Sentences with phrase «dual income taxes»

Not exact matches

As a dual - income couple we are penalized the most which is outrageous since we are already paying more taxes as W - 2 employees than many small business owners who I know do not claim their full income.

Single - earner couples, so his logic goes, aren't getting a fair shake in being taxed more than their dual - earner couple counterparts with the same total income.

We have worked on international tax - planning strategies and transactions, international tax consequences of cross-border acquisitions and dispositions of businesses, dual consolidated losses, the maximum utilization of foreign tax credits, Subpart F taxation, transfer pricing, VAT, the PFIC rules, sourcing of income, and the FIRPTA rules.

«The burden of taxes falls more heavily on single - earner families than dual - earner families,» says Jack Mintz, director of the University of Calgary's School of Public Policy, who believes income splitting would be a fairer policy.

Sweden was the first county to convert their corporate and personal taxes into a «dual - income tax» with low, flat tax rates on capital income and a progressive rate on wages and salaries.

The U.S. is the sole country worldwide that requires its citizens to file an income tax return and report any income regardless of where they live or whether they hold dual citizenship in another country.

Dual - income married couples had little reason to file separately, because the vast majority of them fell in the 1 % range of the tax bracket.

Multiple articles online alludes to this tax penalty, claiming that dual income couple «can, often, may» suffer from it without giving any concrete sense of the magnitude.

The rules largely depend on the immigration status of the person (resident alien, nonresident alien, dual status alien) and apply to taxable income and tax withholdings.

Given our dual income, every dollar I earned was taxed at an effective top marginal rate of 51.15 % (35 % federal, 1.45 % Medicare, 6.2 % Social Security, and 8.5 % state).

Many states expand the tax brackets for married couples to avoid the «marriage penalty» which otherwise penalizes married couples with dual income by taxing them in the same brackets as single taxpayers.

Tax saving should not be the only reason why dual income homes should buy insurance policies.

The dual benefit of insurance and investment in ULIP plans comes with the benefit of tax deduction under section 80C and 10 (10D) of the Income Tax Act, 19tax deduction under section 80C and 10 (10D) of the Income Tax Act, 19Tax Act, 1961.

«The many provisions of the Internal Revenue Code that create a potential marriage penalty for dual income couples could also create higher taxes for dual income same - sex couples,» Luscombe said.