As a tax consultant you receive on continuous basis inquiries and tax forms from your clients. Following are independent inquires that you have to check and reply back to your clients. For each enquiry below, Comment on whether the given calculations are correct or not by providing the necessary calculations. a-Government A decided to increase the income tax rate from 12% to 16% in year 2021. The total tax base for the year 2020 is $4,200,000. The government is expecting to collect $169,000 additional revenue in year 2021. Quarter of the individual taxpayers decided to quit. The government collected $ 169,000 additional tax revenue.
As a tax consultant you receive on continuous basis inquiries and tax forms from your clients. Following are independent inquires that you have to check and reply back to your clients. For each enquiry below, Comment on whether the given calculations are correct or not by providing the necessary calculations. a-Government A decided to increase the income tax rate from 12% to 16% in year 2021. The total tax base for the year 2020 is $4,200,000. The government is expecting to collect $169,000 additional revenue in year 2021. Quarter of the individual taxpayers decided to quit. The government collected $ 169,000 additional tax revenue.
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 35P
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As a tax consultant you receive on continuous basis inquiries and tax forms from your clients. Following are independent inquires that you have to check and reply back to your clients. For each enquiry below, Comment on whether the given calculations are correct or not by providing the necessary calculations.
a-Government A decided to increase the income tax rate from 12% to 16% in year 2021. The total tax base for the year 2020 is $4,200,000. The government is expecting to collect $169,000 additional revenue in year 2021. Quarter of the individual taxpayers decided to quit. The government collected $ 169,000 additional tax revenue.
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