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Income Taxes

~13500 answered questions
Parent Category: Taxes and Tax Preparation
Taxes imposed by the government on the incomes of individuals or organizations, including capital gains
tax is somthing you pay every time you buy somthing (i.e vat is a tax) everything has tax on it Ans More commonly, tax is considered just about anything you pay to a Government of some type...(local to national). It may take the form of a fee, or a charge on producing, importing or distributin…
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Answer A CPA's salary is about $57,335.
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Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute…
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That's a good question, I think that the southern United States was frustrated with the federal government. Which in turn caused tension between the North and South, and the Confederate States were formed fairly quickly, and they already had a basis for their government which was the United States, …
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Answer That you are asking implies you may want to get some additional guidance. The 1120 series is used to file C corp returns. Each co in the group should have it's own entire pro-forma return made, and an elimination Co made on the Consolidating schedules for tax to produce one combined entit…
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Answer Typically a notice via mail is issued prior to the filing period alerting the student loan or child support debtor that their refund may be taken in whole or part to repay these obligations. 1-800-304-3107 is the best way to find out...it's automated.
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Answer:Double edged sword - Regressive as it is hoped that the raising of them causes less purchases of the product, so less tax could be raised. Hopefully, the same $ would still be spent on another taxable item. Progressive as the lessening of smoking will lower society health costs and the need…
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Same as any other...the source of the income is different. Some different things may be applicable to fill out... Those that are self-employed will have to pay self-employment tax four times a year. This ensures you that you will not have to pay one lump sum at the time your last return is filed. …
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Is the amount you delayed to pay for tax in future.
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Because an amendment to the constitution allowed them to. Also, because the economics structure of the country was changing. When the country was founded, it was possible to fund the federal government strictly through other taxes, primarily import/export taxes. Remember, at the time the of the foun…
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A "gift" is NEVER taxable, unless it can be considered compensation for services (as when an employer gives a "bonus"), or it can be considered a "prize". Compensation for services is always taxable. A "prize" is ALWAYS taxable. When Oprah Winfrey gave members of her audience automobiles, this was…
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Say What?Sue someone for making you too much money? That's just crazy talk. If you have losses to offset the gains then it will all equal out but otherwise he did his job by making you money, and very well by the sounds of it so enjoy.
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For income tax purposes, employees of Governments and the like are taxed just like any other. However, as it relates to certain other types of payroll taxes, like FICA (social security), and some other misc things: Some governmental employees are exempt from paying (or coverage) for this. Instead t…
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This depends on why your receiving workers compensation. Your best bet is to speak with an attorney prior to making any move. If the workers compensation program determines you are not capable of working and they find out that you are working elsewhere they can refuse your claim.*** additional infor…
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A tax that charges more to those with lower incomes
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I do not know but we are in the state of Georgia Ans I suspect your in the State of confusion more than anything! Each type of tax, (there are zillions of different types, by different jurisdictions), and the events/ method used to cause the lien, which may be against some type of property or…
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No, you do not need a law degree to represent a person, other than yourself, in the U.S. Tax Court. However, both attorneys and non-attorneys must pass an exam administered by the Tax Court. To give you some idea about the difficulty of the exam, please read The Tax Court Exam, by Jay Starkman, on …
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Yes English football players get taxed, actually they get taxed the same percentage as any other person in the UK, but 22% of their wages would be more than a person working in the public sector which would tend to be minimum wage because these companies seek to make profit. People in England should…
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Yes, he does. Indirectly anyway. The President does not have direct control of this process. He does set the agenda and direction that the Congress is to go. The power is in the Congress. If they had morals they could resist the temptation to take more from the public and not provide a bill that rai…
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There is equilibrium in a closed economy (that which doesn't encourage in international trade), when there is the circular flow of income between House-holds & firms, where the house-holds own the factors of production, which is given to firms, which in return gives factors of income for their s…
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YES! The government will eventually come after you for tax evasion, if you are living in the US. In Canada, there is no "tax evaders jail", but they would likely take some of your paycheck, or refuse to refund any other taxes until the full amount is paid. There are currently many tens of thousand…
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Capital transfer means a transaction that is in cash or kind where the ownership of the asset is transferred fro on unit to another. Capital transfers can be where cash is transferred so the recipient can purchase another asset.
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Answer Although PAYG (Pay As You Go) is called a "withholding tax," it is not a tax but a procedure for withholding projected income tax liabilities as money is earned. Under that plan, the taxpayer prepays taxes in installments, usually paycheck-by-paycheck. In the U.S., prepaying federal incom…
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the richest in africa
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You don't have to pay taxes if you don't want to, but you may be subject to fines and punishments depending on where you live.
