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In 2008 (the latest year for which the IRS has published all the data), total taxable income in the US was over five trillion dollars.
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∙ 11y ago
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How can I determine my taxable income?
Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income
Is taxable income the full amount before tax is deducted?
Taxable income is the total income after deducting all deduction under the section 80(c) to 80(u). The tax liability is calculated on the total taxable income.
How much income outside of social security is taxable?
All income is taxable unless specifically excluded by law. Even a portion of your Social Security benefits may be taxable if you have sufficient total income.
Is 13th month pay taxable?
(in the US) All earned income and bonuses are taxable. (in the Philippines) If together with other financial benefits the total do not exceed P30,000.00, then it isn't taxable. If it exceeds the said limit, the amount in excess shall be taxable.
Wins from Online gambling is it taxable from the country of curacao?
If you are a US citizen or a US resident, your income is taxable in the US, no matter what country you earned it in. That includes gambling income, whether legal or illegal.
The total income of an individual minus certain deductions and personal exemptions is called?
its your taxable income
Is kinship income taxable income?
No it is not taxable
Is borrowed money taxable in US?
No the borrowed money would not be taxable income to you that you would report on your 1040 federal income tax return as income in the year that the amount is borrowed.
Is Avon income taxable?
ALL income is taxable.
In my tax return do I give my total net income or total gross income?
Most of your income is taxable on the gross income level. Some items are excluded from taxable gross income (such as pretax deductions from your paycheck for child care or medical expenses). Wage earners will enter the income in box 1 of their Form W-2 which is their taxable gross income. Other types of income are taxable at the net income level. If you have your own business, you can deduct business expenses from your gross income before adding the net income to your tax return. If you own a partnership, business expenses are deducted from gross income.
What are the differences between tax rates?
Total income tax as a percentage of total taxable income is the average tax rate, whereas total income tax as a percentage of total economic income is the effective tax rate.
What is the Georgia income tax rates?
It depends on the filing status. For 2007: Joint or Head of Household: Tax is computed at a graduated rate and is assessed in a range from one to five percent on the first $10,000 of net taxable income (total tax on first $10,000 of net taxable income is $340) plus six percent of the excess of net taxable income over $10,000. Single Return: One to five percent of the first $7,000 of net taxable income (total tax on the first $7,000 of net taxable income is $230) plus six percent of the excess of net taxable income over $7,000. Married Couple Filing Separate Return: One to five percent on the first $5,000 of net taxable income (total tax on the first $5,000 of net taxable income is $170) plus six percent of the excess of net taxable income over $5,000. http://www.etax.dor.ga.gov/taxguide/TSD_Tax_Guide_for_Georgia_Citizens_2007.pdf
