Sales Tax for the State of Arizona.

Sales Tax for the State of Arizona. Essay example
College
Essay
Finance & Accounting
Pages 3 (753 words)
Download 0
Name Course Instructor Date Taxation in Arizona State, USA Like many other states within the US, Arizona State obtains revenue from taxation. Revenue collection with every state is very significant especially in respect to providing public goods, services and amenities…

Introduction

On the other hand, the State of Arizona uses revenue obtained from nontax income such as fees and charge as well as lotteries amongst others. Every tax component of type applied within the state of Arizona in obtaining the required revenue has specific properties such as yield equity, economic neutrality, collection, costs, as well as transparency (Fso.arizona.edu). The following discussion establishes how the State of Arizona ensures that every component of the tax aforementioned fulfils the canons of taxations as listed above. Income tax Income tax is revenue collected by organizations or institutions concerned from employed persons. Income tax within the state of Arizona is progressive. This means a person will pay taxes depending on the amount of income (Fso.arizona.edu). An individual earning higher income is definitely going to pay higher amounts in form of taxes. From this perspective, it is clear that the canon of equity, yield, economic neutrality, and collection costs coupled with transparency are adhered to as per the requirements of taxation regulations and rules. For instance, the canon of convenience is attained when various employers deduct income tax directly from the gross salaries of their employees. In this case, the employee will receive net income after deduction of income taxes (Salanie 32). ...
Download paper
Not exactly what you need?

Related papers

Tax assignment
They include Income Tax, Corporation Tax, Duties on goods and services, National Insurance Contribution, Value Added Tax and Fuel Duty. All these taxes have different laws and guiding principles. This paper examines the main rules that govern Income Tax and Corporation Tax. It outlines the main components of these taxes and the obligations of the taxpayer in fulfilling his obligations to HMRC.…
Sales Budjets
This report would cover the financial standing of the company, general information and projected earnings and spending in a twelve month period. The investors start-up capital would be ?60 000 which comes from their savings. 2. Product Description 2.1 Product Sandlicious would produce quality handmade sandwiches, which is mainly focused in this single product. The company wants to project an image…
FINANCE AND ACCOUNTING
Memorandum …
The use of Sales Tax
The drive of capitalism for this country relied on many factors that included slavery, turned raw goods into products, factories, and the ability to produce such a drastic workforce. Hence, Smith’s ideas of capitalism along with an adequate tax system that can power the nation in its quest to be financially solidified. The use of sales tax in America is implemented at a state level and is…
Assignment 3: Tax Credits
Tax credits are neutral and enable the Congress in making certain that specific taxpayers get tax credit as concerns marginal tax rates (Cordes, Ebel, & Gravelle, 2005). This purpose is still relevant for today’s taxpayer because the economy of the country has continued to deteriorate over the years. As such, individual and businesses still need protection from harsh economic times. Fairness of…
Accounting for Income Tax
In the same way, the recognition of deferred tax liabilities and assets in combination of an entity has implications on the extent of goodwill that is realised in the recognised bargain purchase gain or in such an entity combination. Other areas that are dealt with by this standard include the recognition of differed tax assets that are generated from unused tax credits or unused tax losses, and…
individual income tax. "USA Indiana state laws "
The taxpayer participates in racecar driving on mini circuit. The car is hers and she is her own mechanic. She lost money during the first two competition years. Taxpayers often receive gifts support the products of racing. The question is whether how the deductions will apply to the swimming pool, the gift, the office, the losses she experienced in racing. It also extends to the treatment that…