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What else can I help you with?
Discretionary bonus tax?
The discretionary bonus tax refers to the tax that is excludable from a given employee's regular rate of pay. The non-discretionary bonus on the other hand refers to that which must be included in the regular rate.
What is a Complex Non-Grantor Irrevocable Discretionary Trust?
In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
What is a Complex Non Grantor Irrevocable Discretionary Trust?
In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
Do i have to pay taxes on a trust fund?
If you derive income from a trust fund then you must declare that income on your tax return.
How is an income tax trust utilized?
An income tax trust is an investment that is based on an equity or property that you own. They often promise to pay out large amounts of money over time.
Distinguish between discretionary and non-discretionary fiscal policy?
Non-discretionary policies are ones that automatically happen. A progressive income tax and the welfare system both act to increase aggregate demand in recessions and to decrease aggregate demand in overheated expansions. Discretionary policies are those that the government chooses to do in response to conditions -- e.g. enact a tax rate cut.
Do you have to pay capital gains tax on property inherited from a trust?
No. Capital gain tax is a tax that is assessed when an asset is sold. The passing of an asset by inheritance (one received by the laws of intestacy when a decedent dies without a will) or an asset distributed from a trust does not constitute a sale; thus, the tax is not triggered. The tax is triggered when the property, inherited from a decedent or as a distribution from the trust, is sold. Assets owned by a decedent (or his revocable trust) get a new basis when the decedent dies, equal to the asset's value as of the date of death. If you sell the asset for more than the basis, then the tax is payable on the sale price, minus the basis. On the other hand, if an asset is owned by a trust, is sold by the trust, and proceeds are received by the trust, the trust must pay the capital gain tax.
What percentage of tax do you pay on a trust payout?
it depends, in some countries the tax is zero. in others, you just ignore the taxman and take the cash.
Do I pay taxes if I set up a trust fund for someone?
You do pay taxes if you set up a trust fund for someone. Depending on the type of trust, the money can be sheltered in some tax free forms but in general the person receiving the trust fund will eventually pay taxes even on those types of shelters.
Why did the supreme court case Pollock v. Famers' Loan and Trust start?
A citizen challenged his responsibility to pay the federal income tax. Apex :)
Is it legal for a leasing company to charge county sales tax based on the average of surrounding counties to the consumer but pay the actual county tax to the county agency?
No. They are responsible to pay for the actual tax, or the actual tax they collected, whichever is higher. They are required to charge the correct tax. For the seller, Sales taxes are a "trust fund"...that is, it is never his money...he collects the money from the purchaser (who is actually legally responsible to pay it whether he collects or not), on behalf of the State. he hold the money in trust. He cannot guess the amount.
What is the difference between discretionary and non discretionary spending?
Discretionary fiscal policies are those that are enacted in response to a need, for example, a tax cut. Non-discretionary fiscal policies are those that happen regardless of conditions or need, for example, the welfare system.
