. Does your state have an individual income tax? If so, how closely does it conform...

. Does your state have an individual income tax? If so, how closely does it conform to the federal tax? Can one deduct the federal tax in computing the state income tax? List some specific ways that the federal and state tax bases differ. What problems, if any, do these differences create in computing your taxes? What additional issues have been created in as a result of Federal Tax reform in 2017.

2. What is the rate structure of your state income tax? Are the rates progressive, and if so, how does that progressivity compare to the federal income tax rate structure?

3. The two most important state taxes are income and general sales taxes, although states also make substantial use of excise taxes, direct business taxes (usually a corporate income tax), and others. List and discuss briefly four factors that might influence a state in choosing between an income and general sales tax. What is the relative reliance in your state on these two taxes? If the relative reliance in your state is different than average, speculate about why that might be so.

Expert Solution

Rahul Sunny answered 1 year ago

1. Does your state have an individual income tax? If so, how closely does it conform...

1. Does your state have an individual income tax? If so, how closely does it conform to the federal tax? Can one deduct the federal tax in computing the state income tax? List some specific ways that the federal and state tax bases differ. What problems, if any, do these differences create in computing your taxes? What additional issues have been created in as a result of Federal Tax reform in 2017. (10 points) 2. What is the rate structure...

Georgia state. Does your state have an income tax? What percentage of your income do you...

Georgia state. Does your state have an income tax? What percentage of your income do you have to pay in state income tax? What about property taxes and sales taxes? How do these taxes in your area compare to those in three other states and communities of your choice?

How does a state like Washington (or any state that doen not impose income tax or...

How does a state like Washington (or any state that doen not impose income tax or sales tax) make up for the revenue not collected by income tax?

Does South Carolina conform to the IRC in any way? If so, name three of the...

Does South Carolina conform to the IRC in any way? If so, name three of the provisions.

So your respiration is most closely associated with the

So your respiration is most closely associated with theGolgi apparatus. ribosome. mitochondrion. chloroplast. microtubule.

Yanni, a single individual, reports the following information for the tax year. Salary $113,800 State income...

Yanni, a single individual, reports the following information for the tax year. Salary $113,800 State income taxes 11,380 Mortgage interest expense 10,242 Charitable contributions 2,276 Interest income 1,707 Personal exemption 4,050 Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following for Yanni. a. Regular taxable income: $ b. AMT base: $ c. Tentative minimum tax: $

How does the tax rate affect the current share price? So a company expects to have...

How does the tax rate affect the current share price? So a company expects to have 28 million in free cash flow. The growth rate of free cash flow is expected to be 14% the following year, 12% the year after that and continue to decline by 2% until it reaches 6% where it will remain indefinitely. There is no debt and there is 6 million shares outstanding and the investor requires a 15% return on the company stock. The...

How could the current personal income tax be modified so that it becomes a consumption tax?...

How could the current personal income tax be modified so that it becomes a consumption tax? In what way can consumption be regarded as a better index of ability to pay taxes than income? Does an income tax penalize the saver while a consumption tax does not?

What renders a state income tax unconstitutional? Must the state income tax violate these rules in...

What renders a state income tax unconstitutional? Must the state income tax violate these rules in actual practice, or just in theory, in order for the U.S. Supreme Court to render it unconstitutional? Discuss.

What is the tax liability for an individual with $48,000 of income if the tax rate...

What is the tax liability for an individual with $48,000 of income if the tax rate is 15% on income up to $25,350 and 28% on income over $25,350? A. $13,440.00 B. $13,104.00 C. $10,495.50 D. $10,144.50

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