Tax revenue and decision making worksheet answers

Interest paid on all farm loans or contracts is a cash expense, but principal payments are not. For informa-tion to be relevant, it should have predictive value or feedback value, and it must be presented on a timely basis. it is cash, not accounting income, that is central to the firm's capital budgeting decision. Worksheet Name Date Tax Revenue and Decision Making Theme 4: What Is Taxed and Why Lesson 1: Federal/State/Local Taxes Key Terms income taxesTaxes on income, both earned (salaries, wages, tips, commissions)Income tax and Social Security tax payments are considered personal expenses and should not be included in the farm income statement, unless the statement is for a farm corporation. Relevance and reliability are the two primary qualities of useful accounting information. In estimating "after-tax incremental operating cash flows" for a project, you should include all of the following EXCEPT: sunk costs. this is required by the Securities and Exchange Commission. SARS wishes to thank those compliant employers who have carried out all their tax obligations as agents for SARS, in terms of our country’s tax legislation, read more Beware of scams The latest SARS phishing scam pretends to be a letter of demand from SARS. PPC's Guide to Tax Planning for High Income Individuals contains the detailed strategies you need to help clients minimize the impact of the 37% ordinary income and 20% capital gains rates. As a staff accountant at ABC Tax & Accounting Service, you have a number of clients who need a variety of services from you. Some will contract with you to do their payroll only, some will ask that you perform the full accounting cycle for them from journal entries to financial statements to closing entries and preparation of the tax returns and payroll reports. 9% Medicare tax and includes the strategies necessary to limit your client's exposure to these taxes. Relevant information has a bearing on a decision and is capable of making a difference in the decision. In addition, the Guide explains the 3. 4. Further, a general administrative decision, such as the department's decision on how to organize the processing of tax returns or its delay in implementing an improved computer system, is not a managerial act for which interest can be abated under this Section. this is required by the Internal Revenue Service. 4. The NCDOR is committed to helping taxpayers comply with tax laws in order to fund public services benefiting the people of North Carolina. A decision concerning the proper application of the law is not a managerial act. Trimming a fixed cost, like your cell phone plan, insurance or your cable package, requires only making a decision once, and then living with that decision for the next several months or years. . 8% net investment income tax and additional 0. Unfortunately, variable costs are also some of the toughest expenses to cut back on, because doing so requires a daily commitment to frugal decision-making

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