Income Level The amount of income a person earns is a major factor in determining how much tax they pay. In general, the higher a person’s income, the more tax they will owe. This is because tax rates are progressive, meaning that they increase as income increases. The table below shows the federal income tax … Read more
Payroll taxes are expenses incurred by employers to fund various government programs, such as Social Security, Medicare, and unemployment insurance. These taxes are calculated as a percentage of an employee’s wages or salary. The employer is responsible for withholding these taxes from each employee’s paycheck and then remitting them to the appropriate government agency. Payroll … Read more
When determining how much tax you pay on a company car allowance, it depends on how much the allowance covers your car’s annual running costs. If the allowance covers less than your actual running costs, you won’t have to pay tax on it. However, if the allowance covers more than your running costs, the excess … Read more
Deciding whether you need to submit a tax return is important. You might be exempt in these situations: You received no taxable income for the year and received Centrelink or other government benefits instead. Alternately, you may have someone manage your tax affairs for you and have given them a non-lodgement advice. If your total … Read more
Systematics and taxonomy are both disciplines that study the diversity of life. Systematics is the study of the evolutionary relationships between organisms, while taxonomy is the study of classifying and naming organisms. The two disciplines are closely related, as the classification of organisms is based on their evolutionary relationships. Together, systematics and taxonomy provide a … Read more
State disability income is generally taxable by the IRS. This means that any money you receive from your state’s disability insurance program will be included in your taxable income. This is regardless of whether you receive benefits from Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). If you receive disability income from both … Read more
When an option is not exercised, it expires worthless. The loss on the option is treated as a capital loss and can be used to offset capital gains. The tax treatment of unexercised options depends on whether they are held as short-term or long-term assets. Short-term options are held for less than a year and … Read more
Métis are entitled to certain rights and exemptions under the Indian Act, including the exemption from paying income tax on income earned from sources on their reserve. This exemption is based on the principle of aboriginal title, which recognizes the Métis’ inherent right to self-government and economic autonomy on their traditional lands. In addition, Métis … Read more
Income tax withheld is the amount of income tax that your employer deducts from your paycheck and sends to the government on your behalf. It is based on your income and withholding allowances. Withholding allowances are a way to let the government know how many dependents you have, which can affect how much income tax … Read more
When it comes to gift tax, it’s important to know who is responsible for paying it. In the United States, the donor is the person who gives the gift and is usually the one who pays the gift tax. However, there are some exceptions to this rule. For example, if the gift is a present … Read more