Western Federal Taxation - Ch 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| ad valorem tax | show 🗑
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| show | audit conducted by the IRS by mail. The IRS writes the taxpayer req verification of a particular deduction or exemption. The completion of a special form or the remittance of copies of records or other support is all that is requested of the taxpayer.
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| death tax | show 🗑
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| show | taxes that an employer must pay on acct of its employees; incl FICA (Fed Ins Cont Act) and FUTA (Fed Unemp Tax Act). taxes are paid to the IRS in addition to income tax withholdings at specified intervals. Such taxes levied on the emp/employer/both.
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| estate tax | show 🗑
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| excise tax | show 🗑
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| FICA tax (Fed Ins Cont Act) - Social Security Tax | show 🗑
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| show | An audit conducted by the IRS on the business premises of the taxpayer or in the office of the tax practitioner representing the taxpayer.
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| flat tax | show 🗑
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| show | A tax levied on the right to do business in a state as a corporation. Although income considerations may come into play, the tax usually is based on the capitalization of the corporation.
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| show | An employment tax levied on employers; administered by the Federal and state governments, the tax provides funding for unemployment benefits.
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| show | A tax imposed on the transfer of property by gift. The tax is imposed upon the donor of a gift and is based on the fair market value of the property on the date of the gift.
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| inheritance tax | show 🗑
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| show | replacement for the current Federal income tax. Unlike a value added tax (VAT), which is levied on the manufacturer, its imposed on cons upon final sale of goods/serv. To keep the tax from being regressive, low-income taxpayers would be granted credit
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| occupational tax has occupational fees | show 🗑
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| show | An audit conducted by the IRS in the agent’s office.
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| personality | show 🗑
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| show | A description that characterizes tax legislation when it neither increases nor decreases the revenue result. Thus, any tax revenue losses are offset by tax revenue gains.
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| show | state/local tax on the retail sale of specified prop; purch pays tax, but the seller collects it, as an agent for the gov. Var tax juris allow exemp for purchases of specific items. If the purch and seller are in dif states, a use tax usually applies.
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| show | A tax imposed upon the extraction of natural resources.
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| statute of limitations | show 🗑
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| sunset provision | show 🗑
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| use tax | show 🗑
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| VAT - Value Added Tax | show 🗑
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| wherewithal to pay | show 🗑
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Created by:
kberna1
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