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What is the purpose of a tax sheltered annuity?
Tax sheltered annuity refers to an employee making contributions into his/her retirement plan from his/her wages. If this is a direct contribution to the plan, this means the employee has the benefit of tax-free funds.
When did IRAs change from pretax to post tax?
Only when you do not qualify to deduct your contribution from your total income an pay have to pay the income in the year of the contribution then you would have a post tax contribution amount in your IRA account after income tax cost basis in your IRA account.
What are the characteristics of tax planning?
1. It is enforced contribution. 2. It is generally payable in money. 3. It is proportionate in character, usually based on the ability to pay. 4. It is levied on persons and property within the jurisdiction of the state. 5. It is levied for public purpose. 6. It is commonly required to be paid a regular intervals.
Do you have to pay income tax on IRA income?
On a standar IRA, Yes (you didn't pay tax on the $ contributed or as it grew). On a Roth IRA, (where you paid the tax on the income before contribution), No.
What is assesment tax?
Assesment of tax means Computation of Tax.
What do you mean by enforced contribution?
it means forced charged/compulsory contribution
What is enforced contribution of tax?
its payment is not voluntary in nature, and the imposition is not dependent upon the will of the person taxed.
What is the meaning of enforced contribution?
whether you like it or not, you need to pay taxes
What is the purpose of a tax sheltered annuity?
Tax sheltered annuity refers to an employee making contributions into his/her retirement plan from his/her wages. If this is a direct contribution to the plan, this means the employee has the benefit of tax-free funds.
When did IRAs change from pretax to post tax?
Only when you do not qualify to deduct your contribution from your total income an pay have to pay the income in the year of the contribution then you would have a post tax contribution amount in your IRA account after income tax cost basis in your IRA account.
What do you call a person who enforced laws and managed tax collections?
Ephor(s)
What is the synonym of tithe?
tax, duty, charity, contribution
What are the characteristic of taxation?
One of the key characteristics of taxation is that contribution is enforced. Other characteristics is that is commonly required to be paid at certain intervals, and it is levied on individuals, businesses, or property
Are donations made to a political action committee tax deductible?
No, they are not. No political contribution is tax deductable, on a Federal tax return.
A person who enforced laws and managed tax collection in Sparta?
Ephors
Is a surcharge considered a form of tax and if so is this not double taxation if enforced through a government?
Yes it is. The U.S. Constitution clearly states that there shall not be a tax charged on tax.....
Can you increase tax withholdings to offset 401k contribution?
yes
