PPT-Accounting for Income Taxes

DETROIT TEI CONFERENCE JUNE 5 2013 Notice ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY KPMG TO BE USED AND CANNOT BE USED BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF . TOTAL Expenses RICHARD G. SCHROEDER . MYRTLE W. CLARK . JACK M. CATHEY. THEORY . AND. ANALYSIS: . TEXT AND CASES. 11. TH. EDITION. CHAPTER 6. Financial Statements I:. The Income Statement. Introduction. Various groups are affected by, and have a stake in, the financial reporting requirements of the FASB and the SEC. Three Types of Taxes. Progressive Tax. Regressive Tax. Proportional Tax. Progressive Tax. A progressive tax is a tax for which the percentage of income paid in taxes increases as income increases.. Our Federal Taxes System is Progressive. Falling Behind. Staying Even. My income is going up faster than cost of living. Source: AFL-CIO Election Night Survey. 54%. 33%. 8%. . Public’s Agenda For Congress. Support for Proposals Next Congress Might Consider. Brazil, Chile, Colombia, Indonesia, Mexico, Peru and South Africa. Nora Lustig. Tulane University, CGD, IAD. . The Welfare State and the Fight Against Inequality. Columbia . University. New York, . Novemeber. Objectives. Calculate gross payroll using multiple methods. List and compute withholdings. Compute net pay. Prepare payroll register. Explain distribution methods. Record payroll transactions in the general journal. . Understanding Federal Income Tax Principles. . Internal Revenue Service (IRS). responsible for administration and enforcement of federal tax laws. Greg Pfahl/John Monahan. December 8, 2016. New Revenue Recognition Standard. Replacing industry-specific guidance, the ASU focuses on a new five-step analysis to be applied to all contracts with customers to transfer goods or . Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities.. Preparing Taxes Personal Income Facts in the U.S. The U.S. tax code contains more than 3.7 million words and is more than 70,000 pages in length. Americans spend 7.6 billion hours every year preparing taxes – an average of about 25 hours per person. Chapter Nineteen Accounting for Estates and Trusts Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Overview. . Accounting Principles. Account Classifications. Account Balances. Journal Entries. Recording Payroll Transactions. Accounting Periods. Accruals and Reversals. Balancing and Reconciliations. Taxes. Frustration over taxes is what led American colonists to go to war against and declare independence. As citizens of the US, we authorize the government, through the Constitution and our elected representatives in Congress, to raise money in the form of taxes. Learning Objectives. Describe the primary types of state and local taxes.. Determine whether a business has sales and use tax nexus and calculate its sales tax withholding responsibilities.. Identify whether a business has income tax nexus and determine its state income tax liabilities..