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After you complete your federal 1040 income tax return completely and correctly and it sent to the correct IRS mailing address and after the IRS finish processing and ACCEPTS your federal income tax the way that you file it. Then you will be issued a check for any refund amount that you had determined that you were due.
That can take about 6 to 8 weeks for a paper filed tax return and the check to be mailed back to you.
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Is income tax the amount of money you made?
No.Income is the amount of money you made.Income tax is the amount of tax you have paid on your income.eg income $500 tax $50 your net income is 500-50 = $450.Income tax is $50
What is the tax based on the amount of money earned?
Income Tax is a tax based on the amount of money earned.
What is Pre tax Income?
Pre-tax income is the same as gross income OR the money you make before taxes are deducted/withheld.
Can the IRS garnish an income tax refund if money is owed from an audit?
Yes, the IRS can, and will, garnish an income tax refund if money is owed from an audit.
What is an income tax refund?
An income tax refund is money that you receive back from the government from all the withheld taxes that were on your employment income. You usually receive this money through your bank or in the mail.
Is income tax the amount of money you made?
No.Income is the amount of money you made.Income tax is the amount of tax you have paid on your income.eg income $500 tax $50 your net income is 500-50 = $450.Income tax is $50
Do you get taxed on money saved?
Not taxed again on the after income tax money that you have saved but you are taxed on the earnings from the after income tax saved money.
Does income tax money go to the federal reserve?
Not all income tax goes to the Federal reserve but all money that goes to the Federal reserve comes from income tax.
What is a tax that you pay on the money you earn?
To answer your question, the taxes you pay on the money you earn (salary, income) is called income tax.
Do the wealthy pay income tax?
The wealthy do pay income tax, and since the wealthy have more income, they must pay more money in income tax.
What is the tax based on the amount of money earned?
Income Tax is a tax based on the amount of money earned.
What is Pre tax Income?
Pre-tax income is the same as gross income OR the money you make before taxes are deducted/withheld.
What is the largest source of tax money for local governments?
income tax :]
Can the IRS garnish an income tax refund if money is owed from an audit?
Yes, the IRS can, and will, garnish an income tax refund if money is owed from an audit.
What created the income on tax?
Your question is backwards. There is no income on tax. However, there is a tax on income. This is known as income tax. Income tax is a system created by the government that takes a percentage of your income out of your check based on how much money you earn. Generally speaking, the higher your income, the higher the percentage of it the government takes.
What is an income tax refund?
An income tax refund is money that you receive back from the government from all the withheld taxes that were on your employment income. You usually receive this money through your bank or in the mail.
I received 191000 in a cash out refinance do I have to pay income tax on the money?
The proceeds of a loan are not income, so no tax.
