Sentences with phrase «covers federal income taxes»

That covers federal income taxes — what about state income taxes?

He planned to pay $ 12,500 from his taxable brokerage account to cover federal income tax on the conversion (he's in the 25 % bracket) when he files his 2017 taxes.

If you do not have enough money withheld to cover your federal income tax liability, there is a possibility that you might owe, in addition to the tax, a 10 % penalty for not having enough money withheld to cover 90 % of your tax bill.

And that has to include a sufficient amount of money to cover federal income taxes, Social Security and Medicare taxes (15.3 % of your net income), and state income taxes.

Don't forget that that just covers federal income tax — most of us will also be paying medicare, social security, state taxes... plus capital gains taxes on investments.

This publication covers the federal income tax aspects of bankruptcy.

Not exact matches

To the extent that in 2018 or any later year, the aggregate amount of any covered officer's salary, bonus, and amount realized from option exercises and vesting of restricted stock units or other equity awards, and certain other compensation amounts that are recognized as taxable income by the officer exceeds $ 1,000,000 in any year, we will not be entitled to a U.S. federal income tax deduction for the amount over $ 1,000,000 in that year.

The amount paid must cover federal and state income tax withholding, and the employee share of employment taxes as well.

If the beneficiary receives a scholarship that covers the cost of qualified expenses, you can withdraw the funds from your account up to the amount of the scholarship without incurring the 10 % federal tax penalty on the earnings portion of the withdrawal, however, the earnings portion will be subject to federal and state income tax.

Instead of having to make $ 1.25 - $ 1.40 (depending on what your federal and state income tax rate is) to have a $ 1 worth of travel covered, you only have to do a tiny bit of work and have your credit scored a little more frequently than you might like.

Just to be clear, the estimated taxes must cover both your federal income taxes and the self - employment tax you owe for Social Security and Medicare.

You may be allowed a deduction of payments for (i) a prepaid funeral insurance policy that covers you or (ii) medical or dental insurance premiums for any person for whom you may claim a deduction for such premiums under federal income tax laws.

If you're in the 28 % marginal tax rate on federal income taxes, 8 % on FICA (roughly) and another 8 % on state income taxes, or 44 % in total, you'll need to earn about $ 893 to cover the interest costs.

Probably, the first loose - leaf service covered the US federal income tax and it was first published in 1913 by Commerce Clearing House.

In addition to the federal programs available to all Canadians (family allowance, old age security, employment insurance), Status Indians also receive exemption from income tax earned on a reserve; medical benefits not covered by universal provincial medical insurance (including dental care); partial exemption from federal and provincial sales tax; subsidized housing; and post-secondary support.

If you die in a covered event, the financial proceeds from your Term Life Insurance or Accidental Death Insurance would be paid out to you or your beneficiaries federal income tax free, according to current tax laws.