Income Tax Research Papers Samples For Students

Introduction

Switching the United States’ current income tax system would benefit the country as a whole. Therefore, variations of the flat tax that are proposed, some of which set a percentage on income while others set a percentage on sales tax. Those arguing in favour of such tax reforms contend that it will eliminate the complexity of our current system and the loopholes. This will contribute towards boosting of the economy. One such proposal, on which a number of books have been written, is called Fairtax. This is a flat rate sales tax only on new items. For example, if someone were to buy a used ...

The health care field is quickly changing and is facing numerous challenges, such as the continuation of tax-exempt status, unrelated business tax and excise taxes. Most nonprofit healthcare organizations qualify to operate as a charity if they attain public charity status or are publicly supported institutions (Gravelle, 2008). Hospitals have made joint ventures with physicians and added ancillary operations to their services. The income received from such ventures ought to be analyzed for federal income purposes. The finances that are also used to run the endeavor should also be scrutinized.
Federal income tax issues that affect healthcare organizations include ...

Individual Income Tax (North Carolina)

Individual Income Tax (North Carolina)
Personal income tax or individual income tax refers to the levied tax on personal income. Here, individual refers to a person, non-juristic body of person, an ordinary person or an individual estate. For an individual to be liable for personal income tax, one has to compute file tax returns, compute tax liability as well as pay the indicated tax as according to the calendar of the year. The individual tax income differs in different states with each state having its own rights of running the tax provided by its residents. This research would look ...

Introduction

The America constitution entitles every citizen the duty of paying income taxes. The criteria use to implement the law on taxes payer has created a feeling of unfairness. The outcome from the taxation practice has resulted in taxpayers developing an interest or idea of renouncing their U.S citizenship in order to evade paying the income taxes.
Renouncing of US citizenship is justified in the immigration and nationality act. It therefore implies that most of the US citizens have escaped paying their taxes. This is because it is a right for every citizen; it therefore plays a very fundamental role in tax ...

Introduction

The US government takes renunciation of US citizenship with a lot of seriousness. Whoever wishes to renounce citizenship has to do so by following the right procedure. The person must appear in person at an embassy of the US. After renouncing citizenship, the petitioner loses the rights that are enjoyed by the citizens of the US. It therefore becomes impossible for the petitioner to freely travel and enjoy privileges in the US. The US allows individuals with a positive intention to renounce citizenship but not those who are trying to evade their responsibility to the tax department or the military.
...

Introduction

Americans through different activities at different times have the obligation to contribute to public spending, which means paying taxes. These are one of the sources of income of the country and are extremely important for the national economy. Individuals can provide services, conduct business, lease property, work for wages, among others. Depending on the activity performed and their average earnings belong to a specific tax regime. The physical development of its actions people need to meet their tax obligations. For that, the federal department announced the applicable tax regimes according to the activities and proceeds, its implications, privileges and how ...

There is a considerable and sizeable population of small business in the US economy. Statistically speaking there are over 28 million small business that occurs with small business specifically indicating businesses with fewer than 500 employees. Over 22, million individuals are self-employed without any additional payrolls or having employed other persons. Of the working population, a considerable percentage of over 50% that translates to 120 million individuals work in the small business (US statistics and data, 2016). Small business on average have modest turnovers that attract income taxes on the cash generated. Business entities are relevant in the generation ...

Federal income tax refers to the structure of impositions of tax against the incomes of various individuals within the borders of the country (Klein 5). The government therefore exclusively taxes the individual income of all working persons within the borderline of the United States. The federal income tax is bound by the law in all aspects. This therefore implies that all individuals as provided in the guidelines supporting the whole system have an obligation of remitting part of their income to the government annually.

The federal tax income system works in a unique way. Salaries of individuals are taxed according ...

ACCOUNTING

Memorandum
RE: Zavala, Julio and Clara
This memo includes a brief summary of the Julio Zavala information pertaining to tax law, a brief discussion of the tax issues that arise and examples of court cases that are likely to have an influence on the tax status of Zavala, his wife and son.
Julio Zavala is married (Clara) and they have one adult son (Robin). Due to medical issues Robin lives at home with his parents. Zavala was able to retire from his day job (9am to 5pm) because he has enough money to do so. He has enough ...

