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- One of the initiatives of the Federal government in recent years was to increase the taxation paid by high income earners, while at the same time, not instituting any “tax hikes”. One way this was accomplished was to reduce the basic personal tax credit for individuals with income greater than $151,978 up to an income level of $216,511. In the following situation, you the taxpayer have an income level of $200,709. calculate and present your reduced non-refundable personal tax credit amount below.For years dividends and capital gains were taxed at the same rate as ordinary income. During President George W. Bush's administration, the tax rate on capital gains and dividends was reduced. Should the tax rate on capital gains and dividends be lower than other income? Some have complained that the reduced rate on capital gains favors the rich and shouldn't be allowed. Do you agree? Why or why not?Explanations why the ultra-wealthy want much higher taxes today include which of the following? Politicians protect their wealthy donors regardless of the tax laws, and the ultra-rich know it. The rich are in a better position to take advantage of tax loopholes, deductions and other ways to offset and lower their tax burden regardless of higher tax laws. The wealth gap will continue to increase as tax hikes target the upper middle-class making $400K, which will prevent the middle-class from clawing their way up, protecting the ultra-wealthy from any future competition and allowing them to stay on the top. The wealthy have merged with corrupt government officials, so government works with them to target the middle-class via higher taxes to finance more government spending, resulting in economic tyranny, which benefits corrupt politicians and the ultra-wealthy. All of the answers are correct.
- Michel has heard of some Canadians that are millionaires with their TFSA’s. If that were the case and they withdrew $1 million dollars from their TFSA account in 2023, how much tax would they pay on the withdrawn funds if they were in a 53.31% marginal tax bracket? Tax calculation on $1 million TFSA withdrawal:You and your friend Amy, while discussing your tax class, were surprised to learn that a substantial amount of income goes unreported each year by taxpayers. When taxpayers do not report all their income, the missing income must be replaced by imposing higher taxes on current taxpayers. Consider a time when you were trying to decide whether something should be put on your income tax return or not. Explain the differences between tax avoidance and tax evasion, and discuss the rewards of tax avoidance and the penalties of tax evasion.Evaluate the ethical issues related to the payment of income taxes. in other words, if there is a legal tax-saving strategy available to a person who earns $50,000 per year, will it be ethical for the person to utilize this strategy in order to pay less tax? State how your answer to the previous question would change if the person were making $1,500,000.
- when was the last time the FUTA rate was changed and what was the impact on employers? Taking the 5.4% credit reduction, what was the effective tax rate before and after for employers? What was the maximum amount of tax for each employee before and after the tax rate change? In your opinion and using the internet for research, do you believe that the FUTA tax rates for the FUTA tax credit will be changed in the near future?I am stuck on a few questions this one is: This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,900. Last year, his total tax liability was $15,600. He estimates that his tax withholding from his employer will be $8,370 How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Increase in withholding Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent I have been trying to figure this out for days now i need helpWhich statement is NOT true about the structure of the Earned Income Tax Credit (EITC)? A. EITC payments decrease as earnings increase, but everyone qualifies for some amount. B. At a particular range of income, government reduces EITC payments based on a certain fixed percent of income earned. C. EITC pays a fixed amount at a range of income. D. Up to a threshold, EITC pays a certain fixed percent of wage earned.
- Jackie, during one of your talks, shared that she is so frustrated with taxpayers who are trying to get away with their taxes reasoning that the government is in need of funds to finance its pandemic response. You then explained, given that you are about to finish your Income Taxation course, that it is not always the case that the government collection is affected by tax escapes employed by taxpayers. Which of the following should you not include as an example to explain your case? tax shifting tax transformation tax capitalization tax dodgingConsider Taxpayers A and B who are in the same marginal tax bracket because of equal salaries. They each earn an additional $20,000—Taxpayer A by working overtime and Taxpayer B by selling stock resulting in a $20,000 capital gain. Taxpayer A pays tax at the ordinary income tax rate on his additional wages while Taxpayer B benefits from the lower capital gains tax rate on his extra income by selling an investment asset. Is this equitable? Should equivalent incomes be taxed equally?Evaluate the three strategies reducing income, increasing deductions, and taking advantage of tax credits that you listed based on their overall effect on a person's tax situation (the amount of income taxes that the person will have to pay). Evaluate the ethical issues related to the payment of income taxes. in other words, if there is a legal tax-saving strategy available to a person who earns $50,000 per year, will it be ethical for the person to utilize this strategy in order to pay less tax? State how your answer to the previous question would change if the person were making $1,500,000.
