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Income Taxes

~13200 answered questions
Parent Category: Taxes and Tax Preparation
Taxes imposed by the government on the incomes of individuals or organizations, including capital gains
Income tax rates often increase each year because it is 20% of income. This means that the more a person earns, they will have to pay a bit more tax each time.
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There are a number of online websites that offer federal income tax calculators. Some of these websites include H&R Block, efile, Turbo Tax and 1040.
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Years of unfiled federal returns, in collections and are receiving IRS letters, have a wage garnishment on their paycheck at work, have a Revenue Officer or Revenue Agent showing up to their home or work, and being audited.
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Professional help is available from tax companies like Liberty Tax or private accountants. For answering specific questions, check eHow and the IRS FAQ section. Additionally, an entire 15-part income tax course is available free on Youtube, by JCCCvideo.
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Tax estimator calculators can be very accurate in tax software. It depends on the brand of software that one is using and it depends on the information entered.
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The Internal Revenue Service, or IRS, has several buildings scattered throughout the United States. One can look in their local Yellow Pages for the IRS building closest to them.
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Many income tax companies have online programs that one can do their taxes through a web browser. Of course these companies will usually take a small percent from the return. If one lives in the Unites States the IRS website has a tool where one can do their taxes for free. If outside of the United …
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In the UK the HM Revenue & Customers website gives clear instructions how to obtain the various income tax allowances and reliefs either through a personal tax code or through a tax return. Generally speaking, the main allowance is your Personal Allowance which is the amount you are allowed to earn …
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Income taxes affect payroll, because it is the amount of money that is taken out of each check. Income tax must be paid by every working citizen.
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So the country doesn't explode
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IRS tax code 826 means that IRS tax refund will be offset to another year. This happens when there are back taxes owed.
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no only if you want thought
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Taxes are payed on EARNINGS. If you are not earning you will pay no tax.
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No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
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Yes it can be included in your adjusted gross income depending on other income earned by you or your spouse. Only part of social security benefits are to be included based on a schedule you complete.
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Strangly - there is no absolutely special aspect to "tax depreciation" than to any other accounting systems form of depreciation - which is a required for concept proper reflection of income and expense. To simplify the example: When a company buys something generally major -(called a capital asset)…
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None. The employer does not have to pay the half of the Social Security Tax or Medicare Tax that they would if you were an employee. The normally also get out of paying Unemployment Taxes, Retirement Benefits, Medical Insurance, and General Liability and Worker's Compensation Insurance Premiums. The…
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You will be audited and have your taxes adjusted for your error or fraudulent tax return. You will have to repay the amount of the difference plus a possible 50% fraud penalty and interest on the amount owed. I suggest that you amend the return before the IRS finds your error and you will probably n…
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Income taxes are usually progressive, so would effect the wealthy the most, while sales taxes would have a greater effect on the poor.
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What a question!! Illegal aliens are not eligible for income tax refunds.
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We keep more of the money we earned. When does this happen?
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You have to know what kind of income it is; any exemptions to be claimed; any credits available; age of the taxpayer; does anyone else claim the person who earned the income; are you talking about federal income tax?
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You could be subject to penalties and interest if you don't pay enough income tax during the year based on your prior years tax liability. The IRS wants it paid in within 15 days after the end of each calendar quarter or you may also be penalized. Basically you have to pay at least 90% of what you o…
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you can look on the inter net
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Earnings within an IRA are not taxable in the year earned. A traditional IRA contributions are possibly tax deductible in the year made and are tax deferred until they are taken out of the IRA.
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There is a section on the tax form for deductions. If you keep track of how much money you have paid on an annuity, tax professionals and various tax programs will assist in making the proper federal tax deductions.
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There is two meanings first is : if someone live in the house and this person pay for it it is called tax .The second is : when the person going to the bank and it puts the money in first place what they do they ask this - "can i put tax on my bank account ?"-Tax mean money >.<
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An IRS offer in compromise allows an individual to settle their tax debt for less than the full amount that they owe to the IRS. Eligibility for this compromise is based on a few different factors including ability to pay, income, expenses, and asset equity. One of the problems of an IRS offer in …
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To work this out all one would need is their total income, the percentage that the tax actually is and then finally a calculator unless they are able to do it in their head or with a pen or paper.
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There are various resources where one can view income tax law. Federal income tax law can be viewed at the official website for the IRS. For state tax laws, one can access their state's department of taxation or department of revenue website.
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When completing your own income tax return, you can visit the tax revenue website of your country (Canada Revenue Agency in Canada) to download the income tax return form. You may also visit your local post office to pick up a copy of the tax return booklet that the government issues which contains …
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The Internal Revenue Service has many official phone numbers for many different services. The IRS Tax Help Line for Individuals is (800) 829-1040. The Business and Specialty Tax Line is (800) 829-4933.
