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Like all taxes, it is absolutely situational...I would suspect that the overwhelming percent of music producers don't pay AMT at all. (And of course, AMT if applicable, does become a credit toward future regular tax anyway). No income tax is determined by the field/profession of the tax payer. It is all, always, addressed as a matter of taxable income (and in this case amt taxable income).
AMT is short for Alternative Minimum Tax.
What else can I help you with?
What line on 1040A is total federal tax paid?
The total Federal Tax paid is the sum of the federal taxes that you have payed either through payroll deductions or estimated taxes that you have paid to the federal government or others that have paid federal taxes to your benefit, for that particular tax year.
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
Are federal taxes paid as a business expense?
No
What is the average federal taxes paid per person?
4600
Do you have to file taxes if you made 7000 in Illinois?
file it dam you will get all that you paid in to federal and yes you have to file your taxes period
What are federal estate taxes?
Federal state taxes are taxes to be paid to the federal government on owned property. Theses taxes are to be paid once a year.
What line on 1040A is total federal tax paid?
The total Federal Tax paid is the sum of the federal taxes that you have payed either through payroll deductions or estimated taxes that you have paid to the federal government or others that have paid federal taxes to your benefit, for that particular tax year.
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
Who do you pay your taxes to?
Federal taxes are paid to the Internal Revenue Service.
Are federal taxes paid as a business expense?
No
Currently individuals and business pay taxes directly to the federal government in the early years of your country?
taxes were paid to the states who, in turn, paid the federal government.
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
Which payroll taxes are paid by the employer only?
Federal & State Income taxes
Can I deduct federal taxes paid for a prior year on my current tax return?
No, you cannot deduct federal taxes paid for a prior year on your current tax return.
How do I record federal taxes paid in QuickBooks?
To record federal taxes paid in QuickBooks, you can create a new expense account for federal taxes and then enter the payment as an expense transaction in the software. Make sure to categorize the payment under the federal taxes account to accurately track and report your tax payments.
What is the average federal taxes paid per person?
4600
What happens if I overpaid my federal taxes?
If you overpaid your federal taxes, you can request a refund from the IRS. They will send you the excess amount you paid back to you.
