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well in the late 1700's I started giving out income tax and I have been giving them out for the past 400 years
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∙ 12y ago
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What is it called Total amount of pay before deductions?
The total amount of pay before deductions is the amount before taxes are taking out. This is the gross income.
What does gross income net of taxes mean?
It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such as, life insurance, charity, or debts that are taken automatic from your paycheck.
What are deductions allowed when calculating federal income taxes?
The deductions allowed whe calculating federal income taxes are as follow: Mortgage interest, charitable contributions, job expense, miscellanoous expense, medical expense in excess of 7.5 of income, and payment of state and local property taxes.
What is the money someone has earned before any deductions such as taxes?
Gross income
Are taxes deducted from gross income or net income?
Gross income is generally your total income. Net income is what you actually end up with to pay your bills. Gross income minus taxes & other deductions (such as disability insurance) equals net income.
What is it called Total amount of pay before deductions?
The total amount of pay before deductions is the amount before taxes are taking out. This is the gross income.
On loss income money do we pay taxes taxes on it?
Generally, if you have NET income after deductions and losses, you pay tax.
What are five other taxes providing government revenue besides income taxes?
tips salary income deductions
Income which is left after all taxes and other deductions have been subtracted out is?
net income
What does gross income net of taxes mean?
It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such as, life insurance, charity, or debts that are taken automatic from your paycheck.
How do you figure out your gross income?
Gross income is all monies earned and received before deductions. ( taxes, EI, Union Dues, etc ) After deductions it is considered Net income.
What are deductions allowed when calculating federal income taxes?
The deductions allowed whe calculating federal income taxes are as follow: Mortgage interest, charitable contributions, job expense, miscellanoous expense, medical expense in excess of 7.5 of income, and payment of state and local property taxes.
What is the money someone has earned before any deductions such as taxes?
Gross income
Are taxes deducted from gross income or net income?
Gross income is generally your total income. Net income is what you actually end up with to pay your bills. Gross income minus taxes & other deductions (such as disability insurance) equals net income.
What is post tax deduction?
Post tax deductions are deductions that are figured after taxes have already been taken out, such as a pay advance repayment. Pretax deductions are deducted from gross pay, then federal and state income taxes are determined on the net amount.
What tax deductions can appear on a payroll withholding statement?
Federal and state income taxes, and FICA
What is a yearly Gross income?
Gross yearly income is the total income before any deductions are taken out. Total incoming , excluding all expenditure, i think Your income before taxes are taken out
