0
What else can I help you with?
What is witholding?
Payors of dividends and interest do not ordinarily withhold income taxes from those payments. However, persons who do not report that income on their tax returns are subject to "backup withholding" of taxes from those payments.
What is backup witholding?
Payors of dividends and interest do not ordinarily withhold income taxes from those payments. However, persons who do not report that income on their tax returns are subject to "backup withholding" of taxes from those payments.
What percentage of income is recommended to allocate towards student loan payments?
Financial experts typically recommend allocating around 10-15 of your income towards student loan payments.
What percentage of federal income taxes are paid by persons making more than 250000?
43.6
What did SSI provide income for?
SSI provides cash payments to low-income persons over age 65 or disabled who meet certain other factors of eligibility, such as citizenship.
Describe the progressive nature of the individual income tax?
It imposes a higher percentage rate of taxation on persons with higher incomes.
How are lump sum payments taxed differently compared to regular income?
Lump sum payments are often taxed differently than regular income because they can push you into a higher tax bracket for that year. This means you may end up paying a higher percentage of tax on the lump sum amount compared to your regular income.
Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
Who is exempt from paying child support?
Almost no income/assets are exempt from child support. One exception is public assistance payments (including SSI).
Explain debt to income on credit scoring?
Add up all your gross income ... Add up all your normal bills, including utilities, car payments, credit card payments. Now divide the bills by the income - the result will be a percentage. The lower that number, the better ... generally if it is above 42%, one is likely not to get that car loan after all.
Are tax payments deductible?
Estimated Income tax payments are not deductible in figuring out what your taxable income is, that determines how much your actual income tax is. See, that's circular.
Formula for net income percentage?
Net income percentage = Net income / Revenue