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If you are a US citizen and commute from the US to Canada to work everyday then you do not pay Canadian taxes. Canadian income tax is on the basis of residency rather than citizenship. However if you are a US citizen that lives in Canada either part time or full time for the purposes of employment …
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At this time the money collected from year end Federal taxes (April 15th) it used to pay the interest on the national debt in the USA
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Perhaps, it depends upon the nature of the transaction. If you requested the money on behalf of the friend and received the money either by cash or a check or automatic deposit into your personal account you can be held liable for repayment of the debt. If the money was paid by the lender directly …
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The first direct tax was the stamp act.
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Tax incidence refers to who actually pays the tax. Tax incidence can be divided into 1. formal incidence :the party liable to the tax 2. Informal incidence :party who actually pays the tax, The tax incidence is decided by the elasticity of demand and supply for a good or service.
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Answer There is no section 1253 in the ITA.
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Home interest increases your deductions The interest you pay when you buy home is an itemized deduction on your tax return. As long as the interest and your other itemized deductions exceed the standard deduction, they reduce your taxable income, so you pay less income tax. Also The property …
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There are certain costs that are paid at the closing of the home (when the contract is signed and the title is given to the buyer). For example some costs might be: Brokerage CommissionMortgage Application FeesProperty InsuranceHOA Dues
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Because we are required to pay the federal income taxes on our gross worldwide income.
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For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skip…
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Indiana does not have an emancipation statute. You will have to wait until you become an adult. If you are not safe contact your local social services to get help.
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FICA stands for Federal Insurance Contribution (tax) Act. You and your employer both contribute a percentage of your income to this tax which is attributed to Social Security and Medicare. Social security is the governmental fund that provides income to retirees, disability, etc. Medicare provides m…
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A simpler answer: fixed income securities are bonds. These are "IOUs" where someone borrows your money and pays you interest, which is like "rent" on your money while they have the use of it. Hopefully, they will repay what they borrowed after the end of the loan term (this is called the "maturity …
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Losses from passive activities-activities in which the taxpayer doesn't materially participate, and most rental activities-may only be used to offset passive activity income (which doesn't include portfolio income); thus they can't be used to offset income from, for example, compensation, interest o…
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Answer You still need to file if you meet the minimum income requirement for your circumstances. US citizens are taxed on their worldwide income, although you may be able to qualify for the foreign earned income exclusion. Even if you qualify for the exclusion and subsequently have no taxable inc…
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The money you receive from the annuity is income. All income is supposed to be reported and taxes paid on it.It depends upon where that money came from in your fathers estate. If this annuity came from your fathers annuity which was established from IRA or a 401K which had never paid taxes on -then …
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Answer You're not specifying which jurisdicition, but it's fair to say that generally all tax statutes provide an SOL for assesment of additional amounts in one way or another. Once again, generally, for personal income taxes, a period of 7 years is not uncommon. How that time is calculated can …
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they give the federal government quiet an amout of money
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In order to file a joint return, the parties must be married at the end of the year, living together in a recognized common law marriage, or married and living apart but not legally separated or divorced. You can also file a joint return for the year in which your spouse died. But that is only the o…
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At least 90%! Added: There are no citations included to back this figure up - I would suggest that it is unreliable and advise against using it
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And why would this business, or any, buying things ("shopping") in the State be tax exempt? Lawyers, accountants, business consultants, etc., etc., are NOT tax exempt. (Either sales tax or income). Business generally (except for Charities and some special instances) are more responsible for tax than…
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There are several IRS publications that may help you. Get them on the web at IRS.gov First, there is a concept called "innocent spouse relief" that you can read about in Pub 971. Others deal with deceased spouses in general and they are Pub 554 and Pub 501. The answer is generally, Yes. Presuming i…
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Answer I'm not sure what you mean by "umbrella". It cannot be a part - like a division - of a for profit business. I presume you mean can a qualified tax exempt not for profit Incorporated entity be a subsidiary of a for Profit Co... No. A zillion reasons, but lets leave it as it couldn't …
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We do not have inheritance tax in the United States. We do have Estate Taxes. Estate taxes should be paid by the estate and not by the one who inherited property. Depending on what year the person dies, and what the value of the estate is at the time of death determines whether or not an Estate Tax …
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Answer As it has already been done, very little. It is earnings in that year. It is unlikely it would push you to a much "higher tax bracket", as there really are only a few brackets! (And the low one drops off at about 18K). So, while you may be paying more cash this year, your probably paying …
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When you file a mutual bankruptcy, you and your partner file a single set of bankruptcy papers with the court. In your bankruptcy appeal, you release all property, debt, income, and expenses you have between both you and your partner.
