A Discussion On Taxation
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In order to prepare the new staff for the upcoming tax season, you have decided to hold 1-week training.
1. What type of tax rate structure does the U.S. tax system apply?
2. What are the individual tax forms, and what factors are used to determine which one to use?
3. What is taxable income, and how is it determined?
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Solution Summary
This solution discusses the tax rate structure in the U.S., tax forms, taxable income, and other related topics. Each question is thoroughly addressed.
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1. What type of tax rate structure does the U.S. tax system apply?
The U.S. has what's called a progressive tax rate structure. Basically, the higher your gross income, the higher your individual tax rate or corporate tax rate. As your income climbs, the total tax climbs. In a progressive type of tax structure, those with the highest incomes (which includes individuals and all entities that are subject to paying income taxes) pay the most. Those with the least income pay the least amount in income taxes. The progressive tax rate structure in the U.S. is based on filing status for individuals, and is based on income without any other type of status for corporations and other tax paying entities. We can look at the tax rate structure for an individual, to understand the progressive nature of the tax system. An individual who files as single ...
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