Analysis of Financial Statements of Goldman Sachs

Introduction
A world renowned company, Goldman Sachs is an American Multinational Corporation that deals with the institutional clients offering investment banking, investment management and other related financial services. The following report will analyze some of the crucial items of the financial statements of Goldman Sachs including Earning per Share, Cash Flow Statement, Tax Deferrals, Share based compensation, Employee Compensation Plans. We are sure that by the end of this report, we will be able to have a comprehensive overview of the company’s financial statements.

Amount Disclosed
Footnote Information-Deferred Taxes
Note 24 of the Annual Report is ...

It is untrue that most people on public assistance are too lazy to work. In truth, if by expending the energy to work a job for forty hours at minimum wage their lives could be better than it is using welfare, they would work. But, with the current minimum wage of $7.25 an hour, for many of these adults, their lives and the lives for their families would be the same, if not a lower quality of life would be had, if they worked. By using Section 8 housing vouchers, Medicaid, food stamps, LiHeap, and cash assistance the same or perhaps ...

Value-Added Tax

Explain the concept of value-added tax (“VAT”)
A value-added tax (“VAT”) or goods and services tax (“GST”) is an indirect form of taxation targeted at consumption – measured by spending on goods and services. “Value added” denotes that the payable tax equals the difference between the sale price a firm charges the buyer of a good or service, and the costs of materials and other taxable inputs. As an illustrative example, in the European Union, where much of the taxation is based on VAT principles, each time a consumer good is manufactured, the manufacturer must pay a value-added tax on ...

Budgeting is a crucial aspect of any institution or government’s operations with an aim of enhancing goals and objectives’ achievement in line with specific environment and needs. Thus, budgeting is greatly guided by policies that define the suitable actions in line with set goals and objectives either in response to changing environment or as a way of fostering opportunities’ utilization. In that respect, governments have budgeting planning that is specific to their constituents’ needs and that defines the objective of this analysis which seeks to demonstrate the budgeting process for a State in view of its status and environment. To achieve ...

Resolved we Should Increase Taxes on the Rich

Should we Tax the Rich More?
It’s the right time that national leaders had the great courage to push higher tax on the well-off. There are other solutions available to the country’s federal debt problem that will not require increasing taxes paid by the average earner than to target the one that has the larger means. The government’s decade-long avoidance to the term tax and relying on the silly euphemisms of surcharges and revenue enhancement should end. President Barack Obama has done a significant decision by pointing out the idea of imposing higher tax to the ...

Issue: For the economic development and well-being of the Americans, should tax reform that focuses on tax cut be introduced by the Obama administration?

Thesis: Understanding tax reforms in the USA is of great benefit as it helps re-organize the country's economic reform policy. This can however only be achieved via the accomplishment of sound tax reforms. Comprehensive understanding of a country's tax reform strategies determines the prosperity of country's economy. The USA government should thus undertake rigorous tax reform as it is essential for tax policy making and the general economic development.

Tax reform has been of interest for ...

Introduction

The United States is one of the most developed countries, but it is also one of the countries with the highest level of income inequality. According to research, more than half of the nation’s income goes to only 5% of the population, while the remaining half is shared by the 95%. One way of measuring a nation’s income inequality is through the Gini coefficient. The Gini coefficient measures income inequality on a scale of 0 to 1 wherein 0 corresponds to total equality; a scenario wherein everyone is earning the same amount while 1 corresponds to total ...

MEMORANDUM

Dear Sir,
This memo is written to address the problems faced by the Big Corp. as a result of the bankruptcy of its subsidiary Sub Corp. the memo discuss the different statutory and regulatory matters applicable in this matter. It also recommends the solution on whether the dividends paid by the company should be treated as a return on capital or ordinary dividends.
At first, it is important to understand the basic difference between preferred and ordinary stocks. Preferred shareholders have a preferred claim to the earnings and profits of the company. When the company has excessive cash and ...

