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 . Understand . the importance of income taxes from a business perspective.. Explain . the difference between accounting income and taxable income, and calculate . taxable income . and current income taxes.. 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. Introduction. It has been proven that 18-25 year olds are historically the most likely age group to forfeit their tax refund by not filing a tax return.. What does this mean?. They paid MORE taxes than they needed to and didn’t file to get their money back.. Chapter 9. Copyright © 2016 McGraw-Hill Education.  All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.. Wild, Shaw, and . Chiappetta. Financial & Managerial Accounting. . 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 . The truth about federal income tax is hidden in the wording of the statutes themselves. As I said in my last newsletter, the Congress could have made the tax code clear by stating that all Americans are required to pay tax on everything they earn. Ken Kramer. Senior Principal Product Manager. September, 2017. Public. Agenda. History and Overview. Objectives. Computation Components. Pre Tax Income (“PTI”, “NIBT”). State Taxes. Permanent Differences. Ben Trnka/Boz Bostrom. www.benandboz.com. . Liabilities will differ by company and industry. Overview. Understand how to account for liabilities. Understand how to compute future value of a single amount and an annuity. 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. For a Small Business. Welcome. Agenda. Ground Rules. Introductions. Objectives. After completing this training, you will be able to:. Identify the federal, state, and local tax reporting requirements of a small business and its owner, and establish a plan to account and pay them.. “. Taxes are what we pay for a civilized society.. ”. Justice Oliver Wendell Holmes. “. People want just (or fair) taxes more than they want lower taxes. They want to know that every man is paying his proportionate share according to his wealth..