Wgu c237 taxation i Study guides, Class notes & Summaries

WGU C237 Taxation I, Exam Questions and answers, 100% Accurate, VERIFIED

WGU C237 Taxation I Review | Questions And Answers WGU C237 Taxation I Review | Questions And Answers

WGU C237 Taxation I, Exam Questions and answers, 100% Accurate. Graded A+

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WGU C237 Taxation I Review for Final, Exam Questions & Answers, Graded A+

WGU C237 Taxation I, Exam Questions and answers, 100% Accurate, VERIFIED

Define each component of the individual income tax formula - -income from whatever source derived exclusions=any item of income that the tax laws says is not taxable gross income=all income received in cash, property, and services from whatever source derived and from which the taxpayer derives a direct economic benefit deductions for AGI=expense one would see on an income statement (wages, repairs, depreciation) and some nonbusiness deductions (alimony, moving expenses, IRA contributions)...

WGU C237 Taxation I Review, Questions and answers, 100% Accurate. VERIFIED

Tax. (CHAPTER 1) a payment required by a government that is unrelated to any specific benefit or service received from the government 3 Criteria Payment must be *Required (not INVOLUNTARY) *Imposed by a government agency (federal, state, local) *Not tied directly to the benefit received by the taxpayer - Continuous debate whom to tax, what to tax, how much to tax Sin Tax taxes imposed on the purchase of goods -e.g., alcohol, tobacco products - that are considered socially less desirab...