The child's income is essentially considered the income of the parent...so it is taxed at their rate, and presumably they have enough income to be taxed.
what should be my tax code for earning 118,000
as per the indian government who is earning above 15k as net salary or net income they will have to pay the income tax
That depends on the amount of children you have, if you own your own home, if you donate money.
It depends on how much you are earning. There is a minimum income limit and anyone earning above that predetermined number has to pay taxes. The taxes start with 10% and go up to 30%. There are also many options to reduce taxes legally. You can check the link in the related links section to learn about indian income tax.
Yes, all information for hourly employees is in the payroll register. Includes each employee's gross earnings, employee with-holding taxes, net pay, taxable earning, cumulative earning, and the accounts to be charged for the salary and wage expense for that pay period.
2.5 lakhs. Anyone earning less than 2.5 lakhs in a year need not pay any taxes
Individuals who fall below the minimum income threshold set by the government are not required to pay taxes.
Taxes are payed on EARNINGS. If you are not earning you will pay no tax.
The income threshold at which you are required to pay taxes varies depending on your filing status and age. For example, in 2021, a single individual under 65 years old must file taxes if their income is at least 12,550.
If it's only one child and the father is working, you can have his pay garnished through the courts and receive 17% of his weekly earning before taxes.
My child has to pay for lunch can I claim that on my taxes?
Children at the age of 12 do not have to pay taxes. The parents of the child is the one who has to pay taxes.
you speaka da english?
what should be my tax code for earning 118,000
The maximum income threshold where you can earn without being required to pay taxes is determined by the standard deduction set by the government. For the tax year 2021, the standard deduction for a single filer is 12,550. This means that if your income is below this amount, you may not be required to pay taxes.
The minimum income threshold for an individual to be required to pay taxes varies depending on factors such as filing status and age. For the 2021 tax year, a single individual under 65 years old must earn at least 12,550 to be required to pay federal income taxes.
they had to pay high taxes.their earning was repayes in loans and taxes.