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Yes, as long as it is approved by the IRS and registered as a non-profit group under code 503(c). It can lose it's approval by certain acts. Taking part on one side or another in political campaigns is against the regulations under the IRS codes. A Pastor who preaches support of one party or another…
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Hi, I would include income tax as an outgoing in a cash or cashflow budget, as it has to be paid. The money comes out of your bank, or the bank that you are budgetting for, so it needs to be allowed for in order for you to get close to the real situation that is likely to occur. The ultimate purpos…
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The rate for a federal income tax will vary based on one's income bracket. One can find more information about the 2013 tax year at the official IRS website.
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One may find more information about federal income tax help from H&R Block. They have a good FAQ section that educates people on the services available for tax relief.
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Companies that offer income tax services are all companies that care about their employees. Companies of usually the upper-middle class will do this service.
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Corporations determine whether an entity pays regular income tax or Alternative Minimum Tax (AMT). Most state income taxes are determined on the same tax year as the federal tax year.
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If you are making payments on a repo deficiency you will not have to pay income tax on the amount. You would have to pay income tax on any part of the deficiency the company wrote off or forgave. The IRS expects you to claim the forgiven amount as income on your taxes.
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Easily through use of software available online to download. Another way is to inquire with friends and family who have assessed their income tax return in the past.
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There are a number of different types of professional income tax preparation software. Some examples of professional income tax software include ATX, Drake Tax Software, and WorldWideWeb Tax.
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There are no companies that offer debt from unpaid income tax or income tax debt. There are companies that can work with creditors and the government to negotiate a settlement and repayment schedule.
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H and R block is a great place to ask your tax questions. The will do your taxes for you if you pay them, but they are fully staffed with kind people waiting to answer your questions.
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By contacting your legislator or your local government. They can send you the documents or give you a link to download the Act. Even try the library.
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One can find information about income tax provision online. Some of the useful websites are Small Business, Bricker, Dummies, Corptax, Tax Stream and Jstor.
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I know it seems like forever but it takes just short of that. If it shows on the IRS website that it is received then it shouldn't be much longer. Normally I tell people it takes about 90 days for the IRS to process an amendment. Sounds like your very close though.
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This would vary depending on a number of factors, including how the money was earned. If you earned it through a job where you filled out a W-4, the numbers for the 2012 tax year would be as follows: $6,024 if you filed singly or married filing separately, $5,126 if you filed married filing jointly,…
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The first piece of advice for anyone experiencing an income tax problem is not to panic. There are lots of individuals and organizations that will help, advise and if necessary represent one. One should consult with a professional, usually an accountant to start with and follow their advice. They wi…
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The standard FICA rate is 6.2%. During 2011 & 2012, this was temporarily reduced to 4.2%. In January 2013, this temporary reduction ended.
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There is no depreciation category for "commercial vehicles," as it would have to include any vehicle that could be used in a trade or business, from a little red wagon to an 18-wheeler. Instead, here are categories that may contain the answer to your question. The information is for the 2013 tax yea…
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Tax brackets are the rates that people pay on their taxable income. The actual rates vary and can range anywhere from 10% to 35%. The tax rates vary based on factors such as marriage status.
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There are many companies and websites that offer federal income tax tables. Some of these companies that offer tax tables are the IRS, UCLA and CPA Practice Advisor.
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Not if your business is not located in West Bengal.
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A spouse is never a "dependent" on a US income tax return. You likely mean that you filed a joint tax return with your husband. You still file a joint return for the year of his passing. In subsequent years, you file as single unless you have dependents that qualify you for an alternative filing sta…
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Tax is an expense on financial statements. However, income tax is an expense of the year in which the income was earned, not the year the tax is paid. For instance, income tax paid in 2013 for income earned in 2012 is an expense for 2012. You do not deduct as a 2013 expense the income tax paid in 20…
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The volunteer income tax assistance program is a program aimed to assist those that need assistance with their tax forms. The volunteers are available anytime, so feel free to call their hotline.
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You cannot file a joint income tax return unless you are married. Whether or not you are married is determined by state law.
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No you don't, you see the explanatory facility explains the establishment of aquiring the exstartles and inquiring the answer to uneven distribution and replaying unsophisticated treline so the tuline explains the rest of this answer, I hope this helped you! Good Day!!
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To calculate income tax, one should sum up the totals of all the taxable income and subtract from it the personal allowance and any other tax free allowances. After that, one should apply the rate of tax on the resultant value to find out the income tax payable.
