单选题Income tax rates are（）to one's annual income.ArelatedBdependentCbasedDassociated
单选题
Income tax rates are（）to one's annual income.
A
related
B
dependent
C
based
D
associated
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解析：
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PERSONAL INCOME TAX RATE (MONTHLY) (_VALID FROM SEPT. 1, 2011_) bracket grading tax rate (%) (TR) simple coefficient (SC) 1 less than 1,500 3 0 2 1,500-4,500 10 105 3 4,500-9,000 20 555 4 9,000-35,000 25 1005 5 35,000-55,000 30 2755 6 55,000-80,000 35 5505 7 Over 80,000 45 13505 NoteTax=(income -3500)*TR-SC The above chart shows individual income tax in China. The tax free threshold is 3,500 RMB per month. The tax rates are divided into 7 brackets. The lowest rate is 3% for income between 3,501 and 5,000, while the highest rate is 45% for income over 80,000. Therefore, the higher our income is, the more tax we should pay. ? Tax, which can be used in public services such as education, road construction, public health and so on, is very important to our country. As we all know, tax makes up a great part of our country’s revenue, and the development of our country depends on it. ? From what has been discussed above, we can see that it is everyone’s legal duty to pay tax because taxes contribute to the country and create benefits for everyone. Those who try to evade taxation are sure to be punished. In short, paying tax is our responsibility to society. DECIDE IF EACH OF THE FOLLOWING STATEMENTS IS TRUE (T) OR FALSE (F).1. The purpose of the passage is to help people know the tips how to pay less tax.()2. According to the chart, if a person’s monthly is 3600 yuan, he/she doesn’t need to pay tax.()3. How much income tax a person pays each month depends on how much his/her income is.()4. The underlined word “evade” in the last paragraph means increase.()5. Personal income taxes are included in a government’s revenue.()
(b) Assuming that the income from the sale of the books is not treated as trading income, calculate Bob’s taxableincome and gains for all relevant tax years, using any loss reliefs in the most tax-efficient manner. Youranswer should include an explanation of the loss reliefs available and your reasons for using (or not using)them. (12 marks)Assume that the rates and allowances for 2004/05 apply throughout this part of the question.
(ii) Compute the annual income tax saving from your recommendation in (i) above as compared with thesituation where Cindy retains both the property and the shares. Identify any other tax implicationsarising from your recommendation. Your answer should consider all relevant taxes. (3 marks)
(c) Outline the ways in which Arthur and Cindy can reduce their income tax liability by investing in unquotedshares and recommend, with reasons, which form. of investment best suits their circumstances. You are notrequired to discuss the qualifying conditions applicable to the investment vehicle recommended. (5 marks)You should assume that the income tax rates and allowances for the tax year 2005/06 apply throughout thisquestion
(b) (i) Compute the corporation tax liability of Speak Write Ltd for its first trading period on the assumptionthat the IR 35 legislation applies to all of its income. (2 marks)
(b) (i) State the condition that would need to be satisfied for the exercise of Paul’s share options in Memphisplc to be exempt from income tax and the tax implications if this condition is not satisfied.(2 marks)
(c) Explain the capital gains tax (CGT) and income tax (IT) issues Paul and Sharon should consider in decidingwhich form. of trust to set up for Gisella and Gavin. You are not required to consider inheritance tax (IHT) orstamp duty land tax (SDLT) issues. (10 marks)You should assume that the tax rates and allowances for the tax year 2005/06 apply throughout this question.
(iii) State the value added tax (VAT) and stamp duty (SD) issues arising as a result of inserting Bold plc asa holding company and identify any planning actions that can be taken to defer or minimise these taxcosts. (4 marks)You should assume that the corporation tax rates for the financial year 2005 and the income tax ratesand allowances for the tax year 2005/06 apply throughout this question.
