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What is the best definition of an allowance?
An allowance is a special circumstance that will allow for reductions in your federal tax bill. It is also a set amount of money that one might give a child periodically for their personal use.
What is a federal tax allowance?
Standard deduction amount, exemption amount, amounts of your income that are free of any federal income tax on your 1040 income tax return for the year.
What is a federal allowance?
Standard deduction amount, exemption amount, amounts of your income that are free of any federal income tax on your 1040 income tax return for the year.
What tax credit will reduce the amount of taxes you owe?
Child tax credit
Can your gross pay include shift allowance?
Yes because everything you earn is subject to tax, so what you get is the Net amount
What does children allowance mean?
I dont know. It could mean an amount of money that a child gets paided or maybe if a child is allowed to do something.
Car allowance in Canada?
Remember that your car allowance is a taxable benefit. The net dollars that you will have will be reduced by your tax burden. It is recommended to obtain a combined allowance that provides a monthly amount and a per KM amount. On average a $750 per month plus .15 per km would be an acceptable average
Is the child tax credit a refundable credit?
It can be. The Child Tax Credit is 2 parts. The first is non-refundable and can only reduce the tax to $0. If the full amount of the credit (generally $1000 a qualifying child) is not used, it becomes the Additional Child Tax Credit and the amount of refundable credit is calculated on Form 8812. The amount that can be refundable will depend on the wages and other income on the return.
Is sumptuary allowance exempted fronm income tax?
Is sumptuary allowance and daily allowance paid to the minister in india are taxable
If your ex husband owes you a big amount of back child support do you get his tax return?
If there is a tax return.
What is personal import tax allowance?
Import tax is the government tax you must pay on goods imported into your country from outside of your economic area. Import tax allowance is the limit of the value of items you can import without having to pay any import tax. This means that low value items can be imported tax-free. The import tax allowance varies from country to country
Does a wife have to pay taxes on the allowance given monthly by husband?
If the monthly amount is supposed to be ALIMONY payments YES the monthly Alimony payment amounts would be taxable income to you on your own 1040 income tax return. If you are still married and filing a married filing joint income tax return all of joint worldwide income would be reported on the MFJ income tax return and the monthly allowance from your husband would just be and amount from the after income tax funds that were reported on the MFJ income tax return.
