Sentences with phrase «determining taxable income»

Like many states, Rhode Island uses federal taxable income, as determined under the current IRC (but without special deductions allowed under federal law), as the starting point for determining taxable income for purposes of the business corporation tax.

The Income Tax Act specifically allows that for the purposes of determining taxable income, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal support.

Net interest income Because interest income and interest expense are two of the most important factors in determining taxable income, then the difference between the two — which creates net interest income (NII)-- should have a significant impact on Annaly and American Capital Agency's ability to payout their dividend.

An alternative method of determining taxable income for eligible small businesses with straightforward financial affairs.

The process of determining your taxable income can be difficult if you qualify for various situational reductions.

Both agencies include in the baseline system provisions that allow tax rates to vary by income, that adjust for family size and composition in determining taxable income, and that allow for a separate tax on corporate income.

The tax code also has sections almost as long as the entire tax code applicable to ordinary individuals who earn wages and salaries to cover specialty topics like how to determine the taxable income of an insurance company.

Lending institutions will also ask for tax returns to determine your taxable income, tax rate, and tax payment history.

First, determine your taxable income for the relevant year.

It is expected that the taxpayer will determine their taxable income, calculate the amount of tax to be paid by using income tax calculator and pay the required amount electronically.

Not exact matches

In addition, the partnership agreements of the Carlyle Holdings partnerships will provide for cash distributions, which we refer to as «tax distributions,» to the partners of such partnerships if our wholly - owned subsidiaries that are the general partners of the Carlyle Holdings partnerships determine that the taxable income of the relevant partnership will give rise to taxable income for its partners.

To determine if your Social Security retirement benefits may be taxable, combine one half of your annual Social Security income with your income from all other sources.

Follow the same steps outlined in Strategy # 2, with one exception: You'll target the income thresholds that determine whether your Social Security benefits are taxable, rather than income levels associated with a tax bracket.

Step 3: Determine the amount of additional taxable income (above your estimated level in Step 1) that you can withdraw from a tax - deferred account, like a traditional IRA or 401 (k), without affecting your target marginal tax rate.

Accordingly, notwithstanding receipt of the IRS private letter ruling and / or opinions of counsel or other external tax advisors, the IRS could determine that the distribution and certain related transactions should be treated as taxable transactions for U.S. federal income tax purposes if it determines that any of the facts, assumptions, representations, statements or undertakings that were included in the request for the IRS private letter ruling or on which any opinion was based are false or have been violated.

In the event that it is determined that we have in the past experienced an ownership change, or if we experience one or more ownership changes as a result of this offering or future transactions in our stock, then we may be limited in our ability to use our net operating loss carryforwards and other tax assets to reduce taxes owed on the net taxable income that we earn.

Furthermore, we will calculate the state and local income tax savings by applying this 5 % rate to the reduction in our taxable income, as determined for U.S. federal income tax purposes, as a result of the tax attributes subject to the TRAs.

Assuming that each dollar contributed reduces federal taxable income, and that a reduction in federal taxable income correspondingly decreases state taxable income, we can determine the minimum credit percentage states should offer to incentivize participants as a function of the federal and state marginal tax rates.

For example, your taxable income helps determine the amount of your Social Security benefits that are subject to taxes.

Your taxable income is determined based on your overall income for the prior year and reduced by various deductions and exemptions.

So what does CRA look at when they try to determine if someone is earning (taxable) business income in their TFSA?

Finally, combined income is a concept used to determine whether your Social Security benefits are taxable.

I am trying to determine whether or not a particular scholarship I received (the Palmetto Fellows Scholarship in South Carolina) may or must (or may not or must not) be considered taxable income.

I'd suggest you look at your exact taxable income, the final line which determines your rate, and deposit to Roth if you are in the 15 % bracket, but Traditional if it's over 25 %.

Yet it's treated as part of your overall income for many purposes, such as limits on IRA contributions or deductions, or determining how much of your Social Security benefit is taxable.

In making the initial decision to purchase a tax - exempt bond you should calculate the taxable equivalent yield to determine if municipals are the right fixed - income investment for your own situation.

Encana has determined that dividends on its stock in 2014 constituted, and expects that dividends in 2015 will constitute, «qualified dividend income» for non-corporate U.S. holders, including individual U.S. holders, taxable at the lower applicable capital gains rate, provided that certain holding period requirements are met.

