With the advent of the Goods and Services Tax (GST) in 2017, several indirect taxes levied by the central and state governments were subsumed into a single comprehensive tax regime. These subsumed taxes include central taxes like central excise duty, service tax, additional customs duty, and special additional duty of customs. State-level taxes such as … Read more
In Australia, donations made to GoFundMe campaigns are not generally tax deductible for the donor. This is because GoFundMe is not a registered charity with the Australian Taxation Office (ATO). However, there are some exceptions to this rule. For example, if the GoFundMe campaign is raising funds for a registered charity, then donations to that … Read more
Lottery winnings are considered taxable income in the United States. This means that you must report any winnings from scratch tickets on your tax return. The amount of taxes you owe will depend on the amount of your winnings and your other income. If you win a large amount of money, you may be required … Read more
PPL typically refers to postpaid liability, which is the amount owed on your account after taxes and fees have been deducted. To calculate your PPL, start with your gross income, then subtract any applicable taxes and fees, such as federal and state income taxes, Social Security, Medicare, and unemployment insurance. The result is your net … Read more
When selling a house, there are various taxes that may apply. The most common is the capital gains tax, which is levied on the profit made from the sale. The amount of tax owed depends on the length of time the property was owned and the amount of profit realized. Additionally, there may be local … Read more
When you inherit a trust, the tax rate that applies to the income generated by the trust depends on the type of trust and the tax laws in the jurisdiction where the trust is established. Generally, the tax rate for a simple trust, which distributes all its income to the beneficiaries each year, is the … Read more
The taxability of your Provident Fund (PF) withdrawal depends on several factors. If you withdraw your PF before completing five years of continuous service, the entire amount is taxable. However, if you withdraw it after completing five years, only the interest earned on the PF is taxable. To calculate the taxable amount, you need to … Read more
Scotland has devolved income tax powers, meaning the Scottish government has the authority to set income tax rates and bands within certain limits determined by the UK government. This allows Scotland to tailor its income tax system to suit its specific economic needs and priorities. While the Scottish government has control over income tax rates … Read more
Military bonuses are subject to federal income tax. The amount of tax withheld will depend on your filing status, income, and deductions. The bonus will be included in your taxable income, so it will increase your overall tax liability. However, you may be able to reduce the amount of tax you owe by claiming certain … Read more
Harmonized Sales Tax (HST) is a single tax that combines the federal Goods and Services Tax (GST) and a provincial sales tax. In Canada, four provinces have implemented HST: Ontario, New Brunswick, Nova Scotia, and Newfoundland and Labrador. These provinces have agreed to harmonize their sales taxes with the federal government, which means that businesses … Read more