Founded in 2003 by Marc Tarpenning, Martin Eberhard, and Elon Musk, Tesla Motors Inc. is an automotive firm that develops Electric Vehicles (EVs). According to Holmberg (2008), as part of its global strategy for growth, Tesla sought three strategic alliances with other auto manufacturers namely: Supplier, Research and development (R&D), and Original Equipment Manufacturer (OEM) alliances. The alliance with Lotus, a United Kingdom company would guarantee the supply of unique chassis for the EV (Cheong, Song and Hu 1-10). Panasonic Company from Japan supplied battery cells whereas Borg Warner in the United States supplied single-speed gearbox.
For research and ...

Introduction

The present taxation system in Brazil was established by the 1988 Brazilian constitution that gave power to the State, Municipal, and Federal Governments to collect the taxes. Because of the numerous regulations that each of the three governments enacted, the taxation system in Brazil is very complex, and this leads to an environment where the authorities require the taxpayers to comply with various obligations comprising tax collection as well as reporting. The tax regulations and laws in Brazil are among the most confusing and hard to comply with throughout the world. The many rules that the three levels of ...

A tax is a compulsory contribution from an individual to the government. This payment to the government does not usually result to supply of goods and services to an individual. However, tax is important to any country in that it enables the government run its daily activities and in addition, the government is able to provide goods and services that the private sectors are not willing to supply due to the fact that these goods and services are unprofitable or it is not possible to exclude people from consuming the goods (Forbes, 47). The type of tax levied by government ...

Income Tax Accounting

Income Tax Accounting

According to IAS 12, deferred tax asset is used to describe an asset that will minimize the amount of tax that a firm wishes to pay in a future accounting period. In the future, it can be used as a write off element when the next tax period is projected to produce increased earnings. The IAS 12 offers that the difference in tax bases for an asset and deductible temporary difference is what creates a deferred tax asset. It implies that the future cash flows are significant. The taxes are usually plowed back into the business ...

__ June 2015 (date)

The process of globalization makes many companies worldwide think about becoming international. There are many reasons for it, such as going to the international markets, increasing sales, reducing costs of manufacturing and research & development by means of outsourcing, engaging skills and talent from other countries, increasing company’s revenues, and etc. Lewis Globalworks Co., Inc. has been working in the market for many years and now would like to expand its activities to the other countries in order to optimize its operations and financial results. This research paper is focused on evaluation the possibilities and ...

Recent years have seen significant changes in the economies of both Mexico and Chile. Given this, it can be useful to examine the current economic situation in Mexico and Chile, comparing the two. While many people in the United States might tend to think of these two nations as being identical in nature because of the fact that they have Hispanic cultures and the Spanish language, there are in fact many differences. For example, Mexico since the late 1990s has been able to benefit from the existence of NAFTA (the North American Free Trade Agreement). This has allowed it ...

Introductory Remarks

The USA has always prided itself on being a byword for the land of opportunities any person can enjoy. Such optimism may end where the issue of the minimum wage starts, as employees find themselves constrained by a salary ceiling. Forced into low-income groups of earners, there is nothing they can do except resort to aid or social programs to meet their individual or family needs. The situation round the use of aid has come to reach an alarming point judging by the scope of the issue. Employees representing fast food, home care, childcare, and part-time college faculty sectors ...

Under Armour

How have the norms and regulations of national government in its 'home' country shaped the way Under Armour has gone global? Under Armour had gone global with about 300 retail stores in 13 countries and aims to have more than 1,000 stores by 2018, with expansion plans in South American countries. There are certain norms and regulations of the US government that have helped shape the growth of Under Armour. Under Armour takes advantage of the norms and regulations of national government and works on its core values and adhere to these practices when doing business with suppliers. ...

