Fiscal Policy and Social Security Policy During the 1990s Douglas W. Elmendorf Federal Reserve Board Jeffrey B. Liebman Harvard University and NBER David W. Wilcox Federal Reserve Board Revised July 2001 This paper was presented at a conference on “American Economic Policy in the 1990s” held June 27 to 30, 2001 at the John F. Kennedy School of Government, Harvard University. The views expressed in this paper are those of the authors and are not necessarily shared by any of the institutions with
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Important concepts Entities – tax versus legal • Tax entities o People, partnerships, joint venture, companies … are considered to be entities for the purposes of calculating income tax. • Legal entities o Companies, which have separate legal personalities, are legal entities. Income flows • Income should be considered as a cash flow stream, where timing is important. • The question is, when the income recognised as earned or deducted (because tax delayed is tax denied)? CLASS 1.2
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PeopleSoft 9 and 9.1 Payroll Tax Update 15-D October 2015 PeopleSoft 9 and 9.1 Payroll Tax Update 15-D Year End Processing 2015: U.S., Puerto Rico, and U. S. Territories This document provides the information you need for using PeopleSoft Payroll for North America to complete 2015 year-end payroll processing. Please feel free to contact the Oracle Global Customer Support for help with any questions you may have on the year-end programs. The telephone number is 1.800.223.1711. The pages
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MEMO TO: Professor Michael E. Rychel FROM: Harmanpreet Kaur DATE: March 26 2014 SUBJECT: Difference between tax evasion, tax avoidance, and tax fraud? The times when taxes were first imposed on American Citizens, from that day people have been trying to find different ways to escape from taxes. While some taxpayers continue to find legal ways to avoid taxes on the other hand some choose to evade taxes, or not to pay at all. Three ways to avoid taxes are tax evasion, tax avoidance
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Memorandum To: Professor From: XXX Date: December 14, 2011 Subject: Income tax treatment I appreciate that you choose me to deal with the questions for you, these are really good questions which we should pay attention to. In this memo, I would answer your questions about the specific treatment of your company’s income taxes according to my research in FASB Accounting Standard Codification and other sources. First, you ask about if the income taxes should be considered as an expense for financial
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JWCL165_c10_444-505.qxd 8/12/09 7:24 AM Page 444 10 Liabilities Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1 Explain a current liability, and identify the major types of current liabilities. 2 Describe the accounting for notes payable. 3 Explain the accounting for other current liabilities. 4 Explain why bonds are issued, and identify the types of bonds. 5 Prepare the entries for the issuance of bonds and interest expense. 6 Describe the entries when
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memorandum serves to evaluate and analyze two courts’ decisions about whether an indirect U.K. subsidiary’s windfall tax (a foreign tax type) is creditable on a U.S. based corporation-Phillips Petroleum’s income taxes. The United States Court of Appeals for the Third Circuit holds that windfall tax is not creditable. In Treasury Department’s regulation, it shows that a foreign assessment has a tax “character” if it is “likely to reach net gain in the normal circumstances in which it applies.” Id. § 1.901-2(a)(3)(i)
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It was a pleasure to meet with you last week. This memo is in regard to your concerns that you mentioned during our meeting and my recommendation for each one. Please review this memo and call me if you have any questions. 1) John Smith tax issues: a. How is the $300,000 treated for Purposes of Federal Tax income? Gross income means” all income from whatever source derived, including (but not limited to the following items: Compensation for services, including fees, commissions, fringe benefits,
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To: Tax File Date: 10/30/12 Facts: Walter Hodges wants to begin a business involving real estate. In spring of 2010, Walter began marketing his business. In October, Walter paid $25,000 for training classes. In November 2010, he obtained a loan of $145,000. Also, in November he obtained an employer ID number from the IRS. In December 2010, Walter opened necessary banking accounts for his business. Walter was able to acquire his first property on December 30 2010. He listed the property and
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Flat Tax Rate Memo To: From: Date: Re: Benefits/burdens of implementing a “Flat Tax” From the U.S. Federal Government to each individual taxpayer in America, everyone cares about how tax is being paid. In this memo, we will discuss the benefits and the burdens of implementing a “flat tax”. The current U.S. tax system is complex. IRS has six federal income tax brackets ranging from 10 to 35 percent. This progressive tax system punishes the most productive members of society with a higher
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