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Income Taxes

~12700 answered questions
Parent Category: Taxes and Tax Preparation
Taxes imposed by the government on the incomes of individuals or organizations, including capital gains
The 2014 federal budget shows that the largest parts of the budget were allotted to Social Security and Healthcare Costs with each accounting for 24% of the budget each. There are many different charts and budgets shown on the internet which are false to promote one political view or another one. Th…
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The tax rate varies from region to region and also usually depends on whether the amount involved (429.99) is an expenditure, earned income, investment income.
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The idea is that everyone would pay a specific percentage of total income, without credits or deductions. While they are sure that there is money to be gathered from the poor and immigrants and welfare queens than the wealthy, the basis is flawed. It is an easy talking point, but in reality, not eve…
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If he lives at home and doesn't work, he can be claimed as a dependent.
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Taxes are taught when you take courses in accountancy which you can take privately or in college, they take up too much time if they were taught in a regular high school.
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Can you get a tax return for daycare payments Not head of househols
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The Revenue Act of 1935 brought in more government funds by raising the tax rate on wealthy people and on corporations.
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NFL teams are non profits, so are not liable for taxes.
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Yes. The amount taxed will depend on your total income as a single or jointly. You will receive an SSA-1099 that will give you the information you need. There is also information on the Social Security site in your account.
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The safe option would be to begin filing your taxes as soon as W-2 forms become available.
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Taxes pay for roads, schools, and the military.
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Yes, if you're her primary caretaker.
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Exemptions depend on a lot of things. In Arizona, tax brackets are based on your annual gross income (AGI) and on your filing status: If you filed as Single, the standard personal exemption is $2,100.Married filing jointly, with no dependents: $4,200.Married filing jointly with at least one depende…
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Both sales tax and flat tax are a fixed percentage.
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Race does not have any bearing on US Federal income taxes.
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This depends on your filing status and dependents. It also changes each year as the standard deduction and exemption allowance is adjusted up a little every year. A single person under 65 would get the standard deduction of $6,300 plus $4000 exemption for 2015 tax year. This results in $10,300 for 2…
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I am not familiar with Turbo Tax itself but the form you need to print your coupons and calculate the amount of quarterly taxes is form 1040-ES. You should be able to find it in Turbo Tax, I would think. If not you can get it from the IRS website, then go to forms and search for 1040-ES.
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Tax forms for 2014 are past the deadline for filing. If you are getting a refund, you have three years where you can still claim it. If you owe, they will start charging you penalty interest immediately after the deadline unless you file an extension. Depending on your situation, it might be wise …
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It depends on the laws of the time. For many years, the difference between what you paid for the house and its improvements and what you sold it for was taxed. IRS Publication 253 has the information that you need to determine if your sale qualifies for income exclusion.
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A 403B plan is a tax deferred retirement program that allows certain employees of schools and some non-profit organizations to defer taxes on income earned working for these organizations. It is almost the same thing as a 401K program. These plans allow income to be sheltered from income taxes until…
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Medicare tax is used to support the Medicare program, a healthcare program designed to provide basic health insurance for retired and disabled persons.
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You pay state income tax for the three months you've lived there.
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No there is not currently a City Tax in the City of Chicago. Some have called for such a tax, but according to the State of Illinois Constitution, municipal governments have no right to impose income taxes. It will not be done any time soon as this will likely only run businesses, and those who will…
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April 15 is the day income taxes are due
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Abraham Lincoln imposed the first federal income tax in 1891, though it was of questionable legality until the 16th Amendment to the Constitution was ratified February 3, 1913.
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The depends completely on what the Magistrate is deciding on as to whether or not they would ask to see your income. For instance, if they are deciding upon factors such as a small claims suit, or child support issues, the take home income would be a factor on deciding these issues. As far as a traf…
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Since Florida has no state income tax return it is irrelevant as to where you live. You will however be likely to have to pay income tax on your Social Security on your Federal Income Tax Return. This depends completely on what other income you have besides your Social Security Income. Other income …
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A more accurate statement would be that only a few states (7) don't collect income taxes. Most of the states that don't have an income tax have much higher property taxes, sales taxes, and other taxes to make up the difference.
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Search for income tax tables in google or visit the IRS site to find tables.
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This depends on what your other income is besides your Social Security Income. Dependent on your filing status and other income your Social Security Income can very likely be partially taxable. Up to a maximum of 85% of your Social Security income can be taxable on your Federal Tax Return.
