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When all taxpayers pay all the same percentage of taxes is called?
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Is a tax where everyone pays the same percentage a regressive or progressive tax?
Neither, a tax in which everyone pays the same percentage is called a flat tax.
Do self-employed people pay FICA?
Yes self employed taxpayers pay taxes on the NET profit of the business operation. The self employment taxes (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate.
When are taxes do?
Federal income taxes are due April 15 of the following year.Most state income taxes are due the same day, but check with your state.Other taxes such as property taxes, estimated taxes, sales taxes, etc. each have their own due date.
Why would i pick State and local income tax deduction?
You generally want to take the higher of your state/local income taxes paid for the year, or the sales tax deduction. Which one of the two is higher is different for each person. The American Jobs Creation Act of 2004 gives taxpayers the option to claim state and local sales taxes instead of state and local income taxes when they itemize deductions. This option is available for the 2004 and 2005 returns only. IRS Publication 600, Optional State Sales Tax Tables, helps taxpayers determine their sales tax deduction amount in lieu of saving their receipts throughout the year. Taxpayers use their income level and number of exemptions to find the sales tax amount for their state. The table instructions explain how to add an amount for local sales taxes if appropriate. Taxpayers also may add to the table amount any sales taxes paid on: * A motor vehicle, but only up to the amount of tax paid at the general sales tax rate; and * An aircraft, boat, home (including mobile or prefabricated), or home building materials, if the tax rate is the same as the general sales tax rate. For example, the State of Washington has a motor vehicle sales tax of 0.3 percent in addition to the state and local sales tax. A Washington state resident who purchased a new car could add the tax paid at the general sales tax rate to the table amount, but not the 0.3 percent motor vehicle sales tax paid.
Define tax and explain its various types?
Tax is a compulsory payment imposed by government on every citizen of a country.Every one have to pay different taxes to government.there are two basic type of taxes.1=Direct tax.2=Indirect tax.(Direct Tax)Taxes imposed and collected by the same person,are called direct taxes e.g. Income tax,property tax,wealth tax.(Indirect Tax)Taxes imposed on one person but collected by some other person are called indirect taxes e.g. Sales tax,Central excise duty.
A tax that is structured so that people pay the same percentage of their income in taxes is called a?
progressive tax.
Do attorneys pay taxes?
Yes they do the same as other taxpayers filing the 1040 federal income tax return.
What taxes takes the same percentage of income from everyone regardless of their earnings?
A flat tax.
Can congress collect taxes on income as long as the taxes are the same for everyone in all states?
Yes and they do it's called Federal Taxes.
What is proportional taxes?
a tax system in which everyone pays the same percentage of their income no matter how little or how much they make
Why does Saudi Arabia not pay taxes?
They don't pay taxes but at the same time they have to pay something called ''zakat'' to the poor people not to the government.
Is a tax where everyone pays the same percentage a regressive or progressive tax?
Neither, a tax in which everyone pays the same percentage is called a flat tax.
What taxes take the same percentage of income from everyone regardless of their earnings?
flat tax, poll tax, head tax, sales tax
Do self-employed people pay FICA?
Yes self employed taxpayers pay taxes on the NET profit of the business operation. The self employment taxes (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax. If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate.
What are some financial benefits of same-sex marriage?
Usually lower tax rate for many joint filing taxpayers;No real estate transfer tax;Can avoid some inheritance/estate taxes;Spouse may receive free health benefits from employer.
A taxation strategy where everyone pays the same percentage amount regardless of income is a strategy called what?
The so-called Flat Tax.
How much are property taxes if you win a house?
The property tax rate in your local area will be the same per year no matter how you acquired the property. The rate will be a percentage of the value of the home.
