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A) Where are "you" living - Ireland, South Africa, China, Canada?
B) Is the 7000 before or after any deductions?
IT JUST DEPENDS I KNOW SOME THAT MAKE 400,000 A YEAR BASE PAY!
No
Yes, redundancy pay is part of your income and is therefore taxable. Of course, if you have been declared redundant, your next year's income will probably be lower, and hence you will pay less income tax.
They usually pay around 30 percent of their income after all the deductions. This is much higher than those who make less.
No, if you made anything less than $600.00 in one year then you do not need to pay taxes on that income. However, you should still file your taxes for that year.
FUTA is based on the first $7000.00 of income for each employee. If you are required to pay state unemployment tax and you pay it on time, your FUTA computation is .08% of each employees first $7000 income. If you don't pay the state on time, then you pay 6.4% of the first $7000 income. It's filed on tax form 940, but usually paid in quarterly.
IT JUST DEPENDS I KNOW SOME THAT MAKE 400,000 A YEAR BASE PAY!
it doesnt matter about age. If a child earns over £5000 a year then they still have to pay income tax regardless of age.
Income tax is progressive. Example (not real figures): If you make 10,000 a year, you pay 7% but if you make 300,000 a year you pay 7% on the first 10,000, 15% on the next 20,000 and it increases.
if i make 62000 net income how much in oas do i have to pay back
No
How it is looked at by the loan companies is Income minus Expenses, if your annual income is only 10k but your rent (or mortgage) is only 5k a year, they see it as you have 5k a year to pay your loan with. however if you make 40k a year, but pay a 35k a year mortgage, you still only have 5k a year to repay with. 40k a year does look better that 10k a year, but the income minus living expenses is the primary thing they look at, along with Credit.
Yes, redundancy pay is part of your income and is therefore taxable. Of course, if you have been declared redundant, your next year's income will probably be lower, and hence you will pay less income tax.
They usually pay around 30 percent of their income after all the deductions. This is much higher than those who make less.
People whose income is less than 2.5 lakhs per year need not pay any taxes
No, if you made anything less than $600.00 in one year then you do not need to pay taxes on that income. However, you should still file your taxes for that year.
$7000