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Is the value added tax deductible as a sales tax on federal income tax returns?
Wiki User
∙ 9y ago
I don't believe that any state has VAT. To answer your question, no VAT is not deductible as Sales Tax on Schedule A of the 1040 Form.
Wiki User
∙ 9y ago
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How is pension income taxed?
The taxable amount of the distribution is added to all of your other gross worldwide income on your 1040 federal income tax return will be subject to income taxes at your marginal tax rate.
Can state income be higher than federal income?
Yes. example: Federal allows certain deduction from your wages (sec125 healthcare, transportation,). In New jersey those payments must be added back - they don't allow for those deductions Happens almost always. Just to start, STATE income tax paid is a deduction from FEDERAL income, but not from state income obviously (that would be circular).
How much taxes does a 19 year old have to pay?
When your income tax return is completely correctly then you will know the amount of your federal income tax liability. This answer will only be known after you determine the amount of your gross income that will be taxable income to you on your income tax return. For an example if you are a qualifying dependent on another tax payer's income tax return and you have 951 of unearned income your federal income tax liability would be $1 in federal income taxes. Interest, dividends, capital gains, rental income, gambling winnings, etc. If you have 5700 of gross earned income wages, salaries, tips, etc. from an employer added to the 951 of unearned income on your 1040 income tax return then your federal income tax liability amount on your 1040 income tax return would be $96. If you are a self employed taxpayer and have a net profit of 500 from your schedule C-EZ and schedule SE added to the above amounts then your federal tax liability would be income tax $141 plus yourself employment tax of $70 for a total amount owed of $211 when your 1040 income tax return is completed correctly
How much is taxes for a 16 year old?
When your income tax return is completely correctly then you will know the amount of your federal income tax liability. This answer will only be known after you determine the amount of your gross income that will be taxable income to you on your income tax return. For an example if you are a qualifying dependent on another tax payer's income tax return and you have 951 of unearned income your federal income tax liability would be $1 in federal income taxes. Interest, dividends, capital gains, rental income, gambling winnings, etc. If you have 5700 of gross earned income wages, salaries, tips, etc. from an employer added to the 951 of unearned income on your 1040 income tax return then your federal income tax liability amount on your 1040 income tax return would be $96. If you are a self employed taxpayer and have a net profit of 500 from your schedule C-EZ and schedule SE added to the above amounts then your federal tax liability would be income tax $141 plus yourself employment tax of $70 for a total amount owed of $211 when your 1040 income tax return is completed correctly
When are federal income taxes due?
The total amount of your federal income tax that is due for the calender year taxpayer is usually due to be postmarked before MIDNIGHT April 15 of the year after the tax year that the 1040 federal income tax return is for. After that due date penalties and interest will start to be added to the amount of past due taxes until the amount is paid in full.
Who was president when the federal income tax amendment was added to the constitution?
Woodrow Wilson
How is pension income taxed?
The taxable amount of the distribution is added to all of your other gross worldwide income on your 1040 federal income tax return will be subject to income taxes at your marginal tax rate.
Can state income be higher than federal income?
Yes. example: Federal allows certain deduction from your wages (sec125 healthcare, transportation,). In New jersey those payments must be added back - they don't allow for those deductions Happens almost always. Just to start, STATE income tax paid is a deduction from FEDERAL income, but not from state income obviously (that would be circular).
You just filed for bankruptcy and also got your 2008 refund will that be added to income in2009?
I filed my Federal taxes for 2008 and just received a refund and I am in the process of filing bankruptcy this month will that refund be added as income to the bottom line?
Do you have to have taxes taken out of unemployment in Florida?
Unemployment compensation amounts that are received during the year is added to all of your gross income for the year taxed at your marginal tax rate on federal 1040 income tax return. You can choose not to have any federal income tax withheld from your unemployment compensation payment amount. For the 2009 tax year the first 2400 of unemployment compensation that was receive was exempt from the federal income tax on your 2009 1040 federal tax form.
In the state of Kentucky if i win the lottery is it considered income?
YES it is taxable income. And you already know that it is taxable income that you will have to report on your federal 1040 income tax return and added the amount to all of your other gross income and the amount will be subject to the federal income tax in the year that they are received at your marginal tax rates. For 2009 and 2010 the marginal tax rate on the federal 1040 income tax return is 10% to the Maximum 35% rate. And of course you could also have some state income taxes to pay on the lottery winnings amount.
How much is taxes for a 16 year old?
When your income tax return is completely correctly then you will know the amount of your federal income tax liability. This answer will only be known after you determine the amount of your gross income that will be taxable income to you on your income tax return. For an example if you are a qualifying dependent on another tax payer's income tax return and you have 951 of unearned income your federal income tax liability would be $1 in federal income taxes. Interest, dividends, capital gains, rental income, gambling winnings, etc. If you have 5700 of gross earned income wages, salaries, tips, etc. from an employer added to the 951 of unearned income on your 1040 income tax return then your federal income tax liability amount on your 1040 income tax return would be $96. If you are a self employed taxpayer and have a net profit of 500 from your schedule C-EZ and schedule SE added to the above amounts then your federal tax liability would be income tax $141 plus yourself employment tax of $70 for a total amount owed of $211 when your 1040 income tax return is completed correctly
How much taxes does a 19 year old have to pay?
When your income tax return is completely correctly then you will know the amount of your federal income tax liability. This answer will only be known after you determine the amount of your gross income that will be taxable income to you on your income tax return. For an example if you are a qualifying dependent on another tax payer's income tax return and you have 951 of unearned income your federal income tax liability would be $1 in federal income taxes. Interest, dividends, capital gains, rental income, gambling winnings, etc. If you have 5700 of gross earned income wages, salaries, tips, etc. from an employer added to the 951 of unearned income on your 1040 income tax return then your federal income tax liability amount on your 1040 income tax return would be $96. If you are a self employed taxpayer and have a net profit of 500 from your schedule C-EZ and schedule SE added to the above amounts then your federal tax liability would be income tax $141 plus yourself employment tax of $70 for a total amount owed of $211 when your 1040 income tax return is completed correctly
Is rent added in national income when royalty is there?
Rent and Royalty are added in national income under income method.
When are federal income taxes due?
The total amount of your federal income tax that is due for the calender year taxpayer is usually due to be postmarked before MIDNIGHT April 15 of the year after the tax year that the 1040 federal income tax return is for. After that due date penalties and interest will start to be added to the amount of past due taxes until the amount is paid in full.
You have 2 kids from a prev marriage you are a homemaker but have to have 12K a year of taxable income to claim kids for taxes Can your husbands income count?
On the married filing joint income tax return both taxpayer worldwide income would be added together and be required to be reported on the MFJ federal income tax return.
Is locality pay taxable?
Sure locality pay would be taxable income and would be added to all of your other gross worldwide income and reported on your 1040 federal income tax return and the TAXABLE amount would be subject to income taxes at your marginal tax rates when the income tax return is completed correctly.
