Sentences with phrase «tax liability amounted»

For an extension, file Form 4868 and pay the smaller of your tax liability amounts by the tax deadline to avoid a penalty:

that is because the IRS long ago offered to settle the claim for a fraction of the poster's tax liability amount.

Eucon reports that its lawyers «proved in court that there was a rough arithmetical error in determining tax liabilities amounting to more than UAH 55 million, since the inspection report does not contain calculations and conclusions on that amount.»

Not exact matches

Current liabilities include notes payable on lines of credit or other short - term loans, current maturities of long - term debt, accounts payable to trade creditors, accrued expenses and taxes (an accrual is an expense such as the payroll that is due to employees for hours worked but has not been paid), and amounts due to stockholders.

It requires many taxpayers to calculate their liability twice — once under the rules for the regular income tax and once under the AMT rules — and then pay the higher amount.

However, if the final estimate of the tax liabilities is lower than the initial estimate, the first $ 2 billion of that adjustment will instead be made by net reduction in the amount of the cash dividend to 21st Century Fox from the company to be spun off.

When you file your tax return, if the amount of taxes you owe (your tax liability) is less than the amount that was withheld from your paycheck during the course of the year, you will receive a refund for the difference.

Credits reduce tax liability dollar for dollar for the amount of credit.

Whether or not you get a tax refund depends on the amount of taxes you paid during the year (because they were withheld from your paycheck), your tax liability and whether or not you received any refundable tax credits.

«Total CEO realized compensation» for a given year is defined as (i) Mr. Musk's salary, cash bonuses, non-equity incentive plan compensation and all other compensation as reported in «Executive Compensation — Summary Compensation Table» below, plus (ii) with respect to any stock option exercised by Mr. Musk in such year in connection with which shares of stock were also sold other than to satisfy the resulting tax liability, if any, the difference between the market price of Tesla common stock at the time of exercise on the exercise date and the exercise price of the option, plus (iii) with respect to any restricted stock unit vested by Mr. Musk in such year in connection with which shares of stock were also sold other than automatic sales to satisfy the Company's withholding obligations related to the vesting of such restricted stock unit, if any, the market price of Tesla common stock at the time of vesting, plus (iv) any cash actually received by Mr. Musk in respect of any shares sold to cover tax liabilities as described in (ii) and (iii) above, following the payment of such amounts.

Such amount is required to be reported even if Mr. Musk does not actually receive any cash from such exercise or vesting, either because he does not also sell any shares or because he sells only a number of shares sufficient to cover the related tax liabilities resulting from the exercise or vesting.

Tax credits reduce the amount of tax liability you have in a given yeTax credits reduce the amount of tax liability you have in a given yetax liability you have in a given year.

Your amount realized will be measured by the sum of the cash or the fair market value of other property received plus your share under the partnership tax rules of our liabilities, if any.

Both AGI and MAGI are important in calculating the amount of tax credits and tax deductions that can help lower your tax liability.

However, the amount received does not affect the taxpayer's tax liability.

That means instead of deducting an amount from taxable income, Connecticut residents reduce their tax liability after it has been calculated.

If a non-US citizen wins a large prize, they will be responsible for some amount of tax, which in the end will probably be an amount similar to what a US citizen would pay, but there are so many possible variations with international tax codes that you'll need to consult with a local tax attorney if you need to know a precise amount of tax liability.

The deduction reduces tax liability by the amount of the deduction times the filer's marginal tax rate, and is thus worth more to taxpayers in higher brackets.

The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

Upon closing of this offering, we will record $ million as an increase to the liabilities due to existing owners under certain of the TRAs, see «Notes to Unaudited Pro Forma Consolidated Balance Sheets,» and in the future we may record additional amounts as additional liabilities due to existing owners under the five TRAs, such amounts collectively representing our estimate of our requirement to pay approximately 85 % of the estimated realizable tax benefit resulting from (i) any existing tax attributes associated with interests in Desert Newco, LLC acquired in the Reorganization Transactions and the exchanges described above, the benefit of which is allocable to us as a result of the same, (ii) the increase in the tax basis of tangible and intangible assets of Desert Newco, LLC resulting from the exchanges as described above and (iii) certain other tax benefits related to entering into the TRAs, including tax benefits related to imputed interest and tax benefits attributable to payments under the

Tax credits generally may be used only to reduce positive tax liability, and are therefore limited to the amount of tax the individual otherwise would oTax credits generally may be used only to reduce positive tax liability, and are therefore limited to the amount of tax the individual otherwise would otax liability, and are therefore limited to the amount of tax the individual otherwise would otax the individual otherwise would owe.

Taxable income: The final income amount used to calculate tax liability.

Considering that the entire (worldwide) cryptocurrency market cap is currently $ 258 billion, the $ 25 billion in possible U.S. capital gains tax liability is a relatively large amount of money.»

Non-refundable tax credits reduce the amount of tax that you owe, however, they can not reduce your tax liability beyond zero.

