Tax 4001 Study guides, Class notes & Summaries

FGCU TAX 4001 Exam 2 Revision (Questions and Answers) 100% Accurate Florida Gulf Coast University

TAX 4001 - Chapter 1 Questions with Complete Solutions

FGCU TAX 4001 Midterm Exam Revision (Questions and Answers) 100% Accurate Florida Gulf Coast University

TAX 4001 Exam 2 with 100% Correct Answers It has been suggested that tax policy favors deductions for AGI compared to itemized deductions. Describe two ways in which deductions for AGI are treated more favorably than itemized deductions. - ANSWER Itemized deductions must exceed the standard deduction before taxpayers receive any tax benefit from the deductions (this is equivalent to an overall floor limit). In contrast, business deductions that are deductible for AGI (above the line) reduce...

Tax Shelter - Wealthy taxpayers in high income tax bracket invest in opportunities where they can collect a loss and bring down their taxable income - focused around non recourse financing - obligation where borrower isn't personally liable - Previous investment strategy before laws put in place - Used to avoid/defer taxes = offset income from other source How does tax shelter benefit the investor? - - Tax savings that pay for itself (pay partial amount for larger taxable income savings) ...

Tax 4001 comprehensive final exam questions and answers

TAX 4001 Midterm Questions with Explanations of Answers | latest upate 2024

Proportional Tax Correct Answer--applies the same rate on all income, ex: Sales Tax -Also known as a flat tax rate = Tax Base X Tax Rate Regressive Tax Correct Answer--applies a decreasing rate as the tax base increases, ex: Social Security Taxes (Payroll Taxes) -as the tax base increases, the taxes paid increase, but the marginal tax rate decreases (not common) Progressive Tax Correct Answer--imposes an increasing marginal rate as the tax base increases, ex: Federal & State Income Taxe...

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TAX 4001 EXAM 2 Questions with Explanations of Answers | latest upate 2024