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this would include DMV driver's license, and vehicle registration fees, fishing and hunting licenses, business licenses, personal inclome taxes and any other payments by personal or business check amde out to a state of California department in order to receive services, like a fishing license, or a…
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Bad DebtNormally what companies do is they make provisions for bad debts in advance like below.Dr P&L - Bad debts xxxxx Cr - Provision for Bad debts (BS) xxxxxWhen the debt actually gets bad, what they do isDr - Provision for Bad debts (BS) xxx Cr - Debtors/receivable a/c xxxNote - There are 2 t…
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Well..yes and no...your question is weird: If you didn't file the form...then the SOL never starts so it is always open. If you did file and pay, as claimed...then you have no problem proving it anyway, so the question is almost moot, you don't need an SOL really. You just need to help them get th…
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Answer Below is the most direct answer. However, as it doesn't bring the result many desire...I suggest that you find if your situation can utilize Section 1031 - known as "Like Kind Exchange" or LKE - which defers the gain on the investment until another sale. It is a complex and speciali…
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It depends on a number of factors, especially the cause for the overpayment and type of income or deduction that spurred it, and varies by State, but as a general rule 2 or 3 years from the end of the reporting period.
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You go to jail
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tax Personal income tax.   Answer I believe just about any tax imaginable goes directly to a government - sometimes federal, sometimes, State, sometimes Local sometimes other types...but always a government.  Taxes made bu others would be ignored and not paid. Whether the tax goes …
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Logically, lower taxes on dividends and capital gains should accelerate investments in the entities seeking capital. Hence it should lead to acceleration of the economic activity. The economic recovery can happen subject of other favourable factors.
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Presuming your speaking about a personal Income Tax return - a 1040 - Gas expense (normally actually part of travel) on any basis (calculated by mileage or receipt), is NOT nessesarilarly "claimable"...and isn't at all unless it is incurred as part of am otherwise deductible expense - (like medical…
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C Corporation in the US must pay taxes on the net profits of the corporation before dividends and taxes. The corporate tax is a progressive tax and the tax brackets start at 15 percent then climb up to 35 percent.
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SIMPLE IRAA SIMPLE IRA is a retirement plan for small businesses. "A salary deferral retirement plan established by an employer with 100 or fewer employees who received $5000 or more in compensation in the preceding year."--SchwabEmployees defer part of their pay into the plan and the employer eithe…
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Anywhere from 8-12 weeks, 16 weeks if you have first time home buyers credit.
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The 24th Amendment prohibited the tax payment as a qualification to vote.
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Answer I am not an attorney or an accountant or even a licensed real estate agent, but I do sell my own land in Texas. This is offered as information only and not professional advice. You should consult an attorney or accountant who can offer you counsel based on all the specifics of your situat…
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The amount one pays as income tax depends on their TAXABLE income. It is a percentage of that income. The exact percentage used depends on the level of that income.Taxable income depnds on many things: Earnings from employment for sure, earnings from other sources (investments, government payments, …
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Answer Under the U.S. Internal Revenue Code, gift tax is not counted on the first $11,000 per person per year (more or less, depending upon which year the gift was made). Answer The tax is paid as a gift tax by the givor. (Although it has to be a gift , and some things like gifts by a…
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Check with the tax assessor's office in the town you're interested in.
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> My friend that passed away in Mexico in '01 his Mom just passed away. Realizing you are not licensed in IL. can/will you answer a question regarding Wills? There were 2 kids, Don and a sister. The sister is the administrator of the Will. > Don, my friend,wife,Glenda is still alive living h…
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No, If this was liability under the individual while he was single, then his/her current spouse will not incur that liability. Secondly, the IRS can't "levy" and asset per say;they normally seize bank account,wages,IRA's or Social Security Benefits. If the vehicle is financed, the IRS isn't going t…
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The question involves much more than you probably expect. Yes the tax on dividends is now at capital gains rates...basically 15%, and yes the tax on interest is generally at your own personal marginal tax rate...likely a bit higher. Generally on something like a Muni bond, that may have little or n…
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Section 8 payments that are not taxable income, and are not reported on your tax return. However, if you are applying for things such as Pell Grant, then you would next your Section 8 benefits information to claim on the FAFSA.
