Reference no: EM132318371

Question:1

Please respond the below statement. 225 words with reference

There are many different variables that go into the computation of personal taxable income. In contrast, the revenues less expenses equals income concept for corporate income seems simple and straightforward. I have no doubt that corporate tax rules and procedures can be complex in their own right, but when looking strictly at the methods and number of steps to arrive at taxable income the difference is clear. I believe the complexity for personal income computations exists as a means to try and level the playing field for individuals, and is a way to try and ensure each person pays their fair share.

For corporations, their assumed purpose is to advance their business objectives, and so a simple computation is beneficial. For individuals, we separate their personal existence from their commercially driven side, and take into account social norms like fairness and "ability to pay". (Bankman, Shaviro, Stark, &Kleinbard, 2019) Trying to strike a balance between everyone contributing to our society, and not overly burdening those most in need leads to the development of a complex individual tax code with different tax rates, allowances for deductions, and exemptions for special considerations.

Using the income statement concept above, a corporation's taxable income is simply their revenue minus their expenses for earning that income. A corporation might have a wide and varied list of expenses to deduct, there may be incentives for smaller businesses or benefits a larger business can leverage more efficiently, but ultimately the income statement is the leveling factor and businesses will be treated similarly regardless of their size.

When looking at personal taxable income, we start with an individual's gross income and right from the start begin looking at potential exclusions, deferrals, and an income's character. Once we've finished this sorting and classification, we take the gross income and subtract for AGI deductions to get our adjusted gross income, and then deduct from AGI deductions to finally find our taxable income.

Though deductions are taken by both corporations and individuals, the characterization is different, and I think this is attributable to the idea of fairness I mentioned above. For corporations, deductions are related to the operation of the business, whereas individuals only receive deductions that have been allowed by a specific tax law. Our text defines this as legislative grace. (Brian C. Spilker, 2019) These deductions are what allow us to differentiate between a single woman in her 30's who makes $50,000 a year and a married couple in their 20's with one child that make $50,000 a year. If treated as corporations, the expenses for these two examples may be assumed to be similar since the gross income is similar. Anyone who has filed a tax return knows this isn't accurate though, and the couple with a child may have additional expenses related to child care and the single person may have paid more in interest towards a house.

Question :2

Please respond the below statement.225 words with reference.

Corporate taxable income is simple. You have revenues minus expenses equals income. Most things that a business does is a completely valid deductible expense. Very few things are partially deductible such a meal and entertainment expenses which are 50% deductible. After the expenses are deducted, you then have the income which is taxed at a certain rate.

Personal income tax is vastly different. Generally, there are very few deductions that a person can take. Some deductions can only be taken on the amount spent over a certain floor such as two percent or ten percent of adjusted gross income. A person can deduct their sales tax paid or an estimate thereof, their mortgage interest paid, work expenses, charitable contributions and so on (Lindberg, 2016).

The personal income tax formula is as follows: Gross income - For AGI deductions = Adjusted gross income (AGI). For AGI deductions are items like gifts and inheritances or interest from municipal bonds (Ayers, et al., 2019).

After you get adjusted gross income one takes out from AGI deductions. This is where you get those deductions from charities, sales tax, medical expenses, mortgage interest paid, and so forth. One can also elect to take the standard deduction, which obviates any itemized deductions done that year. The amount left from subtracting these deductions from adjusted gross income is the taxable income (Ayers, et al., 2019). As one can see, this is far more complex than figuring out taxable income from a corporation. Especially one running on a cash basis.

I think that one of the reasons why companies are easier to figure out the taxes for is because it is easier to determine what it takes a business to exist. A business takes certain inputs and outputs to exist. Easy, definable. While the inputs and outputs to make a person thrive are much more various and complicated than a business. One person might be able to thrive on $40,000 a year while another might be living hand to mouth at that rate. There seems to me to be many more variables at play than just a simple calculation can capture, thus it requires a more sophisticated formula.

Also, personal income tax calculations fits into a lifestyle of not having to enter in every transaction that a person has into a ledger which very few would do anyways. I think that the tax code is trying to define in individual taxes the net profit amount in a personal setting by adding such complexity as for AGI deductions and from AGI deductions. Net profit calculations in a business are simpler and most of the expenses are involved in keeping the business running. With individuals, it is much harder to define what is profit for the person and what is just keeping that person or family running thus that might be a rationale why there are so few deductions in personal income taxes.

Question No. 3

175 words with reference. Subject : Introduction to Nursing Research

Camelia mentioned that nursing practice includes medication administration, I do not disagree with this but let's think about this a little deeper and on a simpler level. Nursing practice can be considered the things nurses do without a physicians order to make a difference in patient outcomes. Consider Florence Nightingale, she did many things for her patients that were simple yet effective. Some of the items she talks about in Notes on Nursing are fresh air, cleanliness, nutrition, and noise (Nightingale, 1859). According to Nightingale (Nightingale, 1859) "Unnecessary noise is the most cruel absence of care that can be inflicted on the sick or the well." (Nightingale, 1859). As we move forward in health care technology and all the noise that comes with it we sometimes forget many of the simple things that make a difference for patients and their outcomes.

Here is my question and challenge to the class:

What can we do for our patients that does not require a physicians order that could make a difference in outcomes?

Question No. 4

175 words with reference. Subject :Introduction to Nursing Research

Excellent topic. This has been a problem for many years and has increased in our current environment. I have survived, and yes it does feel like it was survival, three significant instances of violence in the workplace. I like the article you chose on changing the nursing mindset. I would agree with the article that we need to be able to assess the environment for safety issues (Sever, 2019). Prior to becoming a nurse I too was an EMT and, as the article states, we were taught to assess the scene before leaving the safety of the ambulance (Sever, 2019). My father, brother, and nephew were also taught, as firemen, to assess the scene and or building, before entering. We need to find a way to take control of this situation so as to stop being the victims.

What are your thoughts on how that could happen?