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What is the tax based on the amount of money earned?

Income Tax is a tax based on the amount of money earned.


Do you have to file taxes if you are over 80?

Income taxes are not witheld based on age. It is based on Earned income.


Can you get EIC if you had no income last year?

No, the Earned Income Credit is based on whether or not you have what the IRS considers qualifying earned Income. Earned income most commonly is derived from wages earned from a W-2 as an employee or net self employment from a business. Retirement income and unemployment compensation benefits do not count as earned income. Keep in mind that the amount of EIC you receive is based on amount of earned income (this phases out based on total earned income, filing status, and whether you have 0, 1,2, or 3 or more qualifying children). You must meet other criteria as well.


Can you get a tax refund if your only income is social security?

Income tax refunds are based on tax that was withheld or previously paid. There is normally no withholding tax on social security. You might, however, qualify for Earned Income Credit, or be able to collect a refund based on payments in a previous tax year.


What is south African budget based on is it on required or general or expected or earned income and spending?

The South African budget is based on the the expected income and spending. The South African budget is based on the tax collected and the expected or earned income.


What is the difference between financial year and assessment year?

financial year, is the given year where u have earned your income..This is a period used for calculating annual income on which you can calculate tax to be paid. Assessment year is the year in which the income earned is assessed. This is done for filing returns. In other words previous year is the year in which income is earned and following year is assessment year where u file your returns., based on the income what you have earned previous year. earned. Eg. AY 2007-08 and prev year is 2006-07.


What is the difference between the child tax credit and the earned income credit?

The child tax credit is a tax benefit for parents with dependent children, providing a credit for each child. The earned income credit is a tax benefit for low to moderate-income individuals and families who have earned income from work. The main difference is that the child tax credit is based on the number of children, while the earned income credit is based on income and family size.


Is earned income tax credit an itemized deduction?

No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.


What would my annual income in a numeric value be if I receive $794 per monthly?

Annual income is the total value of income earned during a fiscal year. ... You can easily convert your hourly, daily, weekly, or monthly income to an annual ... What would her annual income be if she works 8 hours per day, 5 days per ... Employees who earn a wage are paid based on a rate that is multiplied by the number of ...


CanI receive income tax with 2 kids and no income?

No. As the name implies, income tax and any credits that may go with it is based on some form of income, and in most cases, earned income.


Can a person get a loan using bank statements as proof of income?

I have received mortgage loans based on my bank statements as proof of income since my sole source of income is Federal benefits for which no weekly statement is issued.


Is unemployment checks considered income?

Yes it is taxable income that has to be reported as such on your 1040 income tax return. For the tax year 2009 the first 2400 of unemployment compensation received will not be taxable income that would have to be added to all of your other gross worldwide income and taxed at your marginal tax rate.