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Do you pay taxes on your income tax refund?
A Federal income tax refund is not taxable income (for state or Federal purposes) in the year a taxpayer receives it.A state income tax refund for a previous tax year, however, may be another story. It will be Federal taxable income in the year in which the taxpayer receives the refund, if he itemized deductions on the previous year's Federal income tax return.Suppose a taxpayer files his 2010 Form 1040, and itemizes his deductions. Following the instructions for the 1040, he deducts $500 withheld as state income tax (shown on his W-2) in computing his 2010 Federal taxable income. He then prepares his state income tax return and discovers that he owes only $435 in state income tax, and is due a refund of $65 (the difference between the $500 withheld and his actual liability of $435). His actual state tax liability was only $435, but he had deducted $500 from his 2010 Federal taxable income, so when he gets the $65 refund in 2011, he must include it in 2011 income for Federal income tax purposes to make up the difference.However, if the state refund was for a tax year for which the taxpayer did not itemize deductions on his Federal tax refund (i.e., he took the standard deduction), it is not taxable income to him.
Is wealth tax a direct tax or indirect tax?
direct tax
How do you find the tax rate if you have the pre tax and after tax profit?
After Tax Profit = Pretax Profit * (1 - Tax Rate) Solve for Tax Rate Tax Rate = 1 - (After Tax Profit/Pretax Profit)
A tax on perfume is what kind of tax?
A tax on perfume is an excise tax. An excise tax is an in-country, or inland, tax on a specific good produced for sale. If the tax is on the perfume as it is imported, it is a customs duty or border tax.
Do you pay taxes on income tax return?
I assume that this question is about an income tax refund, and not about an income tax return (which is the form you file with income tax authorities every year, along with any income taxes you still owe.)A Federal income tax refund is not taxable income (for state or Federal purposes) in the year a taxpayer receives it.A state income tax refund for a previous tax year, however, may be another story. It will be Federal taxable income in the year in which the taxpayer receives the refund, if he itemized deductions on the previous year's Federal income tax return.Suppose a taxpayer files his 2010 Form 1040, and itemizes his deductions. Following the instructions for the 1040, he deducts $500 withheld as state income tax (shown on his W-2) in computing his 2010 Federal taxable income. He then prepares his state income tax return and discovers that he owes only $435 in state income tax, and is due a refund of $65 (the difference between the $500 withheld and his actual liability of $435). His actual state tax liability was only $435, but he had deducted $500 from his 2010 Federal taxable income, so when he gets the $65 refund in 2011, he must include it in 2011 income for Federal income tax purposes to make up the difference.However, if the state refund was for a tax year for which the taxpayer did not itemize deductions on his Federal tax refund (i.e., he took the standard deduction), it is not taxable income to him.
What is the total of 112 dollars plus 5.5 percent sale tax?
112 U.S. dollars + (5.5 percent tax) = 118.16 U.S. dollars
What is 30 percent off of 160 dollars plus 0.9 tax?
30% off of 160 dollars is 70% of 160 = 160*70/100 = 112 dollars.112 dollars and 0.9 tax is 112.90 dollars.30% off of 160 dollars is 70% of 160 = 160*70/100 = 112 dollars.112 dollars and 0.9 tax is 112.90 dollars.30% off of 160 dollars is 70% of 160 = 160*70/100 = 112 dollars.112 dollars and 0.9 tax is 112.90 dollars.30% off of 160 dollars is 70% of 160 = 160*70/100 = 112 dollars.112 dollars and 0.9 tax is 112.90 dollars.
An item that usually sells for 140 goes on sale fo 20 percent off If the sales tax is 5 percent what is the final cost to the coustomer?
140 minus 20% = 80% of 140 = 0.8*140 = 112 Then 5% tax on top = 112 +5% of 112 = 105 % of 112 = 112* 105 / 100 =117.60
What does it mean when something is said to be tax exempt?
When something is tax exempt, it means that it is not subject to taxation for specific reasons outlined by the tax laws. This could apply to organizations, individuals, or specific transactions, allowing them to avoid paying certain taxes.
When in a situation would you round down involving money?
When you are computing how much tax you have to pay.
Do I need an ATX software in my daily computing activities?
No you don't need ATX software programs in your daily computing activities. I believe, ATX software is a tax software application. It has no relations with doing other non-tax related stuff on computers.
How will accounting cloud computing reduce my income tax rate?
No, accounting cloud computing software will not help you have a reduction in your income taxes. All of us would like to pay no taxes but it will never happen.
What is 112 plus 112 plus 112 plus 112 plus 112?
112 + 112 + 112 + 112 + 112 = 560
What is 0 - 112?
-112
Computing is computing that relates to emotion or deliberately tries to influence emotion?
affective computing!
Is grid computing an advanced computing?
"Distributed" or "grid" computing in general is a special type of parallel computing, it is advanced in the means of using distributed computing.
What is 112 over 112 as a percent?
It is: 112/112 times 100 = 100%
