Probably not, but there are many types of 1099s, and excise taxes, I suppose it's possible one would represent something that is applicable to the other.
After you have completed your income tax return correctly you will know what your marginal tax rate is. The taxable amount from the 1099-R will be subject to income tax at that marginal tax rate.
The U.S. federal income tax is an excise tax, imposed on the privilege of earning income, the source of which has a nexus to the federal government. The amount of such earnings is not itself the subject of the tax but is used to measure the tax to be paid.
No the copy of the 1099-INT would not be attached to the income tax return.
Tax rate is a function of personal situation, not a function of whether or not the income is reported on 1099 MISC. Of course, on 1099 income, you also may need to pay self-employment tax, but you should consult a tax adviser on that. And, also, since most 1099 income is not withheld income, there is the risk of an underpayment penalty.
Excise taxes are regressive taxes. Say a rich person and a poor person buy the same amount of cigarettes and pay the same cost (the excise tax does not change with income level). The tax assesed on the cigarettes represents a larger percentage of the poor person's income than the rich person's income, hence a regressive tax model.
The answer is sales tax and excise tax. Sales tax is charges on purchases of goods and services, usually a percentage of the price. Excise tax is a charge on products such as alcoholic beverages, gasoline, and tobacco.
service tax , income tax, sales tax, tds tax, excise tax & other taxes
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
“i have 1099 income $24000. i'm single and no deduction, what's my federal tax payment for 2010 ”
A tax on perfumeA tax on perfume is an example of an excise tax. Excise taxes are indirect taxes on certain types of goods.
A 1099 tax form reports income that may be taxable. You will include this amount as income on your 1040 federal tax return form. It may also be taxable at the State and local level, depending on where you live.