what does regular income mean
Is something missing from this question? It doesn't make a lot of sense. Do you mean how do you avoid income tax? Do you mean how does the government tax income? Do you mean, how do you caluclate the amount of income tax that you will have to pay?
Corporations determine whether an entity pays regular income tax or Alternative Minimum Tax (AMT). Most state income taxes are determined on the same tax year as the federal tax year.
Same thing as paying estimated taxes. Paying your income tax as you earn the income.
Income tax is a direct tax. Individuals and businesses pay direct taxes to the government on a regular basis and it is calculated on all sources of income accrued by the business or individual.
this is your FULL monthly income before tax withdrawal.
flat income tax
Is something missing from this question? It doesn't make a lot of sense. Do you mean how do you avoid income tax? Do you mean how does the government tax income? Do you mean, how do you caluclate the amount of income tax that you will have to pay?
Corporations determine whether an entity pays regular income tax or Alternative Minimum Tax (AMT). Most state income taxes are determined on the same tax year as the federal tax year.
Same thing as paying estimated taxes. Paying your income tax as you earn the income.
Income tax is a direct tax. Individuals and businesses pay direct taxes to the government on a regular basis and it is calculated on all sources of income accrued by the business or individual.
It is what the federal or state government charges you on your income. (the money you earn) It is a percentage of your income. It mean the tax youse has to pay on youse income.
Tax rates by IRS based on annual income. They are on the web site. Income determines tax bracket.
Yes. Income tax is a direct tax. Individuals and businesses pay direct taxes to the government on a regular basis and it is calculated on all sources of income accrued by the business or individual.
it means
No. You will not pay income tax in addition to capital gains tax if I understand you correctly. However, capital gains tax for an individual is reported and paid on your 1040 income tax return. The only difference is that the rate for capital gains taxes is lower than the regular income tax levels.
this is your FULL monthly income before tax withdrawal.
There is a myth that clergy pay a lower tax rate, when in fact in total tax (SE tax + income tax) often they pay far higher taxes than the typical W2 wage earner. How is this so? Because they are considered "self-employed" by the IRS and thus pay a whopping 15.3% off their gross income (before adjustments and exemptions) AND regular income tax. Effectively this means they pay more in total tax. The regular wage earner pays half (or in 2011 less than half) of Social Security (the equivalent of "self-employment tax") and the employer pays the rest. Obviously this is a bad situation, so much so that Congress began to allow clergy to exclude the lower of fair market value of their home or actual expenses for housing from regular income tax (but not self-employment tax, that still comes off the top). So a minister earning $50,000 pays $6141 in SE tax (13.3%, down from 15.3 last tax year) on that income PLUS any regular income tax. If a minister spent $15,000 total on housing, he would still pay regular income tax on $35,000 at the going rate. That would be about an additional $2871, for a total of $9012, or an effective total tax rate of 18% tax on just $50,000 income. That's a dead heat with a regular income earner ($9081).