(b) For this part, assume today’s date is 1 May 2010.Bill and Ben decided not to sell their company, and instead expanded the business themselves. Ben, however,is now pursuing other interests, and is no longer involved with the day to day activities of Flower Limited. Billbelieves that the company would be better off without Ben as a voting shareholder, and wishes to buy Ben’sshares. However, Bill does not have sufficient funds to buy the shares himself, and so is wondering if thecompany could acquire the shares instead.The proposed price for Ben’s shares would be ￡500,000. Both Bill and Ben pay income tax at the higher rate.Required:Write a letter to Ben:(1) stating the income tax (IT) and/or capital gains tax (CGT) implications for Ben if Flower Limited were torepurchase his 50% holding of ordinary shares, immediately in May 2010; and(2) advising him of any available planning options that might improve this tax position. Clearly explain anyconditions which must be satisfied and quantify the tax savings which may result.(13 marks)Assume that the corporation tax rates for the financial year 2005 and the income tax rates and allowancesfor the tax year 2005/06 apply throughout this question.
(ii) Analyse the effect of delaying the sale of the business of the Stiletto Partnership to Razor Ltd until30 April 2007 on Clint’s income tax and national insurance position.You are not required to prepare detailed calculations of his income tax or national insurance liabilities.(4 marks)
(iii) The extent to which Amy will be subject to income tax in the UK on her earnings in respect of dutiesperformed for Cutlass Inc and the travel costs paid for by that company. (5 marks)Appropriateness of format and presentation of the report and the effectiveness with which its advice iscommunicated. (2 marks)Note:You should assume that the income tax rates and allowances for the tax year 2006/07 and the corporation taxrates and allowances for the financial year 2006 apply throughout this questio
(b) (i) Explain, by reference to Coral’s residence, ordinary residence and domicile position, how the rentalincome arising in respect of the property in the country of Kalania will be taxed in the UK in the tax year2007/08. State the strategy that Coral should adopt in order to minimise the total income tax sufferedon the rental income. (7 marks)
(ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could affect theincome tax due on her dividend income. (2 marks)You are not required to prepare calculations for part (b) of this question.Note: you should assume that the tax rates and allowances for the tax year 2006/07 and for the financial year to31 March 2007 will continue to apply for the foreseeable future.
5 You are an audit manager in Dedza, a firm of Chartered Certified Accountants. Recently, you have been assignedspecific responsibility for undertaking annual reviews of existing clients. The following situations have arisen inconnection with three client companies:(a) Dedza was appointed auditor and tax advisor to Kora Co, a limited liability company, last year and has recentlyissued an unmodified opinion on the financial statements for the year ended 30 June 2005. To your surprise,the tax authority has just launched an investigation into the affairs of Kora on suspicion of underdeclaring income.(7 marks)Required:Identify and comment on the ethical and other professional issues raised by each of these matters and state whataction, if any, Dedza should now take.NOTE: The mark allocation is shown against each of the three situations.
(ii) Write a letter to Donald advising him on the most tax efficient manner in which he can relieve the lossincurred in the year to 31 March 2007. Your letter should briefly outline the types of loss relief availableand explain their relative merits in Donald’s situation. Assume that Donald will have no source of incomeother than the business in the year of assessment 2006/07 and that any income he earned on a parttimebasis while at university was always less than his annual personal allowance. (9 marks)Assume that the corporation tax rates and allowances for the financial year 2004 and the income tax ratesand allowances for 2004/05 apply throughout this question.Relevant retail price index figures are:January 1998 159·5April 1998 162·6
