as per the indian government who is earning above 15k as net salary or net income they will have to pay the income tax
= the amount of income individuals have after they save and pay their taxes? =
regressive
The total amount of pay before deductions is the amount before taxes are taking out. This is the gross income.
Yes. The way it works in most cases is that you pay FICA taxes in the amount of 6.2% of your gross income and your employer also pays the same amount. Also you are required to pay 1.45% of your gross income for Medicare tax and your employer also matches that amount. So in total you are paying for half of these two taxes and your employer pays for half of the total taxes for these two taxes.
You will pay income taxes on all income, including fees your earned. You would not pay inheritance tax on that amount. It would be a good idea to consult a probate attorney in your state.
= the amount of income individuals have after they save and pay their taxes? =
Disposable income
No not on the principal amount. The funds that were used to purchased the CD originally had already been subject to income taxes.
regressive
The total amount of pay before deductions is the amount before taxes are taking out. This is the gross income.
Net income is you income before taxes. To calculate take your pay before taxes(which is your gross income) and subtract it by the amount of taxes you have paid.i.eYou earned $200.00taxes paid -$ 50.00Net Income $150.00
Monaco doesn't pay income taxes
Your employer would be able to give you the percentage amount that would be withheld from your pay for the total of all taxes on the 1000 amount. Social security, medicare, federal income taxes, state income taxes, local income taxes, etc.
Yes. The way it works in most cases is that you pay FICA taxes in the amount of 6.2% of your gross income and your employer also pays the same amount. Also you are required to pay 1.45% of your gross income for Medicare tax and your employer also matches that amount. So in total you are paying for half of these two taxes and your employer pays for half of the total taxes for these two taxes.
Taxes on income earned in the US is the same for all wage earners.
If the total amount of disposable income you receive exeeds the the minimum taxable income threshold, then yes of not, then no.
Sure they would be required to file a 1040 federal income tax return and pay any income taxes that may be due. Under 950 of unearned income (did not work for income) would be required to file a 1040 federal income tax return and pay some income taxes on the amount over 950 of UNEARNED income.