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Taxes and Tax Preparation

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Melvina Wisoky

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Cards in this guide (18)
How to Calculate income tax on the income statement

You can't income tax is based on TAXABLE income, not financial statement income.

What is the highest court in your state

The Georgia Supreme Court is the highest court in my state.

Why is each state considered a bureaucracy

Each state is operated by multiple agencies.

Who is responsible for paying an estate tax

A person who inherits goods when someone dies.

Which of these is not a responsibility of the state department of public safety

issuing nutritional advice and products.

What powers each state's budget

revenue

What does it mean when someone is licensed

They are given permission by the state to do something.

Which of these is one of the greatest sources of state revenue

sales tax

A+

Which agency is in charge of planning the state's finances for each fiscal year

In India, it's the Planning Commission which projects 5 years' planning relating to incomes and expenditure the country will undertake during that period. Though it's a statutory organisation, its planning and activities are monitored by both the Ministry of Finance and Commerce. Now, for each fiscal year's income and expenditure, the Finance Minister presents Budget which is ratified by both the houses of parliament.

(budget)

Which type of tax is imposed on tangible goods such as groceries clothing and electronics

(sales tax)

Which type of tax is assessed based on the property and goods left behind when a person dies

Inheritance tax is the tax on property and goods left behind at death.

Which of these does not describe the strong-mayor type of the mayor-council model

The council serves as the Executive branch.

What rule is regarding state taxes and revenue that is not true

states cannot impose taxes on a person's income and inheritance.

Which of these is not another name for a district court

city court.

How is the state sales tax rate determined

Each state must select a rate that will fund its government operations and the needs of its citizens.

In the state of Alaska what are the geographic regions within the state that have specific governmental powers

boroughs

What tax is the same as an inheritance tax

estate tax

Which of these describes a use tax

type of sales tax imposed on goods purchased from another state A+

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