In 2017, Motley Fool reported that the U.S. Government spends about $2.7 trillion for various kinds of social insurance (Social Security, Medicaid and Medicare, unemployment compensation, veterans’ benefits, and the like). Please click here to view their report.
In addition, another $604 billion, or 15.3% of total spending, went for national defense; net interest payments on government debt were about $240 billion, or 6.1%. Education aid and related social services were about $114 billion, or less than 3% of all federal spending. Despite the services and benefits that the government provides, many taxpayers dread paying income taxes while considering them a necessary evil. Consequently, there is much debate about the inequities contained within the tax code, due to tax shelters and tax credits provided to some taxpayers (which thereby increase the tax burden on others).
Using the Internet or Strayer University Online Library (which can be accessed at https://research.strayer.edu), identify and research one country and compare that country’s tax model (or lack thereof) to the tax model of the United States.
Write a four to five (4-5) page paper in which you:
- Analyze the way in which the country you have researched provides services and benefits to its citizens, either through the collection of taxes or otherwise.
- For the country that you have chosen, determine whether the U.S. could adopt their taxation model without reducing its total amount of revenue (as currently generated by collecting income taxes from individuals and businesses).
- Justify your response.Suggest at least two (2) advantages and two (2) disadvantages of the U.S. adopting the system that the other country uses. Provide a rationale for your responses.
- Speculate on the primary way in which the Federal Government could make up any shortfalls if it does not collect its targeted revenue from the collection of taxes.
- Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and similar websites do not quality as academic resources.
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In 2015 Brennen Sold A Machine Used In His Business For 180 000 The Machine Was
/in Uncategorized /by developerIn 2015, Brennen sold a machine used in his business for $180,000. The machine was purchased eight years ago for $340,000. Depreciation up to the the date of the sale for regular income tax purposes was $210,000 and $190,000 for AMT purposes.
For AMT purposes, Brennen has a negative adjustment of $ ____________ related to the sale.
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In 2015 Decedent Dies With An Estate Valued At 10m His Abs Trust Estate Plan Was
/in Uncategorized /by developerIn 2015 Decedent dies with an estate valued at $10m. His ABS trust estate Plan was funded as follows:-
What is the QTIP election to be made in the following situations
Situation A – Decedents executor wishes to defer all estate taxes until decedents widow dies. what QTIP fraction should be elected for Trust B?
Situation B – Decedents executor wishes to defer all estate taxes until decedents widow dies. what QTIP fraction should be elected for Trust C ?
Situation C – Decedents executor wishes to equalize the taxable estates of decedent and his widow. What QTIP fraction should be elected for Trust C?
Situation D – Decedents executor wishes to equalize the taxable estatesof decedent equal to $7m? what QTIP frac tion should be elected for Trust C?
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In 2015 Fred And Elizabeth Who Are Married And Filing Jointly Received 29 000 In
/in Uncategorized /by developerIn 2015, Fred and Elizabeth, who are married and filing jointly, received $29,000 in social security benefits. Their AGI (excluding social security) is $36,000 and they received $12,000 in tax-exempt interest income. How much of their social security must they include in gross income in 2015? Show your work or no credit will be given. Use the Simplified Taxable Social Security Worksheet as your format.
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In 2016 Jack Have Annual Income 18000 And He Also Have 3 House To Rent The Renta
/in Uncategorized /by developerin 2016, jack have annual income $18000, and he also have 3 house to rent. the rental annual income for each house is $17000, and the annual cost for each house is $1000 .each house value is $275000, also jack want to use rental
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In 2017 Motley Fool Reported That The U S Government Spends About 2 7 Trillion F
/in Uncategorized /by developerIn 2017, Motley Fool reported that the U.S. Government spends about $2.7 trillion for various kinds of social insurance (Social Security, Medicaid and Medicare, unemployment compensation, veterans’ benefits, and the like). Please click here to view their report.
In addition, another $604 billion, or 15.3% of total spending, went for national defense; net interest payments on government debt were about $240 billion, or 6.1%. Education aid and related social services were about $114 billion, or less than 3% of all federal spending. Despite the services and benefits that the government provides, many taxpayers dread paying income taxes while considering them a necessary evil. Consequently, there is much debate about the inequities contained within the tax code, due to tax shelters and tax credits provided to some taxpayers (which thereby increase the tax burden on others).
