of price will mean that people spend less