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taxation of individuals

Questions and Answers of Taxation of Individuals

What is Circular 230?
Levi is recommending a tax return position to his client. What standard must he meet to satisfy his professional standards? What is the source of this professional standard?
Identify some of the sources for tax professional standards. What are the potential ramifications of failing to comply with these standards?
What is the general rule for how many authorities a research memo should discuss?
How are citators used in tax research?
Armando identifies a tax research question as being a question of fact. What types of authorities should he attempt to locate in his research?
Nola, a tax novice, has a fairly simple tax question. Besides tax services, what are some sources that she can use to answer her question?
Lindley has become very frustrated in researching a tax issue using keyword searches. What suggestions can you give her?
What is the difference between primary and secondary authorities? Explain the role of each authority type in conducting tax research.
The president recently vetoed a tax act passed by the House and Senate. Is the tax act dead? If not, what will it take for the act to be passed?
In researching a tax question, you find only one authority (a trial-level court opinion) that is directly on point. Which court would you least prefer to have hear this case and why?
Carlos has located a regulation that appears to answer his tax research question.He is concerned because the regulation is a temporary regulation. Evaluate the authoritative weight of this type of
Under what circumstance would the IRS issue an acquiescence? A nonacquiescence?An action on decision?
Laura Li, a U.S. resident, worked for three months this summer in Hong Kong.What type of tax authority may be especially useful in determining the tax consequences of her foreign income?
The U.S. Constitution is the highest tax authority but provides very little in the way of tax laws. What are the next highest tax authorities after the U.S.Constitution?
Congress would like to increase tax revenues by 10 percent. Assume that the average taxpayer in the United States earns $65,000 and pays an average tax rate of 15 percent. If the income effect is in
Using the facts in the previous problem, what is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? This would result in what type of tax
Using the facts from the previous problem, what will happen to the government’s tax revenues if Song chooses to spend more time pursuing her other passions besides work in response to the tax rate
Song earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $20,000 of tax). If Congress increases the income tax rate such that Song’s average
Using the facts in the previous problem, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates?
Fergie has the choice between investing in a State of New York bond at 5 percent and a Surething bond at 8 percent. Assuming that both bonds have the same nontax characteristics and that Fergie has a
Using the facts in the previous problem, what interest rate does Surething Inc.need to offer to make Hugh indifferent between investing in the two bonds?
Melinda invests $200,000 in a City of Heflin bond that pays 6 percent interest.Alternatively, Melinda could have invested the $200,000 in a bond recently issued by Surething Inc., that pays 8 percent
Using the facts in the previous problem, if Scot and Vidia earn an additional$70,000 of taxable income, what is their marginal tax rate on this income? How would your answer differ if they, instead,
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how
In reviewing the tax rate schedule for married filing jointly, Jorge and Anita note that the tax on $155,000 is $29,517.50 plus 28 percent of the taxable income over $151,900. What does the
Jorge and Anita, married taxpayers, earn $150,000 in taxable income and$40,000 in interest from an investment in City of Heflin bonds. Using the U.S.tax rate schedule for married filing jointly, how
Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bonds. Using the U.S. tax rate schedule, how much federal tax will she
In reviewing the tax rate schedule for a single taxpayer, Chuck notes that the tax on $75,000 is $5,183.75 plus 25 percent of the taxable income over $37,650.What does the $5,183.75 represent?
Using the facts in the previous problem, if Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What
What is the difference between the income and substitution effects? For which types of taxpayers is the income effect more likely descriptive? For which types of taxpayers is the substitution effect
Kobe strongly dislikes SUVs and is appalled that so many are on the road. He proposes to eliminate the federal income tax and replace it with a $50,000 annual tax per SUV. Based on the number of SUVs
The state of Georgia recently increased its tax on a pack of cigarettes by $2.What type of tax is this? Why might Georgia choose this type of tax?