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No. Social Security and Pension income are not considered earned income for the purposed of the Earned Income Tax Credit. This is not to say that you will not have to file an income tax return and possibly pay taxes. Depending on the amount of income you have and your filing status, you may or may n…
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It's a method of determining the taxable rate on income.
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Tennessee does have a state income tax but it only taxes certain interest and dividend income. For this reason, most people in Tennessee don't pay any income tax.
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Tax day is tax day, even for people over 80.
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In the UK it is known as "Income Tax".
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This would depend on whether or not they were dependents on your tax return? If so, you can file for the education tax credit but if they filed their own returns and aren't dependents on your return, then they are the only ones who can claim the credit. Whoever has the right should file a form 8863 …
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Yes, college students need to file income tax if they have some manner of income during the year, such as from a part-time or summer job.
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The license suspension itself isn't a loss in regards to taxes, but if it led to losing a job, that can be claimed.
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According to the Constitution of the United States, the President cannot write legislation, or impose taxes upon the people. Congress is where these powers lay and once passed by both Houses of Congress the President can sign the legislation or veto it. In recent years, the President has been taking…
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Taxes are imposed when you file your income tax return at the end of the year. Often, people think they have paid taxes on their 401K when they withdraw money from the plan. What happens is that the company handling the 401K plan will usually withhold federal income tax when you make a withdrawal. T…
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Sales tax is probably the tax that effects most of the people. Sales tax is collected on most things that are purchased by the end user so most everyone pays sales tax all the time.
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This would depend on what the reason for the suit is and what payments are made for. If, for instance the suit was for unpaid wages, then the direct payments demanded by the court for wages would be taxable, as would interest allowed by the court. If a suit was for damages such as an injury to a per…
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Box 14 is a place for an employer to put miscellaneous items like reimbursement for mileage issued to an employee or other items that are informational only and do not relate directly to your tax return. Items in Box 12 are those specifically related to your income and provide information needed for…
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Yes. Called a 'capital gain'. It will require reporting on your income tax.
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No, because that makes the child a dependent for tax purposes.
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It could, but mostly because of the rapid influx of people filing at the same time.
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federal, state, and local
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American income taxes pay for government services and protection, defense/military spending, roads, schools, and law enforcement.
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Through taxation. We pay taxes on income, things we buy and a certain amount included in the price of gasoline is also a tax.
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State income taxes don't pay for road repair in other states.
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There are taxes in Dubai. While many people do not pay income tax, they do pay other taxes. For residents, there isn't income tax, but people who are working in Dubai but not residents, do pay tax. People pay indirect tax on things like food, alcohol, accommodation, utilities etc. There are also tax…
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Stocks are not cash or income, they are an asset. Once they are sold, the value is "realized" in terms of income.
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Bahrain tax system favours expatriates. There is no corporate income tax as well as personal income tax, no wealth tax on capital gain, no withholding tax. You only need to pay a few indirect taxes.
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That depends on the laws of the country in which you live.
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Their estate has to pay any taxes due up to the day they died.
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I am a small business owner. Feels like I am getting hit from all sides trying to figure out what I owe, not exactly when. Let me explain. When I see the 2016 tax brackets, is it based off of the year, or based quarterly? I currently pay 10% income tax on the money I take home, but my business i…
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August 5, 1861. President Lincoln signed the Revenue Act which placed a 3% tax on people earning more than $800.00 per year.
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That is simple if you do have unpaid taxes it is because YOU have not paid the taxes YOU owe. If you believe you have paid the taxes YOU owe, then you need to take the letter from the tax office to an accountant along with your past tax forms and proof of your income etc and ask the accountant to e…
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Each state has a slightly different approach to taxation, and the blend of property, sales, payroll, and income taxes are different, based upon 50 different legislatures doing their individual "thing" in response to the voters and lobbyists in that state.
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An income tax without apportioning it among the states according to the Census. It also made it possible to tax income from rental properties, stocks, bonds, and dividends without apportioning it among the states. Without the amendment, any such taxes would put more of a burden on states with little…
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The Sixteenth Amendment. "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
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The 16th Amendment states: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. It vacated the precedent set by the decision in the case Pollock v. Farmers'…
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It is more of a custom that all US Presidential Candidates disclose their tax returns. There is no written policy or requirement dictating that they must do so, but it goes a long way towards making them more trustworthy and transparency can gain many votes in the long run.
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If you don't own a business and you have an uncomplicated financial life then you can definitely do your own return. Just make yourself well-informed and updated on major changes in tax law. As for me, I used to do my own taxes a year ago. But I got busy and my finances significantly changes when I…
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The 16th amendment allowed the government to instate the income tax, which reversed the Supreme Court decision stating otherwise.
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