Sentences with phrase «federal taxes if»

If all your individual deductions on your 2016 tax return added up to more than $ 12,000 you would have paid less federal taxes if you had itemized all your individual deductions, like the mortgage interest deduction.

Otherwise you will get hit with both state and federal taxes if using your personal checking acct.

It's not uncommon to earn more than $ 80,000 a year working overseas, and a large portion of your income is exempted from federal taxes if you live outside the U.S. for most of the year.

Punitive damage payments would no longer be deductible from federal taxes if the version of a highway funding bill passed by the Senate Tuesday becomes law.

Citizens, especially those in suburban school districts in states which tax themselves more so that their children can have a better education, will likely have to pay higher federal taxes if the Republicans succeed.

WASHINGTON, D.C. - New York taxpayers stand to lose about $ 68 billion that they now deduct from their federal taxes if President - elect Donald Trump and House Speaker Paul Ryan move forward with their tax reform plans next year, according to state officials and tax experts.

You still have to pay taxes on any earned income that you put in the savings plan; however, the main tax advantage of a 529 plan is that all earnings of the money in the plan are not subject to federal tax if they are used for the educational expenses of your child.

Under current Federal law, the benefits are not subject to Federal tax if paid to a named beneficiary.

Not exact matches

«If you don't raise taxes you'll have to get rid of a lot of federal programs very important to the middle class,» h e said.

It's also worth noting that some states now allow tax deductions for long - term care premiums, even if the federal government ends up doing away with it.

If you mess up your federal payroll taxes, you will be hearing from the government.

«We've operated under price controls, we've had 52 % federal taxes applied to our earnings... we've had regulations come along,» Buffett said says, «I will predict that if either Donald Trump or Hillary Clinton become president Berkshire will do fine.»

After you file your taxes, you may get a state tax refund or a federal tax refund — or both if you live in a state that taxes income.

If you are paying yourself a salary and choosing to distribute capital gain income, this strategy could save you a lot in federal and state income taxes.

The federal government limits tax - deductible contributions to retirement plans; for most plans, such as 401 (k) programs, the maximum amount you can receive in contributions in 2016 is $ 53,000 if you're under the age of 50, and $ 59,000 if you're eligible to make «catch - up» contributions.

«If you were earning $ 135,000 or more, your federal tax rate on those earnings would rise from 19.6 % to 21.2 %,» Carson said.

If the 8,000 Canadians who received stock options as part of incomes over $ 250,000 paid taxes on this money at the same rate as the rest of their income — treating executive compensation the same way you treat the income of any other working stiff — it would have raised $ 337 million for federal coffers in 2009, a down year for options.

The front page also lets you know you can file your state return with 1040NOW.NET, even if you've already filed your federal taxes elsewhere.

If you're about to score a windfall from your rich Aunt Tilly, don't lose sleep over those federal estate taxes.

If firms act to reduce that tax base in response to an increase in the federal rate, then provincial revenues will fall, even if the provinces haven't changed their rateIf firms act to reduce that tax base in response to an increase in the federal rate, then provincial revenues will fall, even if the provinces haven't changed their rateif the provinces haven't changed their rates.

And thanks to a $ 7,500 tax credit from the federal government for green vehicles, and the IRS» mileage deduction, Turner expects the CitEcar to pay for itself within three years and then actually start making money if he takes advantage of the mileage write - off.

If you want to really get into the nitty - gritty of it, there are certain instances in which you can claim a Child and Dependent Care Credit on your federal tax return — but those instances come with a host of restrictions, and the amount of money you can claim is capped.

The Tax Foundation found that federal revenue would fall by $ 2 trillion if the corporate tax cuts are put in plaTax Foundation found that federal revenue would fall by $ 2 trillion if the corporate tax cuts are put in platax cuts are put in place.

For instance, if a professional service corporation subject to a flat tax of 35 percent invested $ 500,000 in computers, software and office furniture, it could reduce its federal tax bill by 35 percent of that amount.

As you are probably well aware of, if you're a high - income earner, your combined federal and state income taxes are nearing or exceeding 50 %.

The technical name for a federal tax number is an Employer Identification Number, or EIN, even if you don't have employees in the technical sense.

This is what Federal Reserve Chairman Ben Bernanke called the fiscal cliff, and he and many other economists worry that if all of these tax increases and spending cuts take effect simultaneously, the U.S. will send itself into a self - inflicted recession.

If you're planning on leaving your kids a generous amount of money in your will, the federal estate tax may eat up a large chunk of their inheritance.

The White House has yet to spell out how much of a hole the tax cuts could create in the federal budget, maintaining that the resulting economic growth would reduce — if not eliminate — the risk of a soaring deficit.

