Unlike the Federal income tax, most states do not require some form of state income tax....
Unlike the Federal income tax, most states do not require some form of state income tax.
True
False
Homework Answers
Correct answer is True
Unlike Federal income tax, most states do not require some form of state income tax - This statement is true as fililng of Fedral income tax return is mandatory for almost everybody but some US states like Alaska, Florida, Navada, South Dakota, Texas, Washington and Wayoming do not require filing of state income tax.
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Unlike the Federal income tax, most states do not require some
form of state income tax....
In the context of Federal and state corporate income taxation: a.Many states collect their taxes using a "piggyback" on the Federal return. b.Most state require that the taxpayer report to the...
In the context of Federal and state corporate income taxation: a.Many states collect their taxes using a "piggyback" on the Federal return. b.Most state require that the taxpayer report to the state taxing agency the changes made to a return in a Federal audit. c.Both "Many states collect their taxes using a "piggyback" on the Federal return" and "Most state require that the taxpayer report to the state taxing agency the changes made to a return in a Federal audit"....
Recently, the overall Federal income tax audit rate for the Form 1040 has been under 1%....
Recently, the overall Federal income tax audit rate for the Form 1040 has been under 1%. a. True b. False
Which of the following is NOT true about state environmental protection? laws? A. Some states have...
Which of the following is NOT true about state environmental protection? laws? A. Some states have enacted special environmental statutes to protect unique areas within their boundaries. B. Many state and local governments have enacted statutes and ordinances to protect the environment. C. Most states require that an environmental impact statement? (EIS) by prepared by the federal government. D. Most states require that an environmental impact statement? (EIS) or a report be prepared for any proposed state action. E. Under...
Distinguish between an estate tax and an inheritance tax. Do some states impose both? Neither? Which,...
Distinguish between an estate tax and an inheritance tax. Do some states impose both? Neither? Which, if either, does the Federal government impose? 18. a. b. 19. LO.4 Jake (age 72) and Jessica (age 28) were recently married. To avoid any transfer taxes, Jake has promised to leave Jessica all of his wealth when he dies. Is Jake under some misconception about the operation of the Federal gift and estate taxes? Explain. 20. LO.4 Address the following issues: What is...
1. Federal taxable income is the common starting point for States when calculating State taxable income....
1. Federal taxable income is the common starting point for States when calculating State taxable income. Reflect on this and discuss if you think this is a good idea, or if States would be better served having their own Calculation from the outset. 2. There is a wide variety of specific tax additions and subtractions among the States. Do you think this is ultimately a good thing for States? What about for businesses? Should States consider the impact on businesses...
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. 2. What is the rate structure of your...
5. Federal Bonds offer more tax advantages than municipal bonds because interest income eamed on Federal...
5. Federal Bonds offer more tax advantages than municipal bonds because interest income eamed on Federal Bonds are exempt from state and local taxes a True b. False A Chattel Mortgage Bond is secured by personal property a True b. False
If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes),...
If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes), what is the effective income tax rate? Choose the correct answer below. O A. The effective income tax rate is 21% O B. The effective income tax rate is 26.5%. OC. The effective income tax rate is 24.5%. OD. The effective income tax rate is 28%
Forty-six states tax corporations on the income they earn without the state's boundaries. This could mean...
Forty-six states tax corporations on the income they earn without the state's boundaries. This could mean that corporations have to deal with 46 different sets of tax laws. However, most states use the federal definition of corporate income. Which of the following is an advantage of state conformity to federal corporate income tax laws? States have control over their corporate income tax revenues. States have to enact comprehensive corporate income tax statutes. Conformity eases the compliance burden of corporate taxpayers....
Some of the states use, in determining whether an out-of-state entity has income tax nexus: ...
Some of the states use, in determining whether an out-of-state entity has income tax nexus: a. Both a. and b are used by certain states. b. Neither a. nor b is used by the states. c. A factor-presence test. d. An economic presence test.
Distinguish between an estate tax and an inheritance tax. Do some states impose both? Neither? Which, if either, does the Federal government impose? 18. a. b. 19. LO.4 Jake (age 72) and Jessica (age 28) were recently married. To avoid any transfer taxes, Jake has promised to leave Jessica all of his wealth when he dies. Is Jake under some misconception about the operation of the Federal gift and estate taxes? Explain. 20. LO.4 Address the following issues: What is...
5. Federal Bonds offer more tax advantages than municipal bonds because interest income eamed on Federal Bonds are exempt from state and local taxes a True b. False A Chattel Mortgage Bond is secured by personal property a True b. False
If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes), what is the effective income tax rate? Choose the correct answer below. O A. The effective income tax rate is 21% O B. The effective income tax rate is 26.5%. OC. The effective income tax rate is 24.5%. OD. The effective income tax rate is 28%
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