Using the Internet or Strayer University Online Library (which can be accessed at https://research.strayer.edu), identify and research one country and compare that country’s tax model (or lack thereof) to the tax model of the United States.
Write a four to five (4-5) page paper in which you:
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In 2018 Its First Year Of Operations Kimble Corp Has A 900 000 Net Operating Los
/in Uncategorized /by developer. In 2018, its first year of operations, Kimble Corp. has a $900,000 net operating loss when the tax rate is 21%. In 2019, Kimble has $250,000 taxable income and the tax rate remains at 21%.
Assume the management of Kimble Corp. thinks that it is more likely than not that the benefit of the loss carryforward WILL be realized.
What are the entries in 2018 to record the tax effect of the loss carryforward?
What entries would be made in 2019 to record the current and deferred income taxes and to
recognize the loss carryforward? PLEASE do not answer this using an Allowance account because the company thinks they WILL realize the loss carryforward. There should be no Allowance account, or so I believe anyway.
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In 2018 The Vpd Received A Complaint From The Union Of Bc Indian Chiefs Ubcic An
/in Uncategorized /by developerIn 2018, the VPD received a complaint from the Union of BC Indian Chiefs (UBCIC) and the BC Civil Liberties Association (BCCLA) that police officer street checks in Vancouver appeared to be discriminatory against Indigenous and Black persons. See the link to the VPD’s response to the complaint. In Ontrario, complaints against street checks led the previous provincial government to vastly curtail how and when street checks of persons could be permitted. In light of a dramatic increase in violent crime in Ontario, and a new conservative government, this is now being re-considered.
Are street checks should be authorized, are they are a valuable investigative tool, or do they lead to discrimination against certain segments of the population?
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In 2018 Wilma Way S Sole Proprietorship Ww Bookstore Generated 120 000 Net Profi
/in Uncategorized /by developerPlease help me with my homework for accounting. Thank you.
In 2018 , Wilma Way’s sole proprietorship , WW Bookstore , generated $120, 000 net profit . In addition , Wilma recognized a $17, 000 gainon the sale of business furniture and shelving , all of which was recaptured as ordinary income . The business checking account earned$960 interest income .a . Which of these income items are subject to self- employment tax ?b. Compute Wilma’s 2018 self- employment tax .c. Compute Wilma’s allowable Section 199 A deduction , assuming $43, 000 of W – 2 wages and $90, 000 unadjusted basis of tangibledepreciable property .d. Compute Wilma’s 2018 taxable income from her bookstore activity .@ Answer is not complete .Complete this question by entering your answers in the tabs below .Required ARequired ERequired [Required [Compute Wilma’s 2018 Self-Employment tax . ( Round your answer to the nearest whole dollar amount ."Self- employment tax$ 129, 483 03
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In 2018 X Company S Revenue Was 193 500 Its Total Variable Costs Were 125 775 An
/in Uncategorized /by developerIn 2018, X Company’s revenue was $193,500, its total variable costs were $125,775, and its fixed costs were $85,800. In 2019, the relationship between revenue and variable costs will not change, but fixed costs will decrease by $16,302. Assuming a tax rate of 40%, what will revenue have to be in order for X Company to earn $37,000 after taxes in 2019?
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In 2018 Xyz Purchased Equipment For 9 000 That Will Be
/in Uncategorized /by developerIn 2018 XYZ purchased equipment for $9,000 that will be depreciated for financial statements and taxpurposes as follows: 201 8 2019 2020Financial Statement $3,000 $3,000 $3,000Tax Return $5,000 $2,500 $1,500 Compute the amount of the Deferred Tax Liability as of 12f31f18 under the following three independentassumptions: Assumption 1 – The tax rate in 2018 is 30% and this rate is expected to remain constant for all future taxyears. Assumption 2 – The tax rate in 2018 is 30% but the expected tax rate for 2019 and 2020 is 20% ASSumption 3 – The tax rate in 2018 is 30% but the expected tax rate for 2019 is 20%. The tax rate for2020 is expected to return to the “normal” rate of 30%.
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