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☆☆☆☆☆A qualifying child or qualifying relative.
they are amount of money that taxpayers claim for themselves, spouses, and any eligible dependents that will reduce their taxable income.
this is for a+ robert was here:p
A tax the state creates and collects.
fee-for-service
The 16th amendment is a moot point. All it did was to confirm Congress' taxing power concerning income tax as an indirect tax!
Income Tax is an INDIRECT tax. It is NOT a direct tax as others here have suggested. 2 US Supreme Court Cases in 1916 settled this very question. They are:
BRUSHABER v. UNION PACIFIC R. CO., 240 U.S. 1 (1916)
AND
STANTON v. BALTIC MINING CO, 240 U.S. 103 (1916)
The Court said specifically in the Stanton case the following:
" it manifestly disregards the fact that by the previous ruling it was settled that the provisions of the 16th Amendment conferred no new power of taxation, but simply prohibited the previous complete and plenary power of income taxation possessed by Congress from the beginning from being taken out of the category of indirecttaxation to which it inherently belonged, "
And as a side note, most tax professionals do NOT read the law to determine who is liable for the tax. Most tax professionals read IRS publications and just ASSUME anyone who makes money now owes an Income Tax.
IRS Publications are sort of like "New Letters" put out by the IRS to the tax industry, including mostly ALL CPA's and Tax "Professionals". The IRS has a manual available on their website which any one can go read. Here's what THEIR OWN manual says about their own publications:
4.10.7.2.8 (01-01-2006)
IRS Publications
"IRS Publications explain the law in plain language for taxpayers and their advisors. They typically highlight changes in the law, provide examples illustrating Service positions, and include worksheets. Publications are nonbinding on the Service and do not necessarily cover all positions for a given issue. While a good source of general information, publications should not be cited to sustain a position."
The IRS has plainly stated in their OWN manual that Publications are NOT to be cited to sustain positions about the LAW even though that is what all tax professionals do anyway. This is because IRS publications and pamphlets are NOT the law. The IRS has already vindicated themselves from people who WRONGLY use publications like law.
So hopefully this has gotten you on the proper path to actually understanding what the "Income Tax" actually is and especially what it ISN'T!
decreasing term insurance...
Your employer would be able to give you the percentage amount that would be withheld from your pay for the total of all taxes on the 1000 amount.
Social security, medicare, federal income taxes, state income taxes, local income taxes, etc.
this life insurance policy has premium payment for a set number or years....
For Federal income tax purposes, taxable income is the portion of a taxpayer's gross income on which his regular income tax liability (before payments and credits) for the year is based. Income from any given source is taxable, unless the Code specifically says it isn't taxable.
Calculation:
Taxable income starts with gross income, which according to the US Internal Revenue Code, is all income from whatever source derived. Gross income is then reduced by certain adjustments allowed by the IRS (e.g. for student loan interest, alimony paid, and 10 or so other specific items) to get adjusted gross income. Adjusted gross income is then reduced by exemptions (both personal and for any dependents) and itemized deductions (or the standard deduction) to arrive at taxable income.
the amount of money you actually earn during a given pay period...
the amount of paycheck after withholdings
W-2
Exemptions!!
there are two types of annuities including fixed and variable
It is usually the most expensive healthcare choice but offers the most flexibility.
under this type of policy, the insured pays premiums for his or her entire life :)
thankkk emery.s (;
Term Insurance
A specific amount of money set aside for a certain reason. Like saving up for college.
A special circumstance that permits reductions in your federal tax bill
The same as an employee's salary
The amount of your income for which no taxes need to be paid.
Knowing the difference will allow you to develop a realistic budget based upon your take-home pay.
W-2
Accidental Death or Dismemberment
did you know people eat toilet paper in prison so they wont starve..........
They cover the cost of services for a person living in a nursing home or in an assisted living facility.
a form completed by the taxpayer and sent to the federal government.
47000 times 7.65 % the amount of FICA would be 3595.50.
indexed! :)
indirect tax
a form used to calculate the amount of taxes a person must pay based upon income.
7.65% of 46500 is 3557.25. This means:
46500 - 3200 - 930 - 3557.25 = 38812.75
special circumstances that reduce a persons federal tax bill
Variable Annuity Calculator
Contributing to a Variable Annuity creates long term tax-deferred growth. Use this calculator to see how a Variable Annuity might fit into your retirement plan.