What is the tax base for the Social Security and Medicare taxes for an employee or employer? What is the tax base for Social Security and Medicare taxes for a self-employed individual? Is the
Arnold and Lilly have recently had a heated discussion about whether a sales tax is a proportional tax or a regressive tax. Arnold argues that a sales tax is regressive.Lilly counters that the sales
One common argument for imposing so-called sin taxes is the social goal of reducing demand for such products. Using cigarettes as an example, is there a segment of the population that might be
To help pay for the city’s new stadium, the city of Birmingham recently enacted a 1 percent surcharge on hotel rooms. Is this a tax? Why or why not?
1.1 How might appraisal foster employee engagement?
1.2 What impact would you expect PA to have on employee attitudes, and why?
1.3 Is there any point in studying the impact that HR practices have on organisational performance?
2.1 If your performance was to be appraised tomorrow, what would you be aiming to get out of the appraisal session? How would you be feeling about it? Given more notice, how would you prepare for the
2.2 In what ways can we use performance appraisal to motivate people?
2.3 What do you see as the advantages and disadvantages of individual performance-related pay for school teachers? How effective would such a scheme be?
3.1 What do you see as the challenges of incorporating process performance in appraisal?
3.2 What do you see as the drawbacks to goal-setting?
3.3 Is whistleblowing counterproductive work behaviour? Research some examples from the past few years.
4.1 Adaptive performance or individual adaptability as a meta-competency:which is the more useful perspective in an appraisal context?
4.2 How do the different approaches to competencies help us in describing and assessing performance? What do they give us that assessing people against objectives does not?
4.4 What should organisations do to try to counter the effect of biases in appraisal?
4.5 What properties should an appraisal process have in order for it to be perceived as fair?
5.1 How do we get ‘buy-in’ to appraisal during the design stage?
5.2 Who should contribute to the appraisal of an individual employee? Is there a role for self-assessment – if so, how much reliance should we place on it?
5.3 What can information technology contribute to performance appraisal? Will it make the process more objective? Will it help in making feedback more acceptable? What are the ‘dark side’ aspects?
6.1 What useful contribution can performance appraisal make to promotion decisions – and what are its limitations in this respect?How can we use other methods to compensate for those limitations?
6.2 What is ‘potential’? Why, and how, should we measure it?
6.3 Analyse the strengths and weaknesses of assessment centres compared to using psychometric tests in assessing potential?
6.4 Critically evaluate the systems for making promotion decisions and for identifying high potential amongst existing staff in either your own organisation or one you are familiar with. What changes
7.1 Should we use 360° feedback as an input to appraisal, or employ it only as a development tool? What are the arguments and evidence you would use to argue either way?
7.2 How does the use of 360° feedback in your organisation match up to best practice – what are the strengths and weaknesses?
7.3 What factors are likely to determine whether 360° feedback will have a positive effect with any particular individual focal manager?
7.4 How would you evaluate 360° feedback – what do you feel are the most important things to look for, and how would you go about it?
8.1 How are professionals likely to differ from general administrative or managerial staff in their attitude to appraisal, and why?
8.2 What are the main challenges to implementing performance appraisal with professional staff? What would you pay special attention to in doing performance appraisal training with them?
8.3 Select two of the following: police officers, teachers, doctors, social workers, nurses. How would you assess their performance – what do you think would be the most relevant performance
9.1 What might be the problems or issues in an appraisal discussion being held between a line manager who is from a culture that (in Hofstede’s terms) is Masculine and marked by low Uncertainty
9.2 How and in what way do you think social, economic and political changes – including globalisation – in the world today will impact on existing cultural differences? What are the implications
9.3 What sort of elements would you include in appraisal training if there was likely to be a range of different cultural backgrounds represented in both the appraisers and the appraisees in your
10.1 How would you adapt appraisal training to the needs and context of management groups at different levels in an organisation?
10.2 What steps can we take to identify and eliminate bias and unfair discrimination in performance appraisal? How can we assess whether an appraisal system supports diversity? What sort of data do
10.3 If you were devising a training programme to help staff who were going to be appraised to get the most out of the experience, what elements would you include and why?