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The official IRS website can be used to calculate business income tax. Also, third party vendors like Turbo Tax or H+R Block are useful for this purpose.
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LLCs are what's referred to as "Pass through entities," meaning that any profits it generates "pass through" to the principals. Because of this, there are no distributions, all monies received is classified as income and is taxed as such. S Corporations are different. They can work as a pure pass …
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You can learn more about corporate income tax by reading relevant financial columns that are printed in newspapers. Some magazines also print columns that discus issues of corporate income tax.
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Income tax evasion is a crime, for which some people have gone to jail, but before that you'll face penalties for failing to file, penalties for failing to pay any tax you owe, and interest on the unpaid taxes.
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That depends on the specific athlete's income as well as how many loopholes their lawyers can find.
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The total tax is $6.60 and the total price with tax is $66.59
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At your states tax adormy office
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Yes!
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Such a person should consider obtaining an Individual Taxpayer Identification Number ITIN). According to the IRS "ITINs are for federal tax reporting only, and are not intended to serve any other purpose. IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to e…
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The government has various means of enforcing its laws, and forcing people to pay taxes. Some people go to jail for tax evasion. Of course, there are also people who do not pay taxes because they are not required to pay taxes. If you have no money, you pay no taxes. Or, if you have quite a lot of mo…
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The US Virgin Islands are an unincorporated organized territory of the United States of America. That means they are a territory, and a possession, of the US. They are a self-governing territory but are not styled as a Commonwealth. Residents of the US Virgin Islands are not subject to U.S. federa…
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This amendment benefits the Government and all others that the taxes are given/distributed to, because this amendment (passed in 1913,) made the tax on a personal income permanent. (by Solomon Zelman)
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Earned income is basically, income that you worked for, such as wages and self-employment income. Things that were a by-product of other activities, such as interest earned on your bank account (if you're lucky enough to have any...) is unearned income. Some things will surprise you what category t…
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yes income tax is payable in jammu and kashmir if the person is the resident of it.
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Anyone who will able to work and gets a check should pay state taxes if the state takes them.
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what is the probable result called when the government attempts to cover large deficits by creating more money
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What work you do is largely irrelevant to your tax rate; all that really matters is how much you make, and the calculations are complex enough I doubt the details would be terribly useful to you. If you really need to know, hire an accountant, who should be able to provide you with the proper value …
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It is likely that the Romans had taxes right from the beginning in the 8th century BC. Probably the earliest taxation was for funding the army. The earliest records of a property valuation system dates to the 6th century BC.
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how much is federal exemption over 65
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Generally, no because he would no longer be providing support for the child nor sharing a household, but there might be cases where the child would still qualify as a dependent for tax purposes. Usually someone else would qualify to claim the child instead.
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Yers, both of you are responsible for your children.
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You can claim the money you spent for a babysitter to watch your kids on your tax return by keeping receipts of payments and filing out Form 2441 when filing your taxes. Read instructions for the form if you need further assistance.
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they thought income tax would enable the government to lower tarrifs. in their view high tarrifs led to higher prices for goods, which caused hardships for the poor .
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Post as used here means "after". In this case, income AFTER taxes are paid.
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The difference between direct taxes and indirect taxes with examples is that direct taxes come directly from a person's income or personal property taxes. Indirect taxes comes from sales and excise taxes.
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The total tax is $0.89 and the total price with tax is $11.64
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$69,000/ year to $76,000/ year
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I suggest not filing a joint return. Using the Married Filing Separately filing status will not allow you to claim some tax benefits and you won't have the benefits of combining your income, but it will save you if your spouse is audited. If you file jointly, you will be fully responsible for the ta…
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Of course ! They will have to abide by the tax laws of the countries in which they sell their products. They will almost certainly have to pay import duty to any country they expert their products to.
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Governor Scott Walker believes that lowering the taxes but raising sales taxes in the state of Wisconsin will create job opportunities. Personally, Fellow Contributor, I think that the angle you have presented here is not a viable one for the overall unemployment problem. I had been looking for a …
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no...you have to go to the state you worked and file taxes and you cant file taxes in two states its illegal
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One becomes motivated to pay taxes by fear of prison or other penalty.
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Yes, like most countries, there are taxes in Canada.
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The IRS is an agency under the Department of Treasury. A commissioner heads operations for the collection of taxes as well as the implementation of tax and revenue laws, which is the IRS' main objective. He is called the IRS commissioner.
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Property tax credit, or any type of tax return or credit, can typically only be claimed within the first three years of the relevant year. Unfortunately, there isn't any statute of limitations the other way around, and property taxes can still be collected after many years.
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