ACCT 328 Exam 1 ~ Chapter 1(All solved)

ACCT 328 Exam 1 ~ Chapter 1(All solved)
Ad valorem on realty correct answers Property tax: no Fed'l, yes state, yes local

Ad valorem on personalty correct answers Property tax: no Fed'l, yes state, yes local

Excise correct answers Transaction tax: Yes fed'l, yes state, few local

General sales correct answers Transaction tax: no fed'l, most state, some local

Severance correct answers Transaction tax: yes fed'l, most state, no local

Estate correct answers Transaction tax: yes fed'l, some state, no local

Inheritance correct answers Transaction tax: no fed'l, some state, no local

Gift correct answers Transaction tax: yes fed'l, few state, no local

Corporations correct answers Income tax: yes fed'l, most state, few local

Individuals correct answers Income tax: yes fed'l, most state, few local

FICA correct answers Employment tax: yes fed'l, no state, no local

FUTA correct answers Employment tax: yes fed'l, yes state, no local

Customs duties correct answers Yes fed'l, no state, no local

Franchise tax correct answers No fed'l, Yes state, no local

Occupational taxes/fees correct answers Yes fed'l, yes state, yes local

Local Real Property (rate & base) correct answers Proportional to FMW of Realty

Local Personal Property (rate & base) correct answers Proportional to FMW of Personalty

State Sales (rate & base) correct answers Proportional to retail sales

State Personal income (rate & base) correct answers Progressive on Fed'l AGI w/ adj

State Corporate Income (rate & base) correct answers Progressive on Fed'l taxable income

Use (rate & base) correct answers Proportional to FMW of tangible goods w/in state if owner
didn't pay sales tax when purch

Excise (rate & base) correct answers proportional to quantity purch/used