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Upon completing this chapter, you should be able to: Demonstrate how taxes influence basic business, investment, personal, and political decisions; discuss what constitutes a tax and the general objectives of taxes; describe the different tax rate structures and calculate a tax; identify the various federal, state, and local taxes; apply appropriate criteria to evaluate alternate tax systems. | Chapter 1 An Introduction to Tax Learning Objectives Demonstrate how taxes influence basic business, investment, personal, and political decisions Discuss what constitutes a tax and the general objectives of taxes Describe the different tax rate structures and calculate a tax Identify the various federal, state and local taxes Apply appropriate criteria to evaluate alternate tax systems Who cares about taxes? Businesses: What organizational form should a business use? Where should the business locate? How should business acquisitions be structured? How should the business compensate employees? What is the appropriate mix of debt and equity for the business? Should the business rent or own its equipment and property? How should the business distribute profits to its owners? Who cares about taxes? Politicians: Politicians often distinguish themselves from their opponents based on their tax rhetoric. Voters must have basic knowledge of taxes to evaluate the merits of alternative tax . | Chapter 1 An Introduction to Tax Learning Objectives Demonstrate how taxes influence basic business, investment, personal, and political decisions Discuss what constitutes a tax and the general objectives of taxes Describe the different tax rate structures and calculate a tax Identify the various federal, state and local taxes Apply appropriate criteria to evaluate alternate tax systems Who cares about taxes? Businesses: What organizational form should a business use? Where should the business locate? How should business acquisitions be structured? How should the business compensate employees? What is the appropriate mix of debt and equity for the business? Should the business rent or own its equipment and property? How should the business distribute profits to its owners? Who cares about taxes? Politicians: Politicians often distinguish themselves from their opponents based on their tax rhetoric. Voters must have basic knowledge of taxes to evaluate the merits of alternative tax proposals. Who cares about taxes? Individuals: Would you like to own a home? Tax deductions for home mortgage interest and real estate taxes can reduce the after-tax costs of owning a home. Would you like to retire? Understanding the tax-advantaged methods of saving for retirement can increase the after-tax value of your retirement nest egg. What qualifies as a Tax? A Tax is a payment required by a government agency that is unrelated to any specific benefit or service received from the government agency. Key components of a tax: Payment required Payment imposed by government agency (federal, state, local) Payment not tied directly to benefit received by the taxpayer. Tax Question? Which of the following constitute a tax? Payment for drivers license? Payment for required (by government) house appraisal? Payment for hotel use of 1% of bill to pay for city projects. Payment for rental car use of 3% of bill to pay for the roads. How to calculate a Tax? To calculate a tax, a taxpayer must know:
