Sentences with phrase «greater than the income tax»

Not exact matches

A net operating loss means tax deductions are greater than the taxable income, which usually happens when business expenses have exceeded earnings.

Key Facts: Joint filer with a Schedule C business has a standard deduction of $ 24,000 Business gross income of $ 130,000 Business expenses of $ 30,000 Net profit from business $ 100,000 (qualified business income) Spouse works and makes $ 70,000 Above - the - line deductions of $ 7,500 for deductible portion of self - employment tax and $ 20,000 for SEP IRA contribution Analysis: Taxable income before application of pass - through deduction = $ 118,500 In this case, the taxable income of $ 118,500 is greater than the qualified business income of $ 100,000.

the difference between the stated redemption price at maturity (if greater than one year) and the issue price of a fixed - income security attributable to the selected tax year

That's 24 % greater than if she had started collecting benefits at 62.2 (Note: All figures are in today's dollars and before tax; the actual benefit would be adjusted for inflation and would possibly be subject to income tax.)

However, there is a provision to impose income tax on the capital gains on assets held at death to the extent those gains are greater than $ 10 million; (it is unclear if the $ 10 million would apply individually or for a couple.

If you receive dividends or surrender your coverage, there are no income taxes unless the amount of money you receive is greater than the amount you've paid in premiums.

Taxpayers with income greater than a specified level, which varies with tax filing status, may not contribute to a Roth IRA and may not deduct contributions to a traditional IRA.

the difference between the stated redemption price at maturity (if greater than one year) and the issue price of a fixed income security attributable to the selected tax year; NOTE: Tax reporting of OID obligations is complex; if acquisition or bond premium is paid during the purchase, or if the obligation is a stripped bond or stripped coupon, the investor must compute the proper amount of OID; refer to IRS Publication 1212, List of Original Issue Discount Instruments, to calculate the correct tax year; NOTE: Tax reporting of OID obligations is complex; if acquisition or bond premium is paid during the purchase, or if the obligation is a stripped bond or stripped coupon, the investor must compute the proper amount of OID; refer to IRS Publication 1212, List of Original Issue Discount Instruments, to calculate the correct Tax reporting of OID obligations is complex; if acquisition or bond premium is paid during the purchase, or if the obligation is a stripped bond or stripped coupon, the investor must compute the proper amount of OID; refer to IRS Publication 1212, List of Original Issue Discount Instruments, to calculate the correct OID

He said gains to workers from a corporate rate cut would have a far greater impact on their living standards than the framework's proposed changes to the individual income tax code, such as doubling the size of the standard deduction.

When did it become immoral and un-Christian for 60 % of the people in the USA, and their leaders, to ask that the wealthy pay 3.9 percent more in taxes on income greater than $ 1,000,000?

Happy to agree that the national insurance threshold should be a greater priority than increasing the personal allowance for income tax further.

Regarding the change in the PIT outlook, the Enacted Budget Financial Plan says «taxpayers and employers appear to have been anticipating that the Federal government will lower personal income tax rates in 2017, prompting a shift of capital gains from 2016 to 2017» to an extent greater than DOB anticipated in the Executive Budget plan.

Rather than being a reflection of the marginal productivity of a new hyper - meritocratic managerial class, higher pay is due to executives» greater personal incentives to seek raises once income tax rates were relaxed.

Governor Andrew Cuomo's Executive Budget proposal takes some positive steps forward in clearly acknowledging, for the first time in his tenure, the incredible child poverty and income inequality that exist in our generally affluent state and recognizing the need to give greater property tax relief to those who need it most rather than spreading it too thinly.

Notes to Editors Paragraph 2.3 of the Overview of Tax Legislation and Rates budget book states that for anyone seeking to claim more than # 50,000 in otherwise unlimited reliefs, a cap will be set at 25 % of income (or # 50,000, whichever is greater).

He picked Dinapoli, who has proven to be a great sinecure, and giveaway McCall, and his buddy for Chief Judge and Lt Governor and he wants to borrow and raise taxes and he makes millions in Joe Bruno - like income, but other than that, he's a great guy!

A single taxpayer, he paid federal income taxes of $ 32,909 with a $ 5,781 refund due, state income taxes of $ 9,416 and real estate taxes of more than $ 7,200 on his Great Neck home.

Logically, the decision was pretty straightforward when I took a look at my income and realized my tax bill would be greater than the take home pay from my day job.

In 2017, 85 percent of benefits to individuals with provisional income of more than $ 34,000, and married couples with income greater than $ 44,000, are taxed.

Single tax filers can not contribute with an income greater than $ 133,000; for married tax filers, income can not exceed $ 196,000.

The Earned Income Credit is refundable, meaning that it can be given to you as a refund if it's greater than the tax you owe.