Impact of Low Expenditure on Welfare Programs

Abstract
The level of expenditure in a particular economy directly affects the provision of welfare programs in that particular country. This paper particularly investigates the impact of a low expenditure on welfare programs in the United States of America. The paper explains in detail both the negative and positive implications of low expenditure in the United States. Specifically, the paper looks into how low expenditure reduces the morale to work and the negative implication of this on income levels. Moreover, the paper shows how low expenditure makes the redistribution role of the government to collapse thereby leading to income ...

There are 3 types of tax credits that are created for low-income homeowners: Mortgage Interest Credit, Resident Efficiency Property Credit, and Low-Income Housing Credits.

Mortgage Interest Credit

The buyer of a new home whose income is below the middle income is eligible for mortgage interest tax credit. The credit is oriented to help the individuals with lower income to afford their own home. A tax credit is allowed for every single year for 40% of the home mortgage interest that is paid by the homeowner. If the mortgage loan is equal or smaller than the amount that is shown on the MCC, ...

“In this world, nothing can be said to be certain, except death and taxes." – Benjamin Franklin

Benjamin Franklin was correct saying that, but while the taxes were certain it could not be said the same about their consistency. For a long period after its establishment, America was a tax-free country that meant it was free from direct taxes as the income tax. After the revolutionary war the new established government as more cautious about the taxes. While the direct taxation was prohibited by the Constitution, the government had to collect its revenues through tariffs and other duties on certain items. As late as 1913 the Sixteenth amendment to the Unites States Constitution was adopted and ...

Introduction

Marijuana is a significant topic throughout the United States. It can be considered one of the hottest topics regarding the general public and the Legislature. There is a growing reform when it comes to legalizing marijuana. Today, more than half of the country is in favor to legalizing the use of marijuana. The Drug Policy Alliance believes that marijuana should be treated and regulated like alcohol and tobacco and that it should be completely removed from the criminal justice system. Over the past two years, several states have legalized the recreational use of marijuana. This paper analyzes the arguments ...

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Introduction

The purpose and scope of this paper is to evaluate the leadership potentials that assisted Barack Obama to become president of United States in the year 2008. During, American antiquity there has been many significant leaders who have carried impartiality, self-determination, and transformation to its country. Several great leaders and lastly the head of the state of the USA Barack Obama, there have been many countless individuals who have completed history. As the first Black culture to turn ...

__ June 2015 (date)

The process of globalization makes many companies worldwide think about becoming international. There are many reasons for it, such as going to the international markets, increasing sales, reducing costs of manufacturing and research & development by means of outsourcing, engaging skills and talent from other countries, increasing company’s revenues, and etc. Lewis Globalworks Co., Inc. has been working in the market for many years and now would like to expand its activities to the other countries in order to optimize its operations and financial results. This research paper is focused on evaluation the possibilities and ...

Introduction

Entities of health care recognize revenue for which a little portion of the total amount is billable or billed or the final collection is not assured reasonably at the time the services are rendered. There have been concerns raised by the constituents that these kind of accounting practices lead to gross-up revenue for unexpected amounts to be collected in the end. To add to it, due to the fact that entities of health care make their own decisions as far as bad debts and adjustment to revenues is concerned, the decisions are different from one another and it is not ...

RE:

FACTS:

Carla is an engineer working for Synder Corporation, and she travels a lot for business purposes. The last business trip was to Indianapolis where she lost her emerald bracelet in a hotel room where she had been accommodated. The bracelet was lost in a mysterious way in that Carla was sure that she had packed the bracelet and saw it in the jewelry box as she was unpacking her clothes on her arrival at the hotel on Sunday afternoon. She found out that the bracelet was missing in the morning of the next day and reported to the hotel security of ...

Historical Overview

Indiana gained statehood in 1861 but important events have shaped its political and cultural identity. One of these was the NorthWest Ordinance (1787). At the time, Indiana was not yet part of the United States, and the Northwest Ordinance, provided an ambiguous foundation for states that sought statehood. Until then, Indiana (as well as other surrounding states) were governed through territorial governorship. The Northwest Ordinance was significant for several reasons. First, the governor held absolute vetoing power. Second, the individual liberties were written and protected in an official document and lawfully recognized four years before the enactment of the ...

