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Who would pay the least as a portion of income under a regressive tax?
Wiki User
∙ 12y ago
What I would pay and what you would pay and what the next person would pay are all probably different amounts. If I assume that you are single, you are no one else's dependent, you have no dependents, this is all ordinary income, you have no other income, you are not a student, you are not self-employed, and you do not itemize (all for 2008): 35,000 - 3,500 personal exemption - 5,450 standard deduction = 26,050 taxable income Tax = $3,506.25 http://taxes.about.com/od/2008taxes/qt/2008_tax_rates.htm
Wiki User
∙ 12y ago
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Under which tax system do poor people pay a larger proportion of income than wealthier people?
Regressive tax
Is rent added in national income when royalty is there?
Rent and Royalty are added in national income under income method.
What income range is considered below poverty level?
probably income under 13,000 per year
A families decision about how much income to save under the study of microeconomics or macroeconomics?
a family's decision about how much income to save microeconomics or macroeconomics?
Under which economic system would you find the least private ownership?
Under communism, you would find the least private ownership.
Who would pay the most as a portion of income under a regressive tax?
Under a regressive tax your tax rate goes down as you make more money. (Total Tax Paid) / (Income) = (Percent of income paid). As the tax rate goes down, the more you make the lower this number will be.
Under which tax system do poor people pay a larger proportion of income than wealthier people?
Regressive tax
When is it mandatory to file income tax forms?
It's mandatory to file a federal income tax form when you reach a certain income level for your filing status. Generally for 2009: Single under 65 if income is at least $9,350 or 65 and older if income is at least $10,750. Married filing jointly when both are under 65 if income is at least $18,700, or when one is 65 and older if income is at least $19,800, or when both are 65 and older if income is at least $20,900. Married filing separately must file when their income is at least $3,650. Head of household under 65 must file if income is at least $12,000, or at 65 and older when income is at least $13,400. Qualifying widow[er] with dependent child under 65 must file if income is at least $15,050, or when 65 and older when income is at least $16,150.
How much do you have to make to be required to file income tax returns?
Generally, you're required to file tax returns if, for your filing status, your income is above a particular level. For 2009, if Single under 65, you have to file when your income is at least $9,350 or Single 65 and older when your income is at least $10,750.Married Filing Jointly files when your income is at least $18,700 under age 65 or income at least $19,800 when one spouse is 65 and older or income at least $20,900 when both spouses 65 and older.Married Filing Separately must file if their income is at least $3,650.Head of household must file when income is at least $12,000 under age 65 or at least $13,400 65 and older.Qualifying widow(er) with dependent child must file when income is at leat $15,050 under 65 or at least $16,150 65 and older.If you're claimed as a dependent and single or married under 65 you're required to file if your earned income is over $5,700.
Who would be LEAST likely to have a high median income?
a person under the age of 24
Does cash go in an income statement?
Cash is not any income or cash in accrual based accounting system so it is not part of income statement rather it is an asset for business and shown under asset side in current asset portion.
How much do you have to make to file a federal tax return?
Generally, Single under age 65 must file when your gross income is at least $8,950 for 2008 ($9,350 for 2009). Married Filing Jointly under age 65 must file when your gross income is at least $17,900 ($18,700 for 2009). Married Filing Separately must file when your gross income is at least $3,500 ($3,650 for 2009). Head of Household under age 65 files when your income is at least $11,500 ($12,000 for 2009). Qualifying widow(er) under age 65 with dependent child files when your income is at least $14,400 ($15,050 for 2009). Dependents under age 65 must file if your earned income is over $5,450 for 2008 ($5,700 for 2009). Even if you're not required to file, you should file under certain circumstances. One, you're filing for a refund of withheld income tax because you owe no tax. Two, you're eligible for certain credits (earned income, making work pay, additional child tax credit, etc.).
How much money do you have to make throughout the year before you need to file federal taxes returns?
The amount of money that you have to make [i.e., income requirement] that requires filing a federal tax return is determined by your age and filing status. For 2009 income, generally if you're single and under 65, you must file if your total income is $9,350 and over. If you're 65 or older, then you must file if your total income is $10,750 and over.If you're married filing jointly and both are under 65, then you must file if your income is $18,700 and over. If only one spouse is 65 or older, then you must file if your income is $19,800 and over. If both spouses are 65 or older, your income must be $20,900 or over.Married filing separately is required to file if their total income is at least $3,650.Head of household under 65 must file if their income is at least $12,000. At 65 or older, they must file if their income is at least $13,400.Qualifying widow[er] with dependent child under 65must file if their income is at least $15,050. At 65 or older, they must file if their income is at least $16,150.
Is cash a part of income statement?
Cash is a current asset of business and all assets and liabilities are shown under balance sheet and are part of balance sheet and not of income statement so cash is shown under current asset portion of asset side of balance sheet.
Are company pension payments and social security income exempt from collection through legal judgments?
AnswerMost pension benefits or at least a portion thereof are exempt from creditor attachment. All SS benefits including SSD and SSI are totally exempt under federal law from judgment action.
Are cigarette taxes regressive taxes?
Answer:Double edged sword - Regressive as it is hoped that the raising of them causes less purchases of the product, so less tax could be raised. Hopefully, the same $ would still be spent on another taxable item.Progressive as the lessening of smoking will lower society health costs and the need to fund medical programs.Answer:In economics, a progressive tax is defined as one in which the effective tax rate increases as the taxable base amount increases. In most cases, the base amount may be income or expenditure. Strictly speaking, consumption taxes are neither progressive nor regressive, since their rates do not vary with the amount of expenditure. However, a less rigorous definition of the taxable base might be the taxpayer's ability to pay. Under that definition, consumption taxes, like taxes on gasoline, alcohol and cigarettes, are perceived as regressive, since a greater proportion of the expenditures of individuals with lower income goes to paying the taxes.
Will the IRS take your taxes if your car was repossessed?
No, but if the bank writes off any portion of the loan as a cancelled debt and reports it you on Form 1099-C, then you must include that on your tax return as income. Cancelled debt is taxed as income under the Internal Revenue Code.