Ohio residents with income greater than the federal standard deduction are required to file an Ohio income tax return, the IT - 1040.

If the tax computed under the AMT tax rules is greater than the tax computed under the regular tax rules, the difference is added to the regular income tax.

For periods greater than one year, the indicated rates of return are the average annual compound total returns as of the date indicated and all returns include changes in unit value and the reinvestment of all distributions and do not take into account sales, redemption, distribution or other optional charges or income taxes payable by any unitholder that would have reduced returns.

If you do not benefit from the full amount of the Child Tax Credit (because the credit is greater than the amount of income taxes you owe for the year), you may be eligible for the refundable Additional Child Tax Credit.

When a policy lapses, you not only lose your coverage but also will have to pay income taxes if the outstanding loan is greater than the amount you've paid in premiums.

If you receive dividends or surrender your coverage, there are no income taxes unless the amount of money you receive is greater than the amount you've paid in premiums.

Reducing your income by 20k is guaranteed to lower your tax bill by less than 20k (because there are no tax rates greater than 100 %).

If your net income (revenue minus expenses) from self - employment is greater than $ 400 in the year you have to pay self - employment taxes.

2013 brings an additional tax bracket, 39.6 percent, for single taxpayers with taxable income greater than $ 400,000 or for couple filing jointly with taxable income greater than $ 450,000.

If your gross income is equal to or greater than the sum, you will need to file a tax return.

Taxpayers with earned income greater than $ 200,000 for single or $ 250,000 for married filing jointly will also pay a higher Medicare payroll tax.

In California, where the state income tax is so high, you would usually choose to deduct the state income tax, so you lose the opportunity to deduct any state sales tax (or, if you buy something so expensive that the sales tax is greater than the state income tax, you can deduct the state sales tax but then you lose the opportunity to deduct the state income tax).

This would have one of two effects: either companies would stop illustrating income greater than GAAP, and GAAP would become more conservative, or companies would start paying more taxes.

Just keep in mind, that if the capital loss is greater than the taxable gain on your sold property, you can't claim to reduce your income tax.

Previously, if you were a full time student under the age of 24 and had greater than $ 2,100 in investment income, your tax rate on that income would be levied at your parents» tax rate, and not yours.

Those that pay income tax rates greater than 15 % but less than 39.6 % have a 15 % tax rate on qualified dividends.

However, remember that the pass - through tax deduction can not be greater than 20 % of your total income.

Deductions are expenses that can be subtracted from gross income to reduce taxable income; credits reduce tax liability dollar - for - dollar and have a greater impact than deductions; exemptions occur where a tax for a certain item or type of income is reduced or eliminated.

You've got a partial financial hardship id your annual federal student loan payments calculated under a ten - year standard repayment plan are greater than 15 % of the difference between your adjusted gross income (and that of a spouse, if you're married and file taxes jointly) and 150 % of the poverty guideline for your family size and state.

Anyone who is a citizen of the United States, even if they have never lived in the US, must file a federal income tax return for any year in which their gross income from worldwide sources is equal to or greater than the applicable exemption amount and standard deduction.

Interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes.

From 1 July 2017, individuals will generally be liable to pay Division 293 tax if their income for surcharge purposes (disregarding their reportable super contributions) and their low - tax contributions are greater than $ 250,000.

The capital gains on the short term investment will be taxed as normal income whereas the long term (greater than one year) gains will be taxed at a lower rate.

Which is why more than a few Canadian homeowners get a wee bit jealous when we hear about how our American neighbours can deduct their mortgage interest off their income each year for a great income tax deduction.

Ontario's Liberal Premier, Dalton McGuinty, might want to reflect on the British experience as he ponders NDP Leader Andrea Horwath's offer to swap New Democrat votes for a higher marginal tax rate for Ontarians with taxable incomes greater than $ 500,000.

Any gains recognized on disposition of the PFIC shares and distributions received from a PFIC during the year greater than 125 % of the average distributions received during the previous three years would be taxed as ordinary investment income during the year.

These credits are subject to certain limitations, and the rehabilitation tax credit begins to phase out for married taxpayers filing jointly with adjusted gross income (AGI) greater than $ 200,000 ($ 100,000 if married filing separately) and is completely phased out when AGI reaches $ 250,000 ($ 125,000 if married filing separately).

Miscellaneous itemized deductions Miscellaneous itemized deductions that are greater than 2 % of your adjusted gross income are deductible for normal tax purposes, but they are not deductible for AMT purposes.

This nugget of tax law states that if you purchase a bond at a discount and the discount is equal to or greater than a quarter point per year until maturity, then the gain you realize at redemption of the bond (par value minus purchase price) will be taxed as ordinary income, not as capital gains.