Your question says it's a tax exempt gift (for whatever reason you claim, I'll presume parent to child)...what do you think your answer should be? But presuming you were just tossing words around:
The tax is paid as a gift tax by the givor. (Although it has to be a gift , and as noted, gifts by an employer to an employee are actually always considered payroll.)
If you gave any one person gifts valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift. There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit: * Tuition or Medical Expenses that you pay directly to an educational or medical institution for someone's benefit * Gifts to your Spouse * Gifts to a Political Organization for its use * Gifts to Charities If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift.
Items that a business buys with the intention of reselling them are exempt from sales taxes. However, the business has to charge sales tax when it does resell that item.
IRA's are exempt from some taxes
what is used to determine the amount of federal taxes withheld from a paycheck
Be careful! If you go exempt, your employer will not withhold the taxes for the IRS and the State. Although you will get more "net income", chances are you will owe taxes by April 15th. If you do not have the funds to pay the hefty tax bill, you will have a tax problem and the IRS will start collection action against you such as wage garnishment [wage levy], they will levy your bank account and you will pay excessive penalties and interest.
For most states, one of the two types of taxes that provide the largest amount of revenue to the state is property taxes. Sales tax is the other tax that provides a large part of the revenue. Income taxes provide some state revenue.
You are not exempt from filing for Income taxes based on age. You are exempt from filing taxes based on the income you receive. If your income is over a certain amount you must file.
Arkansas sales tax RATE IS 6 % Food is at taxed at 2 % prescription drugs are exempt city and county taxes could add another 6.5 % So it could be a possible 12.5% X 12000 equal 1500 of state and local sales tax to be added to the 12000 amount. Go to the RETIREMENTLIVING com website and choose states then choose TAXES BY STATE THEN CHOOSE ARKANSAS for more details.
In most states, businesses are not exempt from taxes.
By making an amount so low that you're exempt from taxation.
There are two reasons you may have no federal taxes taken is if you claim exempt on your W4 or if you claim a higher amount of dependents.
Yes.
Not tax exempt would mean that it is subject to taxes. Yes you would tax any thing that is not exempt from taxes in your business operation.
it means you have to pay your taxes
no they are not exempt frpm taxex escept FIA
It refers to items that you don't pay taxes on.
what is income that is not subject to taxes, also called "tax exempt income?"
businesses