The Title of the Article: Britain’s Deficit-driven Growth

The Source of the Article: Wall Street Journal
Section of the Syllabus: Fiscal and Monetary Policy, Deficit Financing.
Candidate Name:
Candidate Number:
The Article
Please find the article at the following URL:
http://blogs.wsj.com/moneybeat/2014/09/23/britains-deficit-driven-growth/?KEYWORDS=macroeconomics

The Commentary

This article discusses the pros and cons of the deficit financing led growth that the UK is experiencing presently. The growth figure that UK has registered from the past year is quite high compared to the other economies in Europe. The widening public deficit is a matter of concern among several quarters. The government has still not shown any signs of ...

- Introduction
- Changes in the Labor force participation rate of men and women and future trends
The later half of the 20th century saw the rate of participation of women in the US labor force increasing at a commendable pace. The labor force participation rate (LFPR) of women increased from a meager 34% in 1950 to an impressive 60% in 2000. The US labor force consisted of 18million women in 1950 which increased to 66 million in 2000 showing an average annual growth rate of 2.6%. The share of women in the labor force also increased. It was ...

Higher Educational Establishment

Introduction
Aggregate demand and interest rates, along with the actual economic growth and the prospects are the benchmarks of any Federal government. In order to control the economy, government uses monetary policies to analyze essential measures.

Open Market Operation

Open Market Operations involve purchase and selling of governmental securities which helps to stabilize inflation. The Federal funds rate is equal to the interest and lending rates, according to which financial institutions charge for the loans. The Domestic Open Market Operations are guided by the Federal Open Market Committee and continuing with the aid of strengthening the efforts to support economy recovery ...

Possible risks of foreign currency exposure for Wal-Mart

Expanding into New Zealand will result in several foreign currency risks for Wal-Mart. The first type of risk that Wal-Mart will be exposed to is the translation exposure. This exposure regards the sensitivity of real domestic currency value of assets and liabilities. These items, which appear in the financial statements of Wal-Mart, will be affected in terms of value due to unanticipated changes in exchange rates. This risk will affect managerial decisions such as performance measurement for bonus plans, hiring and promotion plans (Giddy, 2012). Given that the management of Wal-Mart will be estimating the financial value of these ...

Company Information

i) NAME OF COMPANY:

The company we are analyzing is Under Armour ii) INDUSTRY - What, specifically, does your company do:

The company is engaged in the business of sports clothing, accessories and is leading supplier of casual wear and sports wear. Company also engaged in footwear business in 2005.iii) What is the address of your firm?
Under Armour is headquartered both in USA and Europe. In US, company is based in Maryland and in Europe the headquarters are based in Amsterdam. For Maryland headquarters following is the complete address of the company:
1020 Hull Street

Baltimore, Maryland 21230

iv) Does your firm have a web site? If so, what is the address? Attach a copy of the home page ...

The cost of education has been gradually rising over the years, making it quite difficult for financially disadvantaged individuals to access education. Different bodies such as academic institutions, governments, non-governmental organizations, and even individuals have come up to help these students by offering scholarships. However, not all the students who need this kind of assistance actually succeed in getting it, owing there too many candidates for these scholarships among potential students every year. In addition, there are those who are neither aware of the existence of these grants nor of the process of applying for them. This has led ...

Management Memorandum

The main purpose of this memo is to clarify on some issues based on the LIFO inventory management of stock. Over the recent past, it has been noted with a lot of concern that the cost of managing the stock has been tremendously increasing. As a result, some of the existing policies have been modified to rectify the situation while other new policies have been put in place to enable a smooth flow of inventories with no major cost challenges. Increasing stock costs has resulted into the firm incurring increasing losses due to increased costs.
After a comparative study of the stock ...

RE: Mr. and Mrs. Julio Zavala
I have reviewed the memo regarding the requests of Julio and Clara Zavala regarding their taxes. The couple is married. He has enough money at his disposal that he was able to quit his 9 to 5 job and travel extensively. Here is a summary of the four main tax issues according to the information you provided. The first issue to consider is whether or not Julio Zavala’s expenditures can be considered as tax deductions. These trips were combination of work objectives and leisure activities to entertain his potential clients who are ...

