an introduction to tax

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1、spi6235x_ch01_000-029.inddPageii25/01/134:47PMf-499~/Desktop/25:01:13chapter1AnIntroductiontoTaxLearningObjectivesUponcompletingthischapter,youshouldbeableto:LO1-1Demonstratehowtaxesinfluencebasicbusiness,investment,personal,andpoliticaldecisions.LO1-2Discusswhatconstitutes

2、ataxandthegeneralobjectivesoftaxes.LO1-3Describethedifferenttaxratestructuresandcalculateatax.LO1-4Identifythevariousfederal,state,andlocaltaxes.LO1-5Applyappropriatecriteriatoevaluatealternatetaxsystems.spi6235x_ch01_000-029.inddPage125/01/134:47PMf-499~/Desktop/25:01:13ar

3、garetisajuniorbeginningherfirsttaxcourse.MSheisexcitedabouthercareerprospectsasanaccountingmajorbuthasn’thadmuchexposuretotaxes.Onherwaytocampussherunsintoanoldfriend,Eddy,whoisgoingtoWashington,DC,toprotestrecentproposedchangestotheU.S.taxsystem.EddyisconvincedtheIRSisevil

4、andthatthecurrenttaxsystemisblatantlyunfairandcorrupt.Headvocatesasimpler,fairerwayoftaxation.MargaretisintriguedbyEddy’spassionbutquestionswhetherhehasacompleteunderstandingoftheU.S.taxsystem.Shedecidestowithholdalljudgmentsaboutit(oraboutpursuingacareerintaxation)untilthe

5、endofhertaxcourse.■StorylineSummaryTaxpayer:MargaretEmploymentstatus:Margaretisafull-timestudentattheUniversityofGeorgia.Currentsituation:Sheisbeginningherfirsttaxclass.1-1spi6235x_ch01_000-029.inddPage225/01/134:47PMf-499~/Desktop/25:01:131-2chapter1AnIntroductiontoTaxLO1-

6、1WHOCARESABOUTTAXESANDWHY?Aclearunderstandingoftheroleoftaxesineverydaydecisionswillhelpyoumakeaninformeddecisionaboutthevalueofstudyingtaxationorpursuingacareerintaxation.OneviewoftaxationisthatitrepresentsaninconvenienceeveryApril15th(theannualduedateforfilingfederalindiv

7、idualtaxreturnswithoutextensions).However,theroleoftaxationismuchmorepervasivethanthisviewsuggests.Yourstudyofthissubjectwillprovideyouauniqueopportunitytodevelopaninformedopinionabouttaxation.Asabusinessstudent,youcanovercomethemysterythatencompassespopularimpressionsofthe

8、taxsystemandperhaps,oneday,shareyourexpertisewithfriendsorclients.Whataresomecommo