Sentences with phrase «combined federal and state income tax»

For an IBR or PAYE law graduate enrollee with a $ 200,000 or larger unpaid debt at the time of their debt forgiveness this may well mean a combined federal and state income tax bill on this additional attributed income of at least $ 50,000 up to perhaps $ 100,000 or more -LSB-.]

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 %.

Not exact matches

The downside to an LLC, however, is that it forces the business owner into higher tax liabilities, as distributions from an LLC are taxed as ordinary income with rates as high as 37 percent, at the federal level, and 13.3 percent at the state level, for a combined federal / state tax of 50.3 percent!

Under the first of those agreements, we generally will be required to pay to our existing owners that will continue to hold LLC Units following the reorganization transactions approximately 85 % of the applicable savings, if any, in income tax that we are deemed to realize (using the actual applicable U.S. federal income tax rate and an assumed combined state and local income tax rate) as a result of:

The Nettles» combined federal and state / local income tax rate of 40 % would apply to the $ 100,000 Roth conversion, so it would cost them $ 40,000, which they could offset entirely with their $ 100,000 contribution.

Under the first of those agreements, we generally will be required to pay to the Continuing LLC Owners approximately 85 % of the applicable savings, if any, in income tax that we are deemed to realize (using the actual applicable U.S. federal income tax rate and an assumed combined state and local income tax rate) as a result of (1) certain tax attributes that are created as a result of the exchanges of their LLC Units for shares of our Class A common stock, (2) any existing tax attributes associated with their LLC Units the benefit of which is allocable to us as a result of the exchanges of their LLC Units for shares of our Class A common stock (including the portion of Desert Newco's existing tax basis in its assets that is allocable to the LLC Units that are exchanged), (3) tax benefits related to imputed interest and (4) payments under such TRA.

Under the other TRAs, we generally will be required to pay to each Reorganization Party described under «Organizational Structure» approximately 85 % of the amount of savings, if any, in U.S. federal, state and local income tax that we are deemed to realize (using the actual U.S. federal income tax rate and an assumed combined state and local income tax rate) as a result of:

For purposes of calculating the income tax savings we are deemed to realize under the TRAs, we will calculate the U.S. federal income tax savings using the actual applicable U.S. federal income tax rate and will calculate the state and local income tax savings using 5 % for the assumed combined state and local rate, which represents an approximation of our combined state and local income tax rate, net of federal income tax benefit.

Starting next year, you won't be able to deduct more than $ 10,000 of the combined total of your state and local income taxes and your local property taxes on your personal federal income tax return (or sales plus property taxes in states where there is no income tax).

Cuomo's returns showed that he had $ 212,000 in income and a combined federal and state tax bill of nearly $ 55,000 in 2017.

Republican U.S. Senate candidate Wendy Long released her 2011 taxes to reporters on Friday, showing she and her husband Arthur Long have a combined income of $ 1.24 million and paid a combined state and federal tax rate of about 37 percent.

For 2017, he and his wife, Corrine Adams, reported a combined income of $ 174,048 and paid $ 22,539 in federal taxes and $ 9,231 to the state.

Lt. Gov. Kathy Hochul, who files with her husband, former U.S. Attorney William Hochul, had a combined income of $ 585,357, paying $ 153,124 in federal taxes and $ 38,204 in state taxes.

It notes donors would qualify regardless of income, public schools would enjoy half the benefit and no one could «profit» by combining state and federal tax benefits — as Assembly Speaker Shelly Silver claims.

Say you are in the 35 % bracket for federal income tax and 10 % for state income tax — that's a combined marginal tax rate of 45 %.

Assuming an investor with a $ 400,000 capital gain and incurs a tax liability of approximately $ 140,000 in combined taxes (depreciation recapture, federal capital gain tax, state capital gain tax, and net investment income tax) when the property is sold.

Enter your total personal income tax rate, combining your federal and state tax rates.

Imagine you are in the 24 % marginal federal income tax bracket and a 6 % state income tax bracket, for a combined marginal rate of 30 %.

The port supports 400,000 indirect jobs and 229,000 direct jobs while generating $ 90 billion in combined personal and business income and $ 8.5 billion in federal, state, and local taxes.

Homeowners can now deduct only the first $ 10,000 of their combined state and local property and income taxes on their federal tax return.

That's a serious issue at higher income levels, where combined federal and state income and capital gains taxes can easily add up to nearly 50 % in some jurisdictions.