11.1 How would you rate your organisation’s PA system against the best-practice criteria outlined here?
11.2 How would you apply appraisal as a set of linked processes in your organisation? What would you have to change to bring this about and make it work?
11.3 How would you ‘sell’ the need for this new approach to top management and others in your organisation?
11.4 Why is it so difficult to make an overall assessment of the effectiveness of PA or PM systems?
Prepare an outline for a 10-minute speech to give to your government class. The speech is titled "If You Don't Pay Federal Taxes, You Can't Vote."
Prepare a two-page paper titled "How I Would Apply Federal Income Tax Law to Encourage the Availability of Universal Broadband in This Community" to submit to your economics professor.
LO.5 Many state income tax returns contain checkoff boxes that allow taxpayers to make donations to a multitude of local charitable causes. On what grounds can such provisions be criticized?
LO.2, 5 Mike Barr was an outstanding football player in college and expects to be drafted by the NFL in the first few rounds. Mike has let it be known that he would prefer to sign with an NFL team
LO.5 President Franklin D. Roosevelt once said, "I am wholly unable to figure out the amount of tax," and wrote to the Federal Commissioner of Revenue, "may I ask that [the agency] let me know the
LO.5 Although the Federal income tax law is complex, most individual taxpayers are able to complete their tax returns without outside assistance. Gather data as to the accuracy of this statement.
LO.2 Go to www.taxfoundation.org, and determine Tax Freedom Day for your state and a neighboring state for the years 1950, 1960, 1970, 1980, 1990, 2000, and 2010. Report your results as a line graph.
LO.2 Contrast a value added tax (VAT) with a national sales tax in terms of antici- pated taxpayer compliance.
LO.6 Discuss the probable non-revenue justifications for each of the following aspects of the tax law.a. A tax credit is allowed for amounts spent to furnish care for minor children while the parent
LO.6 Discuss the probable non-revenue justifications for each of the following provisions of the tax law.a. A tax credit allowed for electricity produced from renewable sources.b. A tax credit
LO.2 Franklin County is in dire financial straits and is considering a number of sources for additional revenue. Evaluate the following possibilities in terms of anticipated taxpayer compliance.a. A
LO.1 A disproportionate amount of the Federal income tax is paid by individuals at upper income levels. Is this a desirable condition? Defend your position in no more than three PowerPoint slides, to
LO.4, 5 Ashley runs a small business in Boulder, Colorado, that makes snow skis. She expects the business to grow substantially over the next three years. Because she is concerned about product
LO.4, 5 Marco and Cynthia have decided to go into business together. They will operate a burrito delivery business. They expect to generate a loss in the first and second years of the business and
LO.2 Sophia lives several blocks from her parents in the same residential subdi- vision. Sophia is surprised to learn that her ad valorem property taxes for the year were raised, while those of her
LO.2 Discuss the application of a general sales tax.a. Do all states impose a general sales tax?b. Does the Federal government impose a general sales tax?
LO.2 The Irontown Independent School District wants to sell a parcel of unim- proved land that it does not need. Its three best offers are as follows: from the State Department of Public Safety
LO.2 Jang, a resident of Washington (which imposes a general sales tax), goes to Oregon (which does not impose a general sales tax) to purchase his automo- bile. Will Jang successfully avoid the
LO.1,6 In terms of Adam Smith's canon of economy in collection, how does the Federal income tax fare?
LO.2 Several years ago, Ethan purchased the former parsonage of St. James Church to use as a personal residence. To date, Ethan has not received any ad valorem property tax bills from either the city
LO.1 Distinguish between taxes that are proportional and those that are progressive.
LO.1, 2, 5 James Corporation believes that it will have a better distribution loca- tion for its product if it relocates the corporation to another state. What considerations (both tax and nontax)
How to dispose of the business entity with the least adverse tax consequences.
How to pull accumulated profits and assets out of the business with the least adverse tax consequences.
How to move assets into the business with the least adverse tax consequences.

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