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just means that u are not required to do it. or u don't have to do it.
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∙ 15y ago
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Does annual income mean with taxes?
Annual income is gross salary before taxes. Net income is after taxes.
What does income tax withheld mean?
Same thing as paying estimated taxes. Paying your income tax as you earn the income.
What does provision of income tax mean?
Estimation of the taxes for the current year
What does gross income net of taxes mean?
It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such as, life insurance, charity, or debts that are taken automatic from your paycheck.
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
Does annual income mean with taxes?
Annual income is gross salary before taxes. Net income is after taxes.
What does incompanted mean?
Incompanted is an odd word made from slang in income corporations it means To pay with your Income taxes or to be paid with your income taxes strange as that is
What does income tax withheld mean?
Same thing as paying estimated taxes. Paying your income tax as you earn the income.
What does double taxation mean?
Corporations pay income taxes on their profits, and stockholders pay taxes on their dividends.
What does provision of income tax mean?
Estimation of the taxes for the current year
What does gross income net of taxes mean?
It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such as, life insurance, charity, or debts that are taken automatic from your paycheck.
What does withholding tax mean?
Taxes that are taken out of your pay before you get it. These typically include income taxes, social security taxes and Medicare taxes.
What is the difference between Income Tax and Provision of Income Tax?
Provision for income tax refers to the line item in the profit and loss statement. Income tax is a broad term and could mean current taxes (taxes actually payable to Government), Tax expenses/provision for tax- taxes reported in the P&L or deferred taxes (difference between current taxes and tax expense).
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
What does federal withholding mean?
When you earn income from an employer, the employer automatically withholds a portion of your salary for federal income taxes, which they remit to the government on your behalf.
What is tax implications?
When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.
How much money do construction workers have to pay for taxes?
Presumably you mean income taxes. Basically everyone pays the same income taxes, a varying percentage of earnings dependent on their net income and situation. The occupation is irrelevant. That said, the amount of income tax actually paid depend on the actual taxable (not all income is taxable) income earned (including things like interest earned, etc), the deductions and exemptions of the recepient (things like maritial status, # of dependents, etc.), and if you consider State taxes, where they are earned or where the individual lives.