6 Charles and Jane Miro, aged 31 and 34 years respectively, have been married for ten years and have two childrenaged six and eight years. Charles is a teacher but for the last five years he has stayed at home to look after theirchildren. Jane works as a translator for Speak Write Ltd.Speak Write Ltd was formed and began trading on 6 April 2006. It provides translation services to universities. Jane,who ceased employment with Barnham University to found the company, owns 100% of its ordinary share capitaland is its only employee.Speak Write Ltd has translated documents for four different universities since it began trading. Its biggest client isBarnham University which represents 70% of the company’s gross income. It is estimated that the company’s grossfee income for its first 12 months of trading will be ￡110,000. Speak Write Ltd usually agrees fixed fees in advancewith its clients although it charges for some projects by reference to the number of days taken to do the work. Noneof the universities makes any payment to Speak Write Ltd in respect of Jane being on holiday or sick.All of the universities insist that Jane does the work herself. Jane carries out the work for three of the universities inher office at home using a computer and specialised software owned by Speak Write Ltd. The work she does forBarnham University is done in the university’s library on one of its computers as the documents concerned are toodelicate to move.The first set of accounts for Speak Write Ltd will be drawn up for the year ending 5 April 2007. It is estimated thatthe company’s tax adjusted trading profit for this period will be ￡52,500. This figure is after deducting Jane’s salaryof ￡4,000 per month and the related national insurance contributions but before any adjustments required by theapplication of the personal service companies (IR 35) legislation. The company has no other sources of income orcapital gains.Jane has not entered into any communication with HM Revenue and Customs (HMRC) with respect to the companyand wants to know:– When the corporation tax computation should be submitted and when the tax is due.– When the corporation tax computation can be regarded as having been agreed by HMRC.Charles and Jane have requested a meeting to discuss the family’s finances. In particular, they wish to consider theshortfall in the family’s annual income and any other related issues if Jane were to die. Their mortgage is coveredby a term assurance policy but neither of them have made any pension contributions or carried out any other longterm financial planning.Jane has estimated that her annual after tax income from Speak Write Ltd, on the assumption that she extracts all ofthe company’s profits, will be ￡58,000. Charles owns two investment properties that together generate after taxincome of ￡8,500. He estimates that he could earn ￡28,000 after tax if he were to return to work.The couple’s annual surplus income, after payment of all household expenditure including mortgage payments of￡900 per month, is ￡21,000. Charles and Jane have no other sources of income.Required:(a) Write a letter to Jane setting out:(i) the arguments that HMRC could put forward, based only on the facts set out above, in support ofapplying the IR 35 legislation to Speak Write Ltd; and(ii) the additional income tax and national insurance contributions that would be payable, together withtheir due date of payment, if HMRC applied the IR 35 legislation to all of the company’s income in2006/07. (11 marks)
The above chart shows individual income tax in China. The tax free threshold is 3,500 RMB per month. The tax rates are divided into 7 brackets. The lowest rate is 3% for income between 3,501 and 5,000, while the highest rate is 45% for income over 80,000. Therefore, the higher our income is, the more tax we should pay. Tax, which can be used in public services such as education, road construction, public health and so on, is very important to our country. As we all know, tax makes up a great part of our country’s revenue, and the development of our country depends on it. From what has been discussed above, we can see that it is everyone’s legal duty to pay tax because taxes contribute to the country and create benefits for everyone. Those who try to evade taxation are sure to be punished. In short, paying tax is our responsibility to society.Decide if each of the following statements is TRUE (T) or FALSE (F).1. The purpose of the passage is to help people know the tips how to pay less tax.()2. According to the chart, if a person’s monthly is 3600 yuan, he doesn’t need to pay tax.()3. How much income tax a person pays each month depends on how much his/her income is.()4. The underlined word “evade” in the last paragraph means increase.()5. Personal income taxes are included in a government’s revenue.()
听力原文：The tax return does not show accrued income.(8)A．The tax return is not shown in the income.B．The income is not accurate in taxation.C．The tax should be returned according to the income.D．The tax return is not in accordance with the income that should be taxed.
