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Can a pensioner get income tax rebate on his paid house rent?
AbhishekBagdare
Rent has no effect on income tax
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∙ 14y ago
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Does Federal Income Tax get deducted from bonuses?
Sure...you can call income from your employer anything you want, (and it doesn't matter if you get paid by say, having the use of a car or house), it is income and taxable.
Tax Rebate: What is it?
A tax rebate can mean one of two things: It can either be an amount that you reduce your taxes by prior to paying them or it can be the amount of money that is refunded to you after paid taxes. To most people, it connotes a pleasant idea of the government giving them back money they have already paid, which might occur during lean economic times, or when the taxes have been overpaid. This has been the case a few times in the United States during the 2000s. Consumers who met certain requirements for income received a check as a tax rebate, giving them additional money. As it was considered to be money that was previously paid to as taxes, this is not a source of income. Sometimes, a tax rebate may also be referred to as a tax credit. Some people can take tax credits on their returns, reducing the overall amount that they might owe in taxes. Sometimes, the credits will only be given once, so it is important to watch for various credits that could rise in a year. Other circumstances might dictate that income will determine a person's eligibility to receive all, some or most of the taxes that are rebated to them, or they might receive money from certain programs, such as earned income credit, which will grant them money regardless of the whether they have paid taxes. EIC in particular is a federal United States program for those whose income is low. Some define a rebate as a credit that is equal in how it treats taxpayers, though this is inaccurate. After all, some rebates will never apply to all people. Some may require having a certain level of income, requiring a specific profession or require that you have paid taxes on items like utilities. If you do not qualify, you will not receive any portion of that rebate. Beyond filing taxes in the United States, especially during the 2000s, most people did not need to do anything particular in order to qualify for a rebate other than make a certain amount of money. These types of rebates are known as stimulus checks, and they were mailed to taxpayers during the annual filing. These are exceptional circumstances, however. You may also wish to view websites about tax laws or speak with an accountant to see whether or not you qualify for a rebate.
What percentage of income tax is paid by what income group?
These numbers are for Federal Income Tax for 2008.The top 50% paid 97.3% of all Federal Income taxes collected.The top 10% paid 69.9%The top 5% paid 58.7%The top 1% paid 38.2%The bottom 50% of income earners only paid 2.7% of the total Federal Income tax in 2008
Is selling a house taxable income?
It depends on the laws of the time. For many years, the difference between what you paid for the house and its improvements and what you sold it for was taxed. IRS Publication 253 has the information that you need to determine if your sale qualifies for income exclusion.
Can I deduct monies paid to settle a lawsuit?
Not deductible on your income tax return unless the amount paid was to produce taxable income that was reported on your income tax return. Then a limited amount could be deductible on your income tax return.
Will people receiving retirement pension get the new tax rebate?
anyone that paid taxes last year and made income of up to $70,000 should be inline for a tax rebate
How do you account for health insurance liability?
In your Income and Expenditure Account, show the Health Insurance premium paid by you as expenses and claim income tax rebate as permissible in Income Tax Act of your country.
Can you get a rebate for the taxes you paid when visiting Florida?
I'm sorry but there is no such of a tax rebate for any taxes paid in Florida. The taxes you paid in Florida consist of sales taxes, motel/hotel taxes, and all of these are higher because the state of Florida has no income tax of their own so they hit the tourist and you aren't getting it back.
What is it when Price paid after the discount was subtracted?
Total after rebate.
What's a rebate on a vehicle mean?
A rebate is a deduction from an amount to be paid or a return of part of an amount given in payment.
Income should be paid on a house payment?
25 percent of income should go to house payment but the average is more like 50 percent.
How will they calculate my homestead rebate for NJ if I lived and owned a home in NJ in October 2007 make under 100k and paid taxes from June 2007 when I bought the house through December 2007?
because the Homestead rebate website says it's based on taxes accessed in 2006, but i did not own the house in 2006.
What form of payment is given for a rebate from Acuvue?
Acuvue provides customers with a rebate in the form of a pre-paid Visa card. The amount of the rebate will vary. You should definitely review all of the requirements necessary in order to assure that you receive the rebate.
Did rent rebate stop in minnesota?
No. It has been reduced from 19% of rent paid to 15% of rent paid.
When US families received a tax rebate check from the Internal Revenue Service (IRS). Why were tax rebate checks distributed?
To make sure they are paid.
How long you have to be working for the union to get pension?
A pension will be paid as long as the pensioner remains alive, and the pension fund is not bankrupt.
Income tax rebate allowed to lic s health plus plan?
I think the whole premium paid for LIC's Health Plus must be taken in account for the perpose of Rebate U/S 80D.Because the units in account (Saving Portion) will also be used in future to keep policy keep in force if further premiums are not paid after stipulated time. The act says that any sum paid to effect or to keep in force an insurance on the health of the assessee, or his wife or her husband or dependant parents or any member of the family can be taken for rebate and not only premium for HCB & MSB. JOSHI H.C.
