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If George earned $50,000 and was taxed $7,500, while Julia earned $80,000 and was taxed $9,000, what type of income tax structure exists in their country?
regressive income tax
Is unemployment compensation taxable in the state of Ohio?
Ohio is one of the states in which unemployment compensation is fully taxed. In Ohio, unemployment compensation is treated the same as a type of income, therefore income taxes are paid.
Winnings in California game show is taxed where?
Taxed as ordinary income and sourced to where earned, (Calif) for state purposes.
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.
How are checks taxed in the United States?
Checks are not taxed in the United States when they are received. However, the money earned from checks may be subject to income tax depending on the source of the income.
Will the money you receive from the national mortgage settlement be taxed?
No court award are not earned income.
Are fixed income annuities taxed?
Yes, the income you receive will be taxed as ordinary income.
Why is MY employer taxing MY retention bonus at 40 percent?
Your employer is not taxing your retention bonus. Your employer is following the IRS rules that say your bonus is earned income, and as such, it is taxed just like other earned income.
Are profits earned from stocks taxed?
Profits from stocks & shares are classed as taxable income - and must be declared to the tax man.
How is sports betting taxed in the United States?
Sports betting in the United States is taxed based on the winnings earned from bets. The tax rate varies depending on the amount won and the state where the betting takes place. Winnings are typically reported as income on tax returns and taxed at the individual's regular income tax rate.
Do you get taxed on money saved?
Not taxed again on the after income tax money that you have saved but you are taxed on the earnings from the after income tax saved money.
Will the contributions to a 401K count towards your earned income if you choose to retire at age 62?
No, contributions to a 401k do not count as earned income when you retire at age 62, as they are considered pre-tax deductions from your paycheck. When you retire and start withdrawing from your 401k, those withdrawals may be taxed as income.
