Dwayne DwayneDwayne Dwayne. OAS Contributions Old Age Security (OAS) is a monthly payment provided by the Government of Canada to eligible seniors aged 65 and over. It is a non-taxable benefit, meaning that it is not subject to income tax. OAS contributions are not deducted from OAS payments. OAS is funded by general tax revenues, … Read more
Mennonites are a religious group known for their belief in pacifism and simple living. Some members of this group also hold the belief that paying taxes is a form of supporting war and violence, which goes against their religious principles. As a result, some Mennonites have historically objected to paying taxes. However, it’s important to … Read more
Whether UK State Pension is taxable in Ireland depends on your residency status and income level. If you are a resident of Ireland and receive a UK State Pension, it is generally taxable as foreign income. However, if your total income is below the Irish income tax exemption threshold, you may not have to pay … Read more
Taxation is a necessary part of maintaining a functioning society by generating revenue for the government. This revenue is utilized to fund essential services and projects, such as education, healthcare, infrastructure, public safety, and environmental protection. Additionally, taxation incentivizes certain economic behaviors, such as savings or investments and discouraging harmful or pollutant activities. By redistributing … Read more
Tax deductions for school tuition can alleviate the financial burden of education. If you pay for qualified education expenses, you may be eligible for deductions or credits. These expenses can include tuition, fees, books, supplies, and certain other costs. The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) are two commonly used … Read more
Proportional tax is a tax system in which the tax rate is the same for all taxpayers, regardless of their income. This means that everyone pays the same percentage of their income in taxes. For example, if the proportional tax rate is 10%, then a person who earns $10,000 will pay $1,000 in taxes, and … Read more
Self-employed individuals, also known as independent contractors or freelancers, have unique tax reporting requirements. They are responsible for calculating and paying taxes on their earnings, including income, self-employment, and estimated taxes. The primary tax forms used by the self-employed include: Schedule SE (Form 1040), which calculates self-employment tax, and Schedule C (Form 1040), used to … Read more
The Sales Tax ID Number (STID) and the Employer Identification Number (EIN) are two distinct identifiers used for different purposes. The STID, also known as the Seller’s Permit Number, is issued by state or local tax authorities to businesses that collect sales tax on goods or services. It is used to identify the business and … Read more
Redundancy pay generally refers to a lump sum payment made to an employee whose job is being terminated. Tax treatment of redundancy payments may vary depending on the specific laws and regulations in each jurisdiction. In some cases, redundancy pay may be considered taxable income and subject to income tax. This is because the payment … Read more
Local property tax amounts are typically determined by multiplying the property’s assessed value by the local tax rate. The assessed value is usually based on an appraisal of the property’s market value, but it may also consider other factors such as the age and condition of the property. The local tax rate is set by … Read more