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What is the difference between income taxes and state taxes?
Income taxes are taxes paid based on the amount of your wages and other forms of income, including but not limited to investment income, pensions, interest and dividend income, business income, rental income, etc. Income taxes are assessed by and paid to the federal government and, depending on where you live, also state and local governments. State taxes can come in many forms, including not only income taxes, but also property taxes, sales taxes, use taxes, excise taxes, business taxes, etc.
Define earned income taxes and personal income taxes?
An individual taxpayer using the 1040 federal income tax return earned income worked for income and the related income taxes and the personal income taxes would be the same thing on the 1040 income tax return.
Are federal income taxes deductible for federal corporate income taxes?
No, they are not.
Do you pay taxes when selling an asset?
Yes you do if you owe any capital gains tax on the sale of the asset after your income tax return is completed correctly and IF you owe any taxes on gain.
You purchased land 20 years ago for 20000 and this year sold it for 17000 so do you have to pay taxes on the 17000 this year?
No. This should be treated as a capital gain/loss. If you bought the land for $20,000 and sold it for $17,000 you do not have any income or a gain. On the contrary, you have a $3,000 capital loss which can be used to offset some of your income and decrease your taxes.
What year did congress gain the right to collect income taxes?
1913 (i had the same question.)
What did congress have to do in order to gain the right to coollect income taxes?
The congress should have the power to lay taxes, imposts and excises etc.
How do you avoid paying capitol gains tax when selling a rental house in Canada?
You will have to complete your income tax return correctly and pay any income taxes that may be due when the income tax return is completed.
Do you have to pay tax when you buy your first house in nsw when your not going to live in it and you may rent it out?
I don't know if you are talking about income tax or property taxes. The answer is the same for both. In renting the house out you will pay income taxes on your gain from rental income and you will pay property taxes for the ownership of the property.
What is the difference between net ordinary income and net operating income?
Net income refers to all income minus expenses and taxes. Ordinary income refers to all income other than capital gain. Therefore, net ordinary income is income, with the exception of capital gain, after expenses and taxes are deducted.
What taxes are higher corporate or income taxes?
income taxes
What is the difference between income taxes and state taxes?
Income taxes are taxes paid based on the amount of your wages and other forms of income, including but not limited to investment income, pensions, interest and dividend income, business income, rental income, etc. Income taxes are assessed by and paid to the federal government and, depending on where you live, also state and local governments. State taxes can come in many forms, including not only income taxes, but also property taxes, sales taxes, use taxes, excise taxes, business taxes, etc.
Define earned income taxes and personal income taxes?
An individual taxpayer using the 1040 federal income tax return earned income worked for income and the related income taxes and the personal income taxes would be the same thing on the 1040 income tax return.
An excess of income taxes expense over income taxes payable for a period is associated with?
a credit to deferred income taxes payable
What does the capitol of US do?
they discuss taxes and laws
Are federal income taxes deductible for federal corporate income taxes?
No, they are not.
Do you pay taxes when selling an asset?
Yes you do if you owe any capital gains tax on the sale of the asset after your income tax return is completed correctly and IF you owe any taxes on gain.
