100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
TAX 4001 Exam | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions $13.48   Add to cart

Exam (elaborations)

TAX 4001 Exam | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions

 5 views  0 purchase
  • Course
  • TAX 4001
  • Institution
  • TAX 4001

TAX 4001 Exam | Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions

Preview 1 out of 2  pages

  • August 2, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • TAX 4001
  • TAX 4001
avatar-seller
VasilyKichigin
TAX 4001 Exam | Questions & Answers (100 %Score) Latest Updated 2024/2025
Comprehensive Questions A+ Graded Answers | With Expert Solutions


What are the 2 components of taxes? - Tax rate and tax base

What are the 3 types of tax rates? - Proportional, progressive and regressive

Proportional Taxes - the rate of tax remains constant over the tax base (sales tax)

Progressive taxes - Tax rates increase as the tax base grows larger (Federal income,
gift and estate tax)

Regressive taxes - Tax rates decrease as the tax base grows larger (Federal
employment taxes such as FUTA and FICA)

What are the different tax bases? - Transactions, Property or wealth, Privileges and
rights, and income

What does Transaction taxes include? - sales and transfers of wealth

What does Property or wealth taxes include? - real estate taxes and ownership of
property

What does Privileges and rights taxes include? - the ability to use the corporate form or
to be in certain professions,excise taxes, and custom duties

What does Income taxes include? - gross or net income

After income taxes, what taxes usually affect more US taxpayers than any other type of
tax? - Transaction taxes

Taxes on the Production and Sale of Goods include? - Excise, Sales and Use and
Value added taxes

Excise taxes - levied by federal and state governments on exchanges of specified
commodities (oil, alcohol, phone service, and tobacco) or services.

Who are excise taxes levied on? - producers, resellers or consumers

Are excise taxes proportional, regressive or progressive? - Proportional they may vary
greatly from state to state.

What are Sales and Use Taxes? - Major source of income from most state and local
governments, and cover a broad base of transactions.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller VasilyKichigin. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.48. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

62555 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.48
  • (0)
  Add to cart