Free Essays on Taxes to Get Inspired & Learn by Example

The tax is a form of government levy charged on individual and other entities’ wealth, property, and income. In most cases, individuals and other entities such as companies and financial organization pay a certain amount of their revenues or on their wealth or consumption to the government. The governments of the United States, and of course other nations gain revenues a wide variety of ways, (Gruber, 2013, p.524) and the tax is an enormous part of the income. There are various ways in which the government can use to collect taxes from the public. Such taxes include individual payroll Continue reading...

States and governments generate income through charging their citizens taxes. There are different types of tax structures such as progressive, regressive and neutral. Progressive tax structure is also known as proportional tax. Proportional tax is charged according to the income earned by a citizen. Citizens earning high income pay high tax and those earning low income pay less tax. Studies show that progressive tax is not a good form of raising income because it could lead to recession due to changes in business cycles (Chernick, Reimers and Tennant, 5). Regressive tax structure is used when low income earning citizens Continue reading...

Introduction

What are Corporate Tax Penalties?
Corporate tax penalty refers to the punitive tax applied on a local or federal level for deterring non-compliance, including underpayment of income tax, filing income tax return past the due date, and failing to file a tax return. In the USA, the Internal Revenue Service (IRS) has the primary responsibility of issuing corporate tax penalties at the federal level (“Publication 542-Main” 2011). State and local rules related to corporate tax penalties, however, vary, and those are executed by the state and local governing authorities.

Purpose and Scope

The purpose of tax penalty is to make sure that Continue reading...

Introduction

The tax impact on the economy is carried out by conducting fiscal policy. Fiscal (fiscal) policy is the government's measures to change government spending, taxation and state budget aimed at ensuring full employment, balance of payments, economic growth in the production of non-inflationary GDP (GNP). The main instruments for the implementation of fiscal policy are fiscal and budgetary controls. For tax regulators are installed types of taxes and fees, their structure, objects of taxation, payments subjects, sources of taxes, rates, incentives, sanctions, terms of collection, methods of making, and others. The budget controllers are the level of centralization of Continue reading...

Simplifying the Accounting for Revenue Recognition by FASB 2

I. Background 2
II. Scope of standard 7
III. Next steps and implications for practice 8
IV. Conclusion 10

References: 12

Simplifying the Accounting for Revenue Recognition by FASB
I. Background
The elaboration of a new standard simplifying revenue recognition was one of the highest priorities of the joint IASB-FASB convergence project. The purpose of the project was defined as eliminating a range of differences between International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (U.S. GAAP). The project was initiated in 2002 on the basis of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Continue reading...

The German tax structure is one of the obscure and confusing tax structures for its complicated direct and indirect taxation system. The tax structure extends from dog tax and inheritance tax to value added tax and excise duties. The federal, state as well as the local governments levy taxes. Businesses in Germany are subject to various taxes, such as trade tax, corporate tax, turnover tax and many others depending on the type of the company. The German taxation system distinguishes general income tax from withholding tax. While the lowest tax rate is 14 percent for individuals earning less than Continue reading...

The Name of the Class

The Name of the School
The City and State
A progressive taxation template/framework In a progressive tax system, the rich people are taxed more than the poor people. Progressive tax promotes equality in the society because it requires those with more money to remit more taxes while those with less to pay low tax rates. The notion behind this tax is an individual’s ability to pay. The tax rates go up as income increases, and this helps to balance the burden among all groups of taxpayers (The Policy Institute, 2012pg.3).Thosethatearnhighincome are thegreatestbeneficiaries of goodroads, publichospitals, schoolsandallotherinfrastructures that Continue reading...

Introduction

The cost of university and college education has increased significantly. For the past several years in the United States, the increase in tuition has exceeded more than the inflation rate by two to three percent annually. As observed, college tuition fees have increased at an average of 7% annually, which is more than double the average annual inflation rate of 3.22%. When compared with other commodities and services, tuition fee has increased more than 500 percent in the past 28 years as compared to 286 percent increase in medical costs and a 121 percent increase of the consumer price Continue reading...

Abstract

Introduction
The economy of United States (US) as well as other Western countries emphasizes a lot over the credit buying. The trend of buying expensive products through the credit cards is very common in the western world, especially in the United States. The economy of the United States has just come out from a severe economic downturn, however the clouds of economic contraction and problems are still shadowing on their heads (White, 2001).
One of the major things that intensified the current economic crisis to mold in such a horrible position is the high amount of credit rationing within Continue reading...

Abstract

David Camp’s tax reform bill will not be successful for the time being because the Republicans are worried about the controversy it may cause and the Democrats cannot wait to criticize it. The bill would create nearly two million private sector jobs and increase the GDP of the nation by 3.4 billion. However, while the Bill provides a stepping stone in the right direction by simplifying our bracket system down to a three step-up rate system and making it easier for families to receive the highest possible deductions that they deserve, it is too substantial of an undertaking Continue reading...