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| A tax based on the value of property |
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| A taxpayers average level of taxation on each dollar of taxable income. Specifically. |
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| Average Tax Rate= Total Tax/Taxable income |
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| A subset (or portion) of the tax base subject to a specific tax rate. Brakects are common to graduated taxes |
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| One of the criteria used to evaluate tax systems. Certainty means that taxpayers should be able to determine when, where, and how much tax to pay. |
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| One of the criteria used to evaluate tax systems. Convenience means that a tax system should be designed to facilitate the collection of tax revenues without undo hardship on the taxpayer or the government. |
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| The process of forecasting tax revenues that incorporates into the forecast how taxpayers may alter their activities in responce to a tax law changed. |
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| A tax assessed for a specific purpose (e.g. for education) |
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| One of the criteria used to evaluate tax systems. Economy means a tax system should minimize its compliance and administration costs. |
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| The taxpayer's average rate of taxation on each dollar of total income (taxable and nontaxable income). Specifically. |
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| Effective Tax Rate Formula |
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| Effective Tax Rate = Total Tax/Total Income |
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| Accelerated Death Benefits |
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| A method of accounting that generally recognizes income in the period earned and recognizes deductions in the period that liabilities are incurred |
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| A support payment made to a spouse. The payment must be made under a written separation agreement or divorce decree that does not designate the payment as something other than alimony, the payment must be made when the spouses do not live together, and the payments must cease no later than when the recipient dies. |
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| All-Inclusive definition of income |
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| A definition of income that says that gross income means all income from what ever source derived legal or illegal |
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| A stream of equal payments over time |
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| Assignment of Income Doctrine |
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| The judicial doctrine holding that earned income is taxed to the taxpayer providing the service, and that income from property is taxed to the individual who owns the property when the income accrues. |
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| Organizations that facilitate the exchange of rights to goods and services between members |
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| The method of accounting that recognizes income in the period in which cash, property, or services are received and recognizes deductions in the period paid. |
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| Community Property Systems |
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| Constructive Receipt Doctrine |
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| Sometimes called sick pay or wage replacement insurance. It pays the insured for wages lost due to injury or disability |
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| Discharge of Indebtedness |
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| Compensation and other forms of income received for providing goods or services in the ordinary course of business |
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| Legal entities like partnerships, limited liability companies and S corporations that do not pay income tax. Income and losses from flow-through entities are allocated to their owners. |
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| Noncash benefits provide to an employee as a form of compensation. As a general rule, fringe benefits are taxable. However, certain benefits are excluded from gross income. |
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| A transfer of property where no, or inadequate, consideration is paid for the property |
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| Realized income reduced for any excluded od deferred income |
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| Income from an economic benefit the taxpayer receives indirectly rather than directly. the amount of the income is based on comparable alternatives |
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| Non-recognition Provisions |
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| Qualified Retirement Accounts |
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