Join Earl Kay Stice for an in-depth discussion in this video Tax brackets and tax rates, part of Accounting Foundations (2014).
There are four flavors of accounting,…standard bookkeeping to gather all the information,…financial account reporting to outsiders,…managerial accounting reporting inside the company…the detailed information…that we need to make daily decisions…and finally income taxes.…Let's talk more about income taxes.…Income tax accounting is its own specialized field,…there are elements of income tax compliance.…Let's make sure that we're obeying the law.…There are elements of income tax planning.…Let's make sure that we structure our affairs…so that we don't have to pay anymore tax…than we need to…and for you and me there's just the element…of filling out our tax form.…
Well here in this discussion…we'll talk about some general principles…with respect to income taxes,…we won't drill down to the level…of actually filling out your tax form…that would be a discussion for another day.…Let's make sure that we understand the general concepts,…the basic terms with respect to income tax accounting.…To facilitate our discussion of income tax systems,…
- What is accounting?
- Working with balance sheets and income statements
- Determining the costs of products
- Performing break-even analysis
- Determining average and marginal tax rates
- Understanding tax deductions and credits
Skill Level Appropriate for all
1. Basics of Accounting
2. Financial Accounting
3. Managerial Accounting
4. Income Taxes
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