Q: How much of our taxes are payed by teens?
A: The only taxes teens pay, are sales tax and taxes from goods, or services rendered from a company..as a teen you don't make nearly enough to have to pay taxes at the end of the year.
You could make $20,000 a year, and STILL don't make enough to pay at the end of the year, that's why you get a tax return, because the taxes they took out of your pay throughout the year are more than they should have taken when you have a low tax bracket hence "tax return"
What does it mean that the gift tax is tax excluve, while the estate tax is tax inclusive?
Q: What does it mean that the gift tax is tax excluve, while the estate tax is tax inclusive?
A: When you figure the amount of a gift, you DON'T include that tax you are going to pay on it, so there is no tax on the tax. On the other hand, when your figure the estate tax, to DO figure it on the entire net estate--you get no deduction for the amount of estate tax you will pay. So you do pay tax on the tax.
For example, if the tax rate were a flat 50%, and all your unified credit is consumed. If you gave a $2 million gift, you would pay $1 million tax. You are out of pocket $3 million. Taxes ate 1/3, and your beneficiary got 2/3. If, on the other hand, you died with $3 million, you'd pay 1.5 million in tax, and your heirs would only get the other 1.5 million. So, while the stated rate of tax is the same, you pay more with an estate tax than with a gift tax.
A: When you figure the amount of a gift, you DON'T include that tax you are going to pay on it, so there is no tax on the tax. On the other hand, when your figure the estate tax, to DO figure it on the entire net estate--you get no deduction for the amount of estate tax you will pay. So you do pay tax on the tax.
For example, if the tax rate were a flat 50%, and all your unified credit is consumed. If you gave a $2 million gift, you would pay $1 million tax. You are out of pocket $3 million. Taxes ate 1/3, and your beneficiary got 2/3. If, on the other hand, you died with $3 million, you'd pay 1.5 million in tax, and your heirs would only get the other 1.5 million. So, while the stated rate of tax is the same, you pay more with an estate tax than with a gift tax.
标签：
estate tax,
gift tax
What tax do I pay when living in a state without a sales tax?
Q: What tax do I pay when living in a state without a sales tax?
Example: If I live in NH which does not have a sales tax and buy an auto in MA which does have a sales tax do I pay MA sales tax or would there be no sales tax due to the fact the car would be registered in NH?
A: Since the sales tax is paid to the registering authority not the dealer, you'd only pay MA sales tax if you registered it in MA. MA doesn't have a temp tag system so you'll need to get your tags in NH first before you take delivery. If you tag it in MA for the trip back to NH, you will have to pay the MA tax.
Example: If I live in NH which does not have a sales tax and buy an auto in MA which does have a sales tax do I pay MA sales tax or would there be no sales tax due to the fact the car would be registered in NH?
A: Since the sales tax is paid to the registering authority not the dealer, you'd only pay MA sales tax if you registered it in MA. MA doesn't have a temp tag system so you'll need to get your tags in NH first before you take delivery. If you tag it in MA for the trip back to NH, you will have to pay the MA tax.
标签：
sales tax
What is the difference between an income tax and a payroll tax?
Q: What is the difference between an income tax and a payroll tax?
A. Income taxes reduce the demand for harmful goods while payroll taxes don't affect this demand.
B. Income taxes are collected based on income while payroll taxes are collected based on wealth.
C. Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs.
D. Income taxes increase the purchasing power of the government while payroll taxes increase the purchasing power of workers.
A: "C" is right one.
A-False
B-False
C-True
D-False (though true in some sense)
A. Income taxes reduce the demand for harmful goods while payroll taxes don't affect this demand.
B. Income taxes are collected based on income while payroll taxes are collected based on wealth.
C. Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs.
D. Income taxes increase the purchasing power of the government while payroll taxes increase the purchasing power of workers.
A: "C" is right one.
A-False
B-False
C-True
D-False (though true in some sense)
标签：
income tax,
payroll tax
Can multiple people user Turbo Tax for filing?
Q: Can multiple people user Turbo Tax for filing?
I'm planning on buying Turbo Tax and I was wondering if both my boyfriend and I could use it to file our taxes or can only one person use it and it costs extra for other people. Thanks!
A: There is no limit on the number of returns you can generate with 1 copy of Turbo Tax. You and your girlfriend can each prepare your returns with the same turbo tax software
I'm planning on buying Turbo Tax and I was wondering if both my boyfriend and I could use it to file our taxes or can only one person use it and it costs extra for other people. Thanks!
A: There is no limit on the number of returns you can generate with 1 copy of Turbo Tax. You and your girlfriend can each prepare your returns with the same turbo tax software
标签：
Turbo Tax
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