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What tax deductions does a gold medal winner get?
While it may vary a great deal depending on the country, in the US there is no tax break for winning a gold medal.
What does the “equity” of a tax mean?
the tax is fairly assessed
Carl owns property with an assessed value of 72450 If the tax rate is 6.82 percent of the assessed value how much tax does Carl owe?
$4,941.09
IJohn and Mary billings own a condominium with an assessed value of 11000000 If the tax rate is 25 mills per 100 of assessed valuation how much tax do they pay?
A. $2,750
John and Mary billings own a condominium with an assessed value of 11000000 If the tax rate is 25 mills per 100 of assessed valuation how much tax do they pay?
The answer is $2,750
What is commodity tax?
This tax is 0.01 percent and it is assessed when trading non-agriculture commodity derivatives. It has the potential to affect the trading of metals, including gold and silver.
How much do Olympic Metal winners pay in taxes?
The prize taxes for a gold medal honorarium of $25,000 is pegged by ATR at $,8750. Combined with the tax on the medal itself, a gold medalist will have to pay the IRS $8,986. A silver medalist must pay $5,385 on the medal and the $15,000 honorarium and a bronze medal winner must pay $3,502 on the medal and the $10,000 honorarium.
What is commodity transaction tax?
This tax is 0.01 percent and it is assessed when trading non-agriculture commodity derivatives. It has the potential to affect the trading of metals, including gold and silver.
What does equity of a tax mean?
The tax is fairly assessed.
What does equity of tax mean?
The tax is fairly assessed.
Do the olympic gold medal winners have to pay taxes on the medal?
Only U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. At today's commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5. There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
How could you describe a tax that is assessed according to the benefits received principle?
To describe a tax that is assessed according to the benefits received principle one must first view the rules or laws that makes that tax that is supposed to assessed official.
