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children, w2s and household utilities
All the above are entirely incorrect.
A tax credit is a term for many things available under tax laws that provide for a dollar for dollar "credit" or benefit to be used to pay tax otherwise due. It is unlike a deduction which only reduces the taxable income. A credit essentially pays the tax due on income that may well already have many deductions taken to it.
An example is that the US Fed currently allow a 1st time homebuyers credit. Which if qualified for, a buyer of a house can use to PAY income tax they would have otherwise had to pay that year. The idea is to free up that cash so the new buyer could use it to purchase the house (instead of paying tax) and stimulate the economy.
What else can I help you with?
In a sales journal used to record taxable sales What would the total of the accounts receivable equal?
In a sales journal used to record taxable sales, the total of the accounts receivable would equal the sum of all credit sales recorded during the period. This amount reflects the total sales made on credit that have not yet been collected in cash. It is important to note that taxable sales, whether made in cash or on credit, contribute to this total, but only the credit sales impact accounts receivable.
How much taxable income do you have to make to get the earned incomecredit return?
When you qualify for the earned income tax credit and you have the qualified taxable earned income of 1 to 50 you can get 2 of earned income tax credit. And it also possible that could qualify for some of the making work pay tax credit. This would only happen when your income tax return is completely correctly.
Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
How much do you have to earn in order to receive the child tax credit?
The credit reduces your taxable income by up to $1,000 per qualifying child, so your income must be at least as much as the amount of the credit you claim. Otherwise, there is no income for the credit to reduce. If you make less than the amount of the Child Tax Credit, you may still qualify for the Additional Child Tax Credit.
What is taxable interest on the 1040EZ tax form?
Form 1040EZ is Income Tax Return for Single and Joint Filers with No Dependents. Line 2 in the Income Section of Form 1040EZ is where you enter taxable interest. Most interest that you receive and that you can withdraw is taxable income. Examples of taxable interest are interest on bank accounts, money market accuracy certificates, and credit union dividends. The payer sends this information to you on Form 1099-INT or Form 1099-OID.
How much is car tax in Maryland?
6% of the purchase price of the vehicle less credit for the trade in. Document fees & warranties are included in the purchase price (they are taxable). Insurance ( credit life/disabilty) is NOT taxable.
What happens if your taxable income falls in the lowest tax bracket?
you are not eligible for the earn income credit
What is the point of an estate tax credit?
Estate tax credit has to do with the amount of property that is taxable from a deceased person, and/or with any other possible transference of property.
In a sales journal used to record taxable sales What would the total of the accounts receivable equal?
In a sales journal used to record taxable sales, the total of the accounts receivable would equal the sum of all credit sales recorded during the period. This amount reflects the total sales made on credit that have not yet been collected in cash. It is important to note that taxable sales, whether made in cash or on credit, contribute to this total, but only the credit sales impact accounts receivable.
Do you pay taxes on a Home Equity Line of Credit (HELOC)?
No, you do not pay taxes on a Home Equity Line of Credit (HELOC) because it is considered a loan and not taxable income.
How much taxable income do you have to make to get the earned incomecredit return?
When you qualify for the earned income tax credit and you have the qualified taxable earned income of 1 to 50 you can get 2 of earned income tax credit. And it also possible that could qualify for some of the making work pay tax credit. This would only happen when your income tax return is completely correctly.
Canada short term disability is it taxable income?
If you are referring to Short-Term Disability Insurance, it is taxable if your employer made the contribution, and not taxable if you made the contribution. This is because it is treated as a taxable benefit from employment that you have not been taxed on already. Please let me know if you are referring to something else. Thanks, Ragu HandyTax (Disability Tax Credit Consultants)
Can the IRS insolvency rule be applied toward credit card settlements?
Yes. If you are insolvent at the time a credit card debt is forgiven, the cancelled debt may not be taxable as income.
Can you get earned income back if you are on workerscomp?
NO workers compensation for an on the job injury is not qualified taxable earned income for the earned income credit.
Is money received as surplus from a foreclosure taxable?
Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
What are the tax deductions available for children?
Tax deductions available for children include the Child Tax Credit, the Child and Dependent Care Credit, and deductions for education expenses such as the American Opportunity Credit and the Lifetime Learning Credit. These deductions can help reduce the amount of taxable income for parents with children.
Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
