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Yes it is possible that under certain conditions you could have some taxable income from the Life insurance proceeds.
Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price.
Go to the IRS gov web site and use the search box for publication 525
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Could income ever be subject to triple taxation?
If you live in New York City, you pay federal, state, and local income tax. If you live in Indiana, you pay federal, state, and county income tax.
What are the basic principles of taxation in Islam?
Islam has a completely different perspective on the economy and tax as the Islamic basis is different to that of capitalism. Fundamentally taxation in Islam and under the khilafah puts the emphasis of taxation on wealth rather than income. The Islamic taxation system does not tax income, but taxes wealth.
Why did the American colonist fear British taxation?
Have you ever heard "taxation without representation"? The colonies were paying taxes to England, but not getting anything in return.
Can you buy insurance from an unlicensed insurance agent?
Dont,... ever...
Are Dividends in a traditional IRA account subject to income tax?
Dividends re-invested in your traditional IRA are not generally subject to income tax until you withdraw the money after retirement - when, presumably, you will be in a lower tax bracket. However, no one should ever rely on Wiki Answers for legal or tax advice.
Is there an exception to the rule concerning the non-deductibility of life insurance premium?
You never want to deduct the premiums of a life insurance policy. The reason for this is if you deduct the premiums then the benefits will automatically be taxable. You certainly would not want the proceeds to be taxable just to get a very small tax deduction for the premiums. One of the best things about life insurance is that the proceeds are not subject to income tax. The same thing applies to certain other types of insurance. If you purchase disability insurance at work the premium is paid with after tax money so that the benefits will not be taxable. It works the same way. If the premium is paid by the employer as a benefit of your employer or if a clerk deducts it before tax through a cafeteria plan by mistake then the benefits will be taxable for income tax if you ever get disabled.
Did the founding believe in property taxes?
No. The only taxes they advocated were on profits made in the course of business. This is why many people are against Federal Income taxes, claiming that no law has ever been passed to authorise such taxes.Actually, there is ample evidence that the Founding Fathers believed in a variety of taxation: property taxes and tariffs being the major ones, but many things we typically call fees today would have been called taxes by the Founders, and generally, most writings seem to have no problem with any specific method of taxation. They were more concerned with who would have the power to levy taxes.The concept of Income taxes (and, taxation on business profits) generally was a later one (mostly starting in the mid-to-late 1800s), and not one that the Founders really discussed.The major conflicts and discussions around taxation with the Founders where about who should be able to levy which taxes, and to what purpose should taxation be used for.(As a side note, the 16th Amendment makes it pretty clear that the Federal government has the power to levy an Income Tax, and spend it how it wishes.)
Why income tax important for the government?
Income tax is very important for nation, development what ever any countries, when ever we don't pay income tax so then ever any country can't go a head. If we want to our country look like a heaven so we have to pay income tax. That's way government want income tax.
Who said no taxation without presentation?
no one of historical significance ever said that. However, Jonathan Mayhew (1750) coined the phrase "Taxation without representation is tyranny" From 1765-1776, this was reduced to Taxation without Representation! as a cry for revolution. Patrick Henry (VA, 1775) first wrote (resolved) that taxation without representation was unconstitutional
What is your annual income as an visual arts and design teacher?
anual income as what ever you said is 3$
Can your dad's car insurance cover your motorcycle?
No, not that I have ever heard of. You need motorcycle insurance. Contact your insurance carrier.
Errors and Omissions Insurance?
form_title=Errors and Omissions Insurance form_header=Be prepared against accusations of negligence or claims made about the failure to perform your professional services. Get Errors and Omissions Insurance. Have you ever been subject to a client lawsuit?= () Yes () No Do you currently have quality control procedures in place?= () Yes () No
