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Your tax would be $165.00. (5800-4500=1300 X .05=65+100=165.00)
You may give 12,500 a year (this year) to ANYONE (Up to a Million Dollars total), you will have had to pay any taxes as income, NOT DEDUCTIBLE for you and REPORTABLE but NOT TAXABLE for them!
So you have 100 plus 5 percent of the amount over 4000. 2999 X .05 WOULD BE 120 PLUS THE 100 WOULD 220 CORRECT.
Taxable income is described as gross income or adjusted gross income minus any deductions or exemptions. Taxable income can also come from appreciated assets that have been sold or capitalized in that tax year.
Contributions to a SIMPLE IRA, or Savings Incentive Match Plans for Employees, are not taxable. Contributions made to an IRA are, in fact, tax deductible. There are limits on how much one can contribute to an IRA each year, and on how much one can deduct. Distributions from an IRA (whether Traditional or Simple), however, are indeed taxable.
Eight hundred and forty thousand = 840,000
1364832.00 US Dollar
iF YOUR TAXABLE INCOME IS FROM $4,000.00-$7,499.00 YOUR TAX IS $100 PLUS 5% of any amount $4,500.00
$100.00 plus 5% of $1300.00 = $100.00 + $65.00 = $165.00
How about this amount 1300 X .05 = 65 + 100 = 165
Your tax would be $165.00. (5800-4500=1300 X .05=65+100=165.00)
How much must I make in taxable income to have to file a return?
There is at least 20% that is taxable from the fund.
You may give 12,500 a year (this year) to ANYONE (Up to a Million Dollars total), you will have had to pay any taxes as income, NOT DEDUCTIBLE for you and REPORTABLE but NOT TAXABLE for them!
All income is taxable unless specifically excluded by law. Even a portion of your Social Security benefits may be taxable if you have sufficient total income.
So you have 100 plus 5 percent of the amount over 4000. 2999 X .05 WOULD BE 120 PLUS THE 100 WOULD 220 CORRECT.
Taxable income is described as gross income or adjusted gross income minus any deductions or exemptions. Taxable income can also come from appreciated assets that have been sold or capitalized in that tax year.