0
Income tax IS based on your income that is why it is called INCOME tax.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
How to Calculate income tax on the income statement?
You can't income tax is based on TAXABLE income, not financial statement income.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
Is federal income tax refunds taxable?
No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
What is a progressive tax strategy?
it is tha strategy that governs tax increases proportionally with taxable income. the higher your taxable income the higher tax percentage you will pay.
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.
What is taxable income, and where can I find it ?
Taxable income is the income your taxes are based on in your federal and state income tax returns. This website explains it. en.wikipedia.org/wiki/Taxable_income
Whats the difference between tax free income and taxable income?
You pay tax on taxable income and you don't on tax free income
How to Calculate income tax on the income statement?
You can't income tax is based on TAXABLE income, not financial statement income.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
Is long term disability income taxable?
It depends on how the premiums for the long-term disability policy are paid. If the premiums are paid with pre-tax dollars (such as through an employer-sponsored plan), then the benefits are generally taxable. However, if you pay the premiums with after-tax dollars, then the benefits are usually not taxable.
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
Who are the taxable persons?
In the Internal Revenue Code there is a tax imposed upon taxable income and that is defined as gross income or adjusted gross income which amounts to income earned in a taxable year by a taxpayer. A taxpayer is any person subject to any revenue laws. Is that clear? It isn't to me, and I remain astounded that so many people will claim that such circumlocution is clear to them. A tax imposed upon taxable income does not answer what the subject of the tax is. Is taxable income the same as income? If it is then why is taxable income defined as gross income or adjusted gross income but income itself never defined? Is income the subject of the Personal Income Tax Law? Who are the taxable persons? Those persons made liable for a tax are. How do we know who has been made liable to a tax by understanding that a tax was imposed upon taxable income?
Is federal income tax refunds taxable?
No. Federal tax refunds are not taxable. In some cases, state tax refunds are taxable.
What are the tax percent on a dallor?
After your income tax return is completed correctly you will know what your marginal tax rate was for your taxable income for the year. The federal income tax rate on your taxable income can be from -0- percent to the maximum 35% marginal tax rate depending on your filing status and your total worldwide taxable income.
What are the implications of reported income?
U will see whether it is taxable or below taxable limit. As long it is beyond taxable limit, u will have to pay tax on taxable income on prescribed rates. If all the income is below taxable limit, no tax to be paid
What is a progressive tax strategy?
it is tha strategy that governs tax increases proportionally with taxable income. the higher your taxable income the higher tax percentage you will pay.
