Which of the following statements regarding tax systems is
false?
a: A tax base...
Which of the following statements regarding tax systems is
false?
a: A tax base is an item, occurrence, transaction, or activity with
respect to which a tax is levied.
b: When designing a tax, governments try to identify tax bases that
taxpayers can easily avoid or conceal.
c: A single percentage that applies to the entire tax base is
described as a flat rate.
d: With regard to tax systems, the term...
District
Total Budget
Total Market Value
Local Percent
Local Amount
State Percent
State Amount
Current Tax...
District
Total Budget
Total Market Value
Local Percent
Local Amount
State Percent
State Amount
Current Tax at $118.37 / $100
KP
$76,152,459
?
79.45%
$60,506,427
20.55%
$15,646,032
New Tax at $120.58 / $100
$77,759,349
?
81.25%
$63,184,168
18.74%
$14,575,181
Contingency Tax at $120.15 / $100
$76,523,459
?
80.95%
$61,948,278
19.04%
$14,575,181
what is
the total market value?
Expenditures
2009-2010
2010-2011
General
Support (Administrative)
$6,098,455
$6,375,982.00
Instruction
(Program)
$60,826,945
$62,146,412.00
Capital
$9,227,059
$9,236,955.00
$76,152,459
$77,759,349.00
Consider a state with two school districts. District 1 has a
property tax base of 250,000...
Consider a state with two school districts. District 1 has a
property tax base of 250,000 per student and taxes itself at 1.5%.
District 2 has a property tax base of 750,000 and taxes itself at
1%. Assume District 2 declines all state aid. What value for the
guaranteed tax base (V*) would equalize total per pupil spending in
District 1 to that of District 2 assuming each district maintains
its current tax rate?
8. Is there a basic framework for state corporate income tax
laws? A. No, each state...
8. Is there a basic framework for state corporate income tax
laws? A. No, each state is completely independent and there is no
such framework B. Yes, states are strictly prescribed by the U.S.
Congress on how they can tax corporations C. None of the above
9. California and New York impose a franchise tax which is
computed like a corporate income tax. Which of the following
generate nexus for a franchise tax? A. Corporation does business in
the state...
Using the basic tax equation
TB × TR = TL, where TB = tax base,
TR...
Using the basic tax equation
TB × TR = TL, where TB = tax base,
TR = tax rate, and TL = tax liability, or total yield (TY)
the sum of all tax liabilities and the amount of revenue a
government expects to receive—indicate where each of the following
concepts best fits:
a. Taxable value
b. Penalties and interest
c. Tax collections
d. Taxes receivable
e. Assessed value
f. Delinquency rate
g. Tax exemption h. Collection rate
i. Income-inelastic yield...
Analyzing and Interpreting Tax Footnote
Under Armour, Inc. reports total tax expense on its income
statement...
Analyzing and Interpreting Tax Footnote
Under Armour, Inc. reports total tax expense on its income
statement for year ended December 31, 2010 of $40,442 and cash paid
for taxes of $38,773.
The tax footnote in the company's 10-K filing, reports the
following deferred tax information.
Deferred tax assets and liabilities consisted of the following (in
thousands):
December 31 ($ thousands)
2010
2009
Deferred tax assets
State tax credits, net of federal tax impact
$ 1,750
$ --
Tax basis inventory...