Assignment
1. What is the basic tax formula?
2. What does it mean when a tax is proportional?
3. What does it mean when a tax is progressive?
4. Name the eight major types of taxes.
5. What is the Internal Revenue Service (IRS) responsible for?
6. How do you appeal to the U.S. Supreme Court?
7. What are the components of the Tax Formula?
8. Rita, age 45, earned a salary of $85,000 in the current year. She contributed $4,000 to her traditional Individual Retirement Account (IRA), sold stock held as an investment for a short-term capital loss of $3,000, and paid $5,400 in alimony to her ex-husband (divorce finalized 2018). Determine her Adjusted Gross Income (AGI).
9. What IRS Form do you file with the Tax Formula?
10. What is Gross Income?
11. What is accrual method of accounting?
12. What is cash receipts method of accounting?
13. What is hybrid method of accounting?
14. Name five income sources.
15. Name seven items specifically included in Gross Income.
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 includes 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.