Introduction

Accounting is viewed by many people as a cold, dry, and highly analytical discipline. As a discipline, accounting offers precise answers, which are either correct or incorrect. The answers provided by accounting may be true or false (Richard, 2011, p.6). For instance, let us take two companies which are similar in the value of their inventory and cost of goods sold calculated using different accounting methods. Company A uses last in first out (LIFO) method while company B uses first in first out (FIFO) method, and in the process, give results that are totally different but equally correct. Considering that both ...

The department chosen is the administrative services department of the City of Mission Viejo. This department oversees the biennial budget, financial policies of the city and also the master financial plan to ensure that these are in agreement with the city’s mission and vision of ‘’ making living your mission’’.
The administrative services department is also responsible for ensuring that the City’s activities are well run and coordinated and all financial issued are looked into so as to ensure a smooth environment where each resident is able to obtain all the services as expected. In a nutshell, this department ...

A major objective in managing the Australian economy is to improve the standard of living of everyone in the community. About one in every nine (over 2.2 million) Australians live in income poverty today. According to the Australian Bureau of Statistics (ABS), the 90/10 ratio of disposable income was 4.21 in 2009/10 as compared to 1994/95 when it stood at 3.78 (Australian Bureau of Statistics, 2012). The government in collaboration with investors and non-governmental organizations is working to reverse the inequality in Australia.

Statistics on inequality

The ABS also reports that, in 2011, the median personal income of Australians was $577 while ...

Company Overview

Lowe’s (LOW) is a home improvement company that was founded in 1946. The company was then incorporated in 1952. Lowe started as insignificant hardware store to become the second largest home enhancement retailer in the world. Lowes is ranked 54 Fortune’s top 500 companies list. As of February 2012, 1, 745 stored in the United States, Canada and Mexico were operational. The company’s customer includes homeowners, renters, and commercial business customers. The company offers a range of products that include maintaining, repairing, modeling, and home caring. In addition to offering appliances, the company also sells different companies products ...

Arguably, taxes are part of experience in which human beings undergo in any nations. The global economy depends tremendously on tax, the only variation comes are a result of the type of tax system implemented. Taxation rules and tax systems are critically complicated in most countries. In fact, an economy that receives very small percentage of income from tax mainly operates at a deficit due to failure to sustain itself. Hence, they are forced to borrow from other nation or international organizations such as the World Bank. Globally, many nations have cut their corporate tax rates and implemented flat tax rate. ...

Tax Deductibles and Tax Interests of Home Mortgage

Owning a home sounds more of a dream come true, but the dream shatters upon knowing how much you need to pay on your mortgage, not to mention the amount of interest that needs to be paid as well. However there are ways on how to save money by knowing how to calculate the deductibles and versus the tax interests. Being knowledgeable on that area will allow home owners to identify the amount of money they need to cut out of their paychecks. First is to define what tax interests are all about, it was introduced in 1913 together with the ...

Based on the company’s financial information provided, it is beyond any reasonable doubt that the company violates the solid accounting practices. The company’s accounting cycle runs for twelve months as indicated by the balance sheet, the cash flow statement and the Consolidated Statements of Income, which is typical of every company and every financial statement.
The horizontal income statement (Sheet 3) and the balance sheet (sheet 5) are prepared in accordance to the accounting cycle. However, the income statement is not highlighted for easier comprehension. In the statement, total costs and expenses are deducted from the ...

Introduction

In most cases, social security is looked at as if it’s only concern is the liberation of poverty; which has given rise to debates on how effectively to do that. However, social security is offered to cover many other aspects which includes; economic policy and redistribution, relief of poverty, social protection, prevention, and social and economic measures that are intended to benefit the entire society. According to Paul (2011, pp. 39-45), social security is used to refer to any form of personal financial assistance which is mostly provided by the government. In general terms it is income maintenance ...