The combined income amount, and your filing status, determines what percentage of your benefits will be included in your taxable income.

When a taxpayer receives a refund of state income taxes, and the taxpayer took a deduction on their federal tax return, and some of the payments made to the state were estimated payments that may have been made in a different calendar year... well, it can require some math to determine the taxable refund and the deductible portion of the estimated payment.

You will want to ensure that whoever processes your tax paperwork determines how much your taxable income is and makes the necessary 2.9 % payment to the government for Medicare.

The final tax liability will be determined by your tax bracket and other sources of taxable income.

That rate is determined by how much taxable income you earn for the year.

To determine «affordability» you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments.

The objective of these studies was to determine what is optimal from a tax location standpoint, and uniformly they reached the general conclusion to put equity assets subject to long - term capital gains into taxable accounts and bond or fixed income assets into tax - advantaged accounts.

Trustees need to ensure that the tax - free and taxable components of each income stream benefit are correctly determined to enable the fund to meet its PAYG withholding obligations.

Your taxable income can also determine your costs for long term care or subsidized community housing.

Wages, salaries, tips, etc.; Taxable interest; Tax - exempt interest; Dividends; Taxable refunds, Credits or Offsets of State and Local Income Taxes; Alimony received; Business Income; Capital gains or losses; Other Gains and Losses; IRA distributions received (with certain Distribution Codes); Pensions and annuities (with determined taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign Taxable interest; Tax - exempt interest; Dividends; Taxable refunds, Credits or Offsets of State and Local Income Taxes; Alimony received; Business Income; Capital gains or losses; Other Gains and Losses; IRA distributions received (with certain Distribution Codes); Pensions and annuities (with determined taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign Taxable refunds, Credits or Offsets of State and Local Income Taxes; Alimony received; Business Income; Capital gains or losses; Other Gains and Losses; IRA distributions received (with certain Distribution Codes); Pensions and annuities (with determined taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign IIncome Taxes; Alimony received; Business Income; Capital gains or losses; Other Gains and Losses; IRA distributions received (with certain Distribution Codes); Pensions and annuities (with determined taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign IIncome; Capital gains or losses; Other Gains and Losses; IRA distributions received (with certain Distribution Codes); Pensions and annuities (with determined taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign taxable amounts); Supplemental Income and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign IIncome and Loss (Rentals, etc); Farm Income or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign IIncome or Loss; Unemployment Compensation; Social Security Benefits; Certain other income, including but not limited to Gambling Winnings and Foreign Iincome, including but not limited to Gambling Winnings and Foreign IncomeIncome.

This also means IRA income doesn't count towards other tax formulas such as the one that determines how much of your Social Security is taxable or if you will pay higher Medicare Part B premiums.

Although Workers» Compensation benefits and welfare payments are not directly subject to tax, the amounts are included in your net income (but not taxable income) for purposes of determining your eligibility for certain tax credits.

The Tax - Exempt / Taxable Yield Equivalents table will help you determine the amount of income you require from a taxable investment to equal the yield on a tax - exempTaxable Yield Equivalents table will help you determine the amount of income you require from a taxable investment to equal the yield on a tax - exemptaxable investment to equal the yield on a tax - exempt bond.

To determine whether any of your benefits are taxable, compare the base amount for your filing status with the total of one - half of your benefit added to all your other income except tax - exempt interest.

Are you trying to determine whether or not all of your income is taxable?

If you are paying super income stream benefits to a member who is under the age of 60, the taxable and tax - free components determined at the commencement of the TRIS will determine:

An RRSP withdrawal is fully taxable income and gets added to your other income for the year when determining tax payable on your tax return.

Your taxable income determines your top marginal tax rate.

Finally, the Internal Revenue Service may determine that the amount of forgiven debt will have to be classified as taxable income.

Determining which assets to liquidate and when to do so requires careful analysis of projected returns, income streams and taxable consequences.

This amount gets subtracted from your total income to determine how much of your income is taxable.

An amount that supports a superannuation income stream that is commenced from an SMSF is treated as a separate interest from immediately after the income stream commences (that is, once its tax free component and taxable component proportions have been determined)(3) In the case of multiple income streams commenced from the same SMSF, each income stream commenced gives rise to a separate interest from the interest to which each other income stream gives rise.

Once a country's CFC rules determines that a company's CFC's income is taxable domestically, the rules then define what income is subject to tax.