assignment 16 1

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  1. What is a sole proprietorship and how is it taxed?
  2. Define the term “limited liability”.
  3. List the advantages of an “S” corporation
  4. Define the “progressive” tax
  5. Define the “fair” tax
  6. Define the “flat tax”
  7. Which of the three tax structures (questions 4,5,6) do you prefer and why
  8. What is the highest federal marginal tax rate for individual income tax payers?
  9. How do tax deductions and tax credits differ?
  10. Give an example of a current tax deduction and a current tax credit.