Even if your wealth falls under the federal estate tax threshold — in 2016, up to $ 5.45 million per person is exempt — it may be subject to state estate taxes, which often have lower caps.

State and federal unemployment taxes, but only if (1) they pay wages to employees totaling $ 1,500 or more in any quarter of a calendar year, or (2) they employed at least one person during any day of the week during any 20 weeks in a calendar year, regardless of whether or not the weeks were consecutive.

If the winner opts to take the $ 281.2 million lump sum, lottery site USAMega.com estimates the federal tax withholding would be $ 70.3 million.

As if to prove this claim, federal Liberal leader Justin Trudeau announced that one plank of his election platform will be to realign the tax system to shift wealth away from those nasty one - percenters and down to the middle class.

If we assume the average federal tax rate on capital income is 25 per cent (most capital income is taxed in the higher 22 per cent, 26 per cent and 29 per cent tax brackets), this yields a revenue cost of $ 6.6 - billion, or 7 per cent of federal income tax revenues.

Another significant past drawback of the R&D credit was that companies» ability to use it was limited if they — or their shareholders, in the case of pass - through entities like S corporations, limited liability companies, and limited liability partnerships — either didn't owe federal income tax or were subject to the alternative minimum tax (AMT).

Among the less noticed features of the federal tax overhaul enacted late last year is a provision eliminating the deductibility of sexual harassment settlement payments and related attorney's fees if the parties agree to keep the settlement secret.

* If you receive a larger federal tax refund amount using the same Tax Return Information when filing an amended return through another online tax preparation service, then you may be eligible to receive a $ 25 gift card from Credit Karma Ttax refund amount using the same Tax Return Information when filing an amended return through another online tax preparation service, then you may be eligible to receive a $ 25 gift card from Credit Karma TTax Return Information when filing an amended return through another online tax preparation service, then you may be eligible to receive a $ 25 gift card from Credit Karma Ttax preparation service, then you may be eligible to receive a $ 25 gift card from Credit Karma TaxTax.

For instance, a portion of the income you receive may be subject to the federal alternative minimum tax, even if that income is classified as tax free.

If you do have to pay taxes on your Social Security benefits, you can make quarterly estimated tax payments to the IRS or choose to have federal taxes withheld from your benefits.

When shares of Capital Stock are to be issued upon the exercise, grant or vesting of an Incentive Award, Google shall have the authority to withhold a number of such shares having a Fair Market Value at the date of the applicable taxable event determined by the Committee to be sufficient to satisfy the minimum federal, state and local withholding tax requirements, if any, attributable to such exercise, grant or vesting but not greater than the minimum withholding obligations, as determined by Google in its sole discretion.

If the IRS views it as a gift because there was no intention to repay it, then the lender becomes subject to the federal gift tax rules and will have to pay taxes on any amount in excess of $ 14,000.

If the US federal rate goes up, Alberta will be the lowest taxed jurisdiction in North America.

If the Conservatives hadn't touched the federal corporate tax rate when they took office in 2006 — if they'd kept it at 21 per cent instead of lowering it to 15 per cent — government revenues would be $ 13 billion higher, the Canadian Labour Congress argued in a paper last JanuarIf the Conservatives hadn't touched the federal corporate tax rate when they took office in 2006 — if they'd kept it at 21 per cent instead of lowering it to 15 per cent — government revenues would be $ 13 billion higher, the Canadian Labour Congress argued in a paper last Januarif they'd kept it at 21 per cent instead of lowering it to 15 per cent — government revenues would be $ 13 billion higher, the Canadian Labour Congress argued in a paper last January.

Distributions received before you're age 59 1/2 may not be subject to the 10 % federal penalty tax if they're:

Even if the federal system didn't impose new taxes, Alberta companies would be able to deduct their compliance costs from both income taxes and royalties, which, as Leach notes, would hit provincial coffers.

For example, if state income taxes increase by $ 100 for families claiming the SALT deduction on their federal returns who are in the 35 percent federal income tax bracket, the net cost to them is $ 65; that is, state taxes go up by $ 100, but federal taxes go down by $ 35.

For example, if you withdraw from your 401k, you will pay a 10 percent withdrawal penalty in addition to federal and state income taxes.

Don't worry if you can't make the April 15 deadline to file your federal taxes.

Having said that, the capital gain rates are pretty low, so we're historically, when you look at capital gain rates — Jackie could probably talk to this even more historically — but if you're not in the top marginal tax bracket, your federal rate is 15 %.

If you forgot to deduct your mortgage interest on your federal income tax return, you might be able to deduct it on your state return.