Assignment
1. What is a sole proprietorship and how is it taxed?
2. Define the term "limited liability".
3. List the advantages of an "S" corporation
4. Define the "progressive" tax
5. Define the "fair" tax
6. Define the "flat tax"
7. Which of the three tax structures (questions 4,5,6) do you prefer and why
8. What is the highest federal marginal tax rate for individual income tax payers?
9. How do tax deductions and tax credits differ?
10. Give an example of a current tax deduction and a current tax credit
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.