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Federal income taxes fund the federal budget. The federal budget is spent in a variety of ways, from military and defense spending, federal employee salaries, federal buildings, grants to state/local governments for various projects, such as roads and schools, foreign aide as well as everything else the federal government does.
Check http://www.gpoaccess.gov/usbudget/ for more info about how/where the federal government spends money.
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Can you file taxes on money you spent in jail?
Money that you spend in jail would not be reported on your income tax return.
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
What kind of income tax is based on your taxable income?
Income tax IS based on your income that is why it is called INCOME tax.
Is Payroll Tax considered Income Tax?
Yes. Any tax on income is income tax. Taxes imposed after income, such as sales tax, aren't.
Is Net income before or after tax?
Net income is what you get after tax, gross income is before tax.
What is the actual percentage of income spent to pay taxes?
What ever your marginal tax rate is when you get to the taxable income amount line on the 1040 tax form that your using and your income tax return has been completed correctly. It can be from -0-% to the maximum 35% You have 5 different rates.
Can you file taxes on money you spent in jail?
Money that you spend in jail would not be reported on your income tax return.
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
What kind of income tax is based on your taxable income?
Income tax IS based on your income that is why it is called INCOME tax.
Is Payroll Tax considered Income Tax?
Yes. Any tax on income is income tax. Taxes imposed after income, such as sales tax, aren't.
What is a Fedeal income tax?
A income tax is a tax levied on the income of individuals or business.
Is Net income before or after tax?
Net income is what you get after tax, gross income is before tax.
Can you withhold taxes if you don't want them spent on current wars?
No, you cannot. Income tax is collectable even when you disagree with government policies.
What is an income tax?
Income tax an amount of tax that is due on your TAXABLE INCOME amount for the tax year.
What does the term tax deductible means?
"Tax deductible" generally refers to an expense that can be deducted from your gross income when you file your tax return for the year in which the expense was incurred. For instance, if you spent $1200.00 on a college tuition and $275.00 on books and supplies for that course, you could deduct $1475.00 from your gross income for the year, thereby lowring your taxable income. If your tax bracket based on your income level was 15%, you would receive $1475 x 15% = $221.25 reduction in the income tax you pay for that year. Presuming that the tax was already deducted by your emplolyer (as would normally be the case), you would then receive a tax refund of $221.25 for that particular tax-deductible item.
What are the similarties between the state income tax and the federal income tax?
The amount of your tax liability is based on your TAXABLE INCOME after your income tax return is completed completely and correctly down to the TAXABLE income line of each income tax return.
How do you compute the personal income tax?
Income Tax DSC, Digital Signature for Income Tax, Return e Filing, ITR to authenticate your identity electronically, Get Class 3 digital signature for Income Tax to save your privacy. You can easily submit your Income-tax with the help of DSC (digital signature for income tax).
