By Kevin E. Murphy, Mark Higgins
Murphy and Higgins' ideas IN FEDERAL TAXATION 2012 deals scholars a greater technique to study tax via a conceptual process. rather than memorizing the complicated and sometimes intimidating tax codes, laws, exceptions, and skills, this method provides taxation as a small variety of unifying techniques. as soon as scholars comprehend those techniques, they could observe them to quite a lot of tax principles and to uncomplicated features of daily fiscal lifestyles. this easy process balances tax ideas with the inner profit Code to organize scholars for instant good fortune on CPA examination tax simulations and of their careers. huge examples relate tax strategies to wide-spread company eventualities utilizing an interesting dialogue and solution structure. furthermore, Murphy and Higgins' options IN FEDERAL TAXATION 2012 provides extra routines than the other textual content of its sort for the perform scholars desire. each one new reproduction of this article is packaged with H&R Block At domestic™ software program to supply your scholars with extra specialist event!
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Additional resources for Concepts in Federal Taxation 2012
Taxable income is a net number and is the tax base. Taxable income is determined by subtracting deductions and exemptions from gross income. Taxable income is the tax base that is multiplied by the applicable tax rate to compute the federal income tax. Taxable income is usually different from financial accounting income computed by using generally accepted accounting principles. The differences between financial accounting income and taxable income generally arise because taxable income is computed according to the rules prescribed by the tax law.
A personal property tax is also levied, based on the initial selling price of the automobile and its age. During the current year, Darla paid a $94 tag fee on her automobile. How much of the fee is a personal property tax? D i s c u s s i o n : Darla’s personal property tax on the automobile is $74 ($94 À $20). The $20 licensing fee is not a tax. OTHER TAXES Income taxes, employment taxes, sales taxes, and property taxes are the primary revenue producers for the various forms of government. However, businesses and individuals pay a number of other taxes.
A constitutional issue) or to resolving conflicting decisions in the appellate courts. A Supreme Court decision is not subject to review—it is the final interpretation of the law. Only Congress can override an interpretation of the Supreme Court by amending the Code section in question. Tax information is also published in a variety of secondary sources. These include tax reference services, professional tax journals, tax newsletters, and textbooks. Secondary sources are useful when researching an issue, and they are often helpful for understanding the primary sources.