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Income Taxes

Taxes imposed by the government on the incomes of individuals or organizations, including capital gains

500 Questions

Which branch of philosophy is likely related to a person completing and sending his or her income taxes to the federal government by april15?

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Ethics is the branch of philosophy most likely related to completing and sending income taxes, as it involves questions about what is morally right or wrong in terms of fulfilling one's civic duty to contribute to the government through taxation.

Children under age 24 who are full-time students are exempt from what dependency tests?

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Children under age 24 who are full-time students are exempt from the support test when determining if they can be claimed as a dependent on someone else's tax return. This means they can earn money and still be claimed as a dependent as long as they provide less than half of their own financial support.

Which branch of philosophy is likely related to a person completing and sending his or her income taxes to the federal government by April 15?

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This action of completing and sending income taxes to the federal government by April 15 is more closely related to political philosophy, as it involves concepts of government authority, taxation, and civic duty.

What is Social dependence?

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Social dependence refers to the reliance on others for emotional support, validation, and sense of belonging. It can affect one's self-esteem and decision-making process, as individuals may prioritize maintaining relationships over their own needs and well-being. Balancing social dependence with independence is important for healthy relationships and personal growth.

What does psychological dependence mean?

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Psychological dependence is a form of dependence that involves emotional and mental reliance on a substance, behavior, or activity. It is characterized by a perceived need for the substance or behavior to cope with stress, anxiety, or other psychological symptoms, even if there is no physical withdrawal.

What dollar amount do they stop taking social secutty taxes in 2016?

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In 2016, the maximum taxable earnings for Social Security tax was $118,500. Any earnings above this threshold were not subject to Social Security taxes.

Would our stratification disappear if everybody received the same income regardless of their occupation?

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Yes, if everyone received the same income regardless of their occupation, it would likely lead to a reduction in stratification based on income disparity. However, other forms of stratification such as education, social status, and power dynamics could still exist within society.

What is the difference between income tax and social security tax?

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Income tax is a tax paid on earnings from employment, investments, or other sources of income, and is used to fund government operations. Social Security tax is specifically used to fund the Social Security program, which provides benefits to retirees, disabled individuals, and survivors of deceased workers. While income tax is based on overall income, Social Security tax is specifically withheld from wages to fund the Social Security program.

Who did the vassals have to pay taxes to?

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The vassals had to pay taxes to their lords or to the king in the feudal system. These taxes were typically in the form of goods, labor, or a portion of their agricultural produce.

What year was a school tax bond past in marcola or?

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A school tax bond was passed in Marcola in 2018.

Are FICA taxes withheld from Social Security monthly checks?

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No, FICA taxes are not withheld from Social Security monthly checks because those benefits are not considered earned income. FICA taxes are typically withheld from wages and determine your eligibility for Social Security benefits.

Are taxes taken out of social security before you receive it?

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Yes, taxes are typically not taken out of Social Security benefits before you receive them. However, you may owe income taxes on your Social Security benefits depending on your total income and filing status.

What are the social benefits of having a spouse?

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Having a spouse can provide emotional support, companionship, and a sense of belonging. It can also help in sharing responsibilities, financial burden, and decision-making, leading to a more stable and fulfilling life.

Are damages for nuisance trespass and stress taxable?

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Damages for nuisance and trespass are generally considered compensatory in nature and are not taxable as income. However, if the damages include punitive or emotional distress components, those portions may be subject to taxation depending on the specific circumstances of the case. It's always best to consult with a tax professional for personalized advice.

What percentage of black people pay income tax?

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hard to say, but African Americans work just as much as white Americans. most of the people who don't pay income tax are the elderly, only 15% of the 47% of the country that don't pay them are low income.

When did you start paying income tax on social security payments?

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Paying income tax on Social Security payments depends on your total income and filing status. If your combined income is above a certain threshold, a portion of your Social Security benefits may be subject to income tax. The rules for taxation of Social Security benefits have been in place since 1983.

Can a convicted felony file a tax return?

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Yes, a convicted felon can file a tax return. Having a criminal record does not disqualify someone from fulfilling their tax obligation to report income earned. It is important for all individuals, regardless of past convictions, to comply with tax laws.

What year was ship tax?

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Ship tax was abolished in England in 1660.

What taxes do residents of Indian reservations pay?

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Residents of Indian reservations are generally exempt from state income taxes on reservation income, but they are still subject to federal income taxes. They may also pay sales taxes and property taxes depending on the location and specific agreement between the tribe and surrounding state or local government.

What percentage of wage earners do not pay taxes in the US?

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Around 44% of wage earners in the US do not pay federal income tax, largely due to tax credits, deductions, and exemptions that lower their taxable income below the threshold for owing federal taxes. However, most earners still pay other taxes such as payroll taxes for Social Security and Medicare.

What was the law for not paying taxes in England?

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Failure to pay taxes in England is considered tax evasion, which is a criminal offense punishable by fines or imprisonment. The severity of the punishment depends on the amount of tax evaded and the circumstances of the case.

What percentage of US Taxes do corporations pay?

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On average, corporations pay approximately 9-10% of total U.S. federal tax revenue. This percentage can vary depending on economic conditions, tax policies, and individual company performance.

Do you have to pay federal income tax on Social Se?

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Yes, you may have to pay federal income tax on your Social Security benefits if your income exceeds a certain threshold. The amount of tax you owe will depend on your total income, including other sources of income besides Social Security.

What are the rules for tax if non resident indian becomes residence?

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When a non-resident Indian (NRI) becomes a resident in India for tax purposes, they become liable to pay tax on their global income in India. This includes income earned outside India. However, specific rules apply depending on the individual's residency status, so it is advisable to consult with a tax expert or accountant to understand the implications and requirements.

How many taxpayers itemize?

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Roughly 30% of taxpayers choose to itemize their deductions, while the remaining 70% opt for the standard deduction. This percentage can vary depending on factors such as changes in tax laws or economic conditions.