Net income had the year－over－year decrease due to a net loss in its investment income.() 此题为判断题(对，错)。
Sanford's employer has a qualified pension plan that allows employees to contribute up to 10% of their gross salaries to the plan. The employer matches the contribution at the rate of 50% of the employee's contribution. Sanford's current annual salary is $80,000. This is his only source of income. If he contributes the maximum amount to the pension plan, what is Sanford's gross income for the current year?()A、$72,000B、$76,000C、$80,000D、$84,000E、$88,000
Income tax【个人所得税】 For many young Americans, graduating from college means finding a job, moving out of the dorm room and beginning to register one's annual earnings with the US government. That last item is the law, though sometimes it's a hassle(难事)to obey. Independent tax advisor Bob Gilbert calls the US income tax system "amazingly complicated". But he adds that "very little of the complicated tax law applies to young people who are just beginning their careers". According to Gilbert, 80 to 90 percent of Americans are not really burdened by the system's complications. Still, all the numbers and forms can be a little confusing to those who are just starting their careers. Some pull out their calculators and try to do the math alone. Some use income tax software. Others just hand the whole responsibility over to tax firms like Gilbert's. According to income tax law expert Linda Beale, young people will often follow their parents' lead when filling their income forms. "Young people who grow up in wealthy households typically use professional tax services because their parents have always done so," said Beale, a professor at Wayne State University in Michigan State. "On the other hand, most poorer young people probably try to do their own taxes, unless they want a quick 'refund' with the help of a tax advisor". In fact, obeying the law has its benefits. For one, many young people can expect a tax refund. This means that, over the course of the year, they have paid too much in monthly federal or state taxes and are entitled to the difference. Bob Thalman, a 20-year-old university student, expects he will get a refund of about 100, which will probably go in the bank, or perhaps be used to pay for car insurance or credit card bills. Thalman called the whole process a "hassle", but added that he didn't wat to test the law by not filling his income tax papers. "I'm worried about what would happen if I failed to file," he said. "I know one individual who did not report his income tax for many years, and he's now in federal prison. I certainly don’t want that."文章(16~22)A college student with a part-time job is not required to file an income tax form.A.RightB.WrongC.Not mentioned
If one has failed to report his or her income tax for quite a few years, he or she may be put in prison.A.RightB.WrongC.Not mentioned
One of the contributions of Woodrow Wilson was（）Anatural conservationBthe construction of irrigation projectsCthe setting-up of the Federal Reserve Board and twelve Federal Reserve BanksDthe introduction of tariff increase and a low income tax
单选题Income Income may be national income and personal income. Whereas national income is defined as the total earned income of all the factors of production-namely, profits, interest, rent, wages, and other compensation for labor, personal income may be defined as total money income received by individuals before personal taxes are paid. National income does not equal GNP (Gross National Product) because the factors of production do not receive payment for either capital consumption allowances or indirect business taxes, both of which are included in GNP. The money put aside for capital consumption is for replacement and thus is not counted as income. Indirect taxes include sales taxes, property taxes , and excise taxes that are paid by businesses directly to the government and so reduce the income left to pay for the factors of production. Three-fourths of national income goes for wages, salaries, and other forms of compensation to employees. Whereas national income shows the income that the factors of production earn, personal income measures the income that individuals or households receive. Corporation profits are included in national income because they are earned. Out of these profits, however, corporation profit taxes must be paid to the government, and some money must be put into the business for expansion. Only that part of profits distributed as dividends goes to the individual; therefore, out of corporation profits only dividends count as personal income. The factors of production earn money for social security and unemployment insurance contributions, but this money goes to government (which is not a factor of production), not to individuals. It is therefore part of national income but not part of personal income. On the other hand, money received by individuals when they collect social security or unemployment compensation is not money earned but money received. Interest received on government bonds is also in this category, because much of the money received from the sale of bonds went to pay for war production and that production no longer furnishes a service to the economy. The money people receive as personal income may be either spent or saved. However, not all spending is completely voluntary. A significant portion of our income goes to pay personal taxes. Most workers never receive the money they pay in personal taxes, because it is withheld from their paychecks. The money that individuals are left with after they have met their tax obligations is disposable personal income. Disposable income can be divided between personal consumption expenditures and personal savings. It is important to remember that personal saving is what is left after spending.It can be easily seen from this passage that the government levies tax on（）Acorporation profitsBevery individual even though his income is very lowCthose who work in joint venturesDthose who work in government departments
单选题Income tax rates are（）to one's annual income.ArelatedBdependentCbasedDassociated