Business Finance
Grantham Tax Payment Act of 1943 and Responsibilities the of IRS Paper

Grantham University

Question Description

Write a 3 page paper.

APA formatting is required, which includes a cover page, abstract, the actual paper, and a reference page. The cover page, abstract, and references do not count toward the three page requirement. Please provide two outside sources in your research. These are to be cited using the APA formatting guidelines. In this research paper, please address each of the following questions.

  • What is the Current Tax Payment Act of 1943
  • What war prompted the passing of this law? How did this law help finance the war?
  • Discuss the responsibilities the IRS has placed on a business in regards to payroll tax through this law?
  • Why do some say this places an extra burden on businesses?
  • How does this law benefit the country?
Grading Criteria AssignmentsMaximum Points
Meets or exceeds established assignment criteria40
Demonstrates an understanding of lesson concepts20
Clearly presents well-reasoned ideas and concepts30
Uses proper mechanics, punctuation, sentence structure, and spelling10
Total100

Final Answer

Hi, kindly find attached

Running Head: CURRENT TAX PAYMENT ACT

Current Tax Payment Act
Student’s Name
Institution
Date

1

CURRENT TAX PAYMENT ACT
Abstract
The paper seeks to give a brief overview of what the Current Tax Payment Act of 1943
entails, including its provisions. The passing of this law was prompted by the Second World
War, and it assisted the war financially in various ways. Again the law was passed at a time
when it was needed for different reasons. The paper also addresses the various responsibilities
that the IRS has placed on the businesses operating in the country with regards to payroll taxes
through the enforcement of the law. Further, the law places an additional burden on the
businesses which is also discussed in the paper plus the benefit it brings to the country.

2

CURRENT TAX PAYMENT ACT

3

Overview of the 1943 Current Tax Payment Act
The current Tax Payment of 1943 is the Revenue Act was passed by the Congress in the
era of the Second World War, and it created the procedure of federal income tax withholding. It
was vetoed by the president and passed by the Senate and house thus overruling the President.
Before the act was established, voters used to make payment directly to the Internal Revenue
Service the amount they owed in the federal income tax department. Under the provisions of t...

NicholasI (28296)
UIUC

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