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US "C" Corps pay on their Federal Taxable Income (which differs, frequently substantially, from Book or financial income), at a 35% rate. Which means fixed and proportional to me. State taxes are a different matter. Alternative Minimum Tax (AMT) is applicable too. Improvement: Personal Service Cor…
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Answer Some of your home improvements will contribute to raising the basis value against which your capital gains are calculated. Note, however, that capital improvements do not include maintenance or deferred maintenance (such as putting on a new roof). Ans So trying to clarify the above...…
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beginning capital + net income - drawings= ending capital
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Income is improved by an individual being able to attain certain job skills and experience. Experience is usually the great equalizer that helps and individual stand out and possibly attain a job.
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A pay-as-you-go system of tax collection is one where the taxpayers pay taxes periodically throughout the year. They do not simply pay a lump sum at the end of the year.
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9.3 Estimated Tax: IndividualsHow do I know if I have to file quarterly individual estimated tax payments?Estimated tax payments can be used to pay Federal income tax, self-employment tax, and household employment tax. To estimate if you need to pay tax on income not subject to withholding or on oth…
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The term taxes is frequently applied a bit broadly here. Many of the things that some consider taxes are actually probably better classed as fee's.Certainly you have the taxes on the gain or loss of a capital asset income tax purposes, on the Federal & State levels as applicable.All Property tax…
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Answer UK road taxyes you can buy car tax in advance in the UK not sure how long but am allways when i want it to start
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Answer According to the IRS, there are four key things that are looked at: Relationship - She's your daughter, no problem Age -Usually through age 18 there is an exception for full time students through age 24. Residency - lives with you more than half the year, educational absences are acc…
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Answer Depends...on the plan...if it is "qualified" under the IRS rules or not AND if the contribution is within certain limits (as a percentage of income, etc.). Also, it is almost always TAXABLE...but generally not NOW. Which is to say it may not be taxable the year it was contributed, but it …
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Answer You mean compared to being an unnatural as in a Corporation I guess?The corporate tax rate is higher than the personal rate - a 35% fixed amount.The profits of a corporation are distributed as dividends AFTER being taxed, and are then taxed as personal income by the one receiving them. …
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It depends on the state and how much the bill is...
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depends on what part of the country and state and city you live in
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Answer The state of Florida has no state income tax. If you are looking for state sales tax, the federal (universal) tax rate is 6%, then each county puts in discretionary surtax, ranges from 0% to 2.5%
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Answer Meaning if you are part owner of property, and the other party pass away first. Will you have to pay inherited tax on their part, to be full owner of it? I may be wrong about this, but as long as the other party did not leave their part to someone else in a will. I think that you would b…
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In the United States, the average annual salary for a tax preparer is $33,000. The average annual salary for a tax preparer in California is $36,000.
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No, death benefits from a life insurance policy which has a named beneficiary is not subject to attachment by the IRS, state tax officials, judgment creditors, etc.
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Answer All employers are required by law to withhold many taxes (and pay some others for) an employee. Any employer who arranges with you not to, (commonly called paying you under the table), actually doesn't change your obligation to pay tax on your earnings. But, probably saves himself m…
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tricky question. i would go ahead and marry that person anyway since they will all be legal citizens in 2010 once the u.s. Canada and Mexico becomes one country
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how much percentage of professional tax India on employee salary?From company: For registration 4500 to 5000 (One time) Company have to pay 2500 (yearly) Each director have to pay 2500 (Yearly) From Employee. Above Rs10000 ---- Rs100 (Monthly) Above Rs15000 ---- Rs150 (Monthly) Above Rs20000 …
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Chicago As a city in Illinois, they are required to follow the state laws.
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Answer Deffered Tax is the amount the payment of which you delayed to pay in future. There are many reasons for deffered taxation. There are so many expanses and incomes which are not allowed by taxation department of Government but we enter as income and expenses in our financial statements bec…
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It is the minimum amount an insurer will charge if you decide to cancel your policy shortly after it is issued. Let's say your annual premium is $1000. You just bought the insurance and a week later you decide you don't want it. Your policy shows a minimum earned amount of $250. Even though you hav…
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There are many different types of taxes including personal and business taxes. Business taxes doesn't include your personal taxes and are generally higher.
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Although there is no restriction as such as far as income tax law is concerned , it will be presumed to be colourful device to evade tax . Legal complexity is sure to follow and the judicial authorities also may not be buying such idea for the simple reason that the relationship between husband and …
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Savings In light of Indian Income Tax Deductions in Financial Year 2009-2010 Savings Under Section 80C of Indian Income Tax Deductions in Financial Year 2009-2010 is maximum upto Rs 1,00,000 which can be done through 1. PPF -Any contributions to Provident Fund, Voluntary provident Fund (VPF) or sa…
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