[ACCT 421] - Final Exam Guide - Everything you need to know! (66 pages long)

• School: Old Dominion University
• Department: Accounting
• Course: ACCT 421
• Professor: Vivian Paige

Document Summary

What is fair: sales tax, income tax. Politicians- democrats raise taxes, republican lower taxes. Individuals- where to live/no personal property tax (nc) What qualifies as a tax: payment is required, payment is imposed by a government, payment is not tied directly to benefit received by the taxpayer. Are these taxes: payment for driver"s license. Yes: payment for rental car use of 3% of bill to pay for roads. How to calculate: tax= tax base x tax rate, tax base: what is actually taxed, usually expressed in monetary term, tax rate: level of taxes imposed on the tax base, usually expressed as a percentage. In real world . : bill & hillary clinton"s 2015 return shows total income of ,745378. Their taxable income was ,352,507 and their total tax was. What is their marginal tax rate, their average tax rate and their effective tax rate: marginal=39. 6, average= total tax/ taxable income.