You will also be asked to provide an estimate of your total tax liability for the year and the amount of taxes you have already paid.

The withdrawal amount is calibrated to be 5 % of portfolio value minus unrealized tax liability in each iteration, adjusted for the cost of living for 30 years.

With the new tax law reducing liabilities and incentivizing repatriation, buybacks are already on record pace — $ 171 billion worth have been announced so far in 2018, more than double the amount disclosed by mid-February 2017.

Although the tax system is used to determine eligibility and the amount of the benefit, it does not affect a taxpayer's overall tax liability.

The AMT essentially places a ceiling on those benefits — if your tax benefits reduce your total tax liability below the AMT limit, you are required to pay the higher Alternative Minimum Tax amoutax benefits reduce your total tax liability below the AMT limit, you are required to pay the higher Alternative Minimum Tax amoutax liability below the AMT limit, you are required to pay the higher Alternative Minimum Tax amouTax amount.

Cashing Out: With this option you will actually have to pay penalties, because you are taking out your 401 (k) plan and will incur income tax liabilities on the entire withdrawal amount.

The AMT amount is compared to the tax liability computed using the regular income tax calculation.

If the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Trustee shall determine.

Alternatively, if the turnover tax rate was set at 10 per cent so that the second vendor paid the same amount of tax as before, the first vendor's tax liability would be double the profit actually made, something clearly unsustainable and out of kilter with ability to pay.

Tax advisers have welcomed the Government's decision, announced today, to restrict the use of a new «strict liability» offshore tax evasion criminal offence to situations where the amount of tax underpaid is # 25,000 or moTax advisers have welcomed the Government's decision, announced today, to restrict the use of a new «strict liability» offshore tax evasion criminal offence to situations where the amount of tax underpaid is # 25,000 or motax evasion criminal offence to situations where the amount of tax underpaid is # 25,000 or motax underpaid is # 25,000 or more.

Taxpayers would receive a tax credit to lower their state income tax liability and also would be able to deduct the amount from their federal taxes.

According to the IRS form, Nixon would have to provide her estimated total tax liability in 2017, total 2017 payments, her balance that is due the feds, and the amount she is paying.

Upon dissolution or winding up of said corporation's affairs, whether voluntary or involuntary, all of its assets then remaining in the hands of the board of directors shall, after paying or making provision for payment of all of said corporation's liabilities, be distributed, transferred, conveyed, delivered, and paid over only to educational, scientific, literary, or charitable organizations that are exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code of 1986, as amended, and which are not private foundations within the meaning of section 509 (a) of the Internal Revenue Code of 1986, as amended, on whatever terms and conditions and in whatever amounts the board of directors may determine, for use exclusively for educational, scientific, literary, or charitable purposes, except that no distribution shall be made to organizations testing for public safety.

However, beneath the rhetorically charged terms such as «get - rich scheme,» «double - dipping, «tax shelter,» and «tax loophole,» is a rather boring reality: under certain conditions, some taxpayers subject to the Alternative Minimum Tax can reduce their federal tax liability by a larger amount if they make a charitable donation rather than paying their state taxtax shelter,» and «tax loophole,» is a rather boring reality: under certain conditions, some taxpayers subject to the Alternative Minimum Tax can reduce their federal tax liability by a larger amount if they make a charitable donation rather than paying their state taxtax loophole,» is a rather boring reality: under certain conditions, some taxpayers subject to the Alternative Minimum Tax can reduce their federal tax liability by a larger amount if they make a charitable donation rather than paying their state taxTax can reduce their federal tax liability by a larger amount if they make a charitable donation rather than paying their state taxtax liability by a larger amount if they make a charitable donation rather than paying their state taxes.

Contributions to 529 plans then reduce a household's tax liability by the same amount regardless of income, turning a regressive scheme into a more progressive one.

Whether a donor reduces her federal tax liability by deducting the $ 1000 she paid in state income taxes or by making a tax - credit eligible donation of $ 1000 and taking the federal charitable donation deduction makes no difference with regard to the amount of federal taxes she pays.

If the allowable tax credit exceeds the taxes otherwise due under this title on the claimant's income, or if there are no taxes due under this title, the taxpayer may carry the amount of the claim not used to offset the taxes under this title forward for not more than five consecutive taxable years» income tax liability.

Talbot introduced his proposal last year as an income tax credit to allow contributors to reduce their state tax liability by the amount of money they give to the tuition - granting organization.

In July 2004, the state Revenue Department issued a Certificate of Tax Liability to Trinity Christian School's parent organization, Truth Outreach, Inc., for failure to pay withholding taxes to the state in the amount of $ 95,408 between 2001 and 2004.

Corporations can allocate an amount equal to all or part of their state tax liability to a private scholarship - granting organization.

If you are not located in either the US or the EU your purchase price will be the full amount of the price posted and failure on Humble Bundle's part to invoice you for any applicable taxes does not relieve you of the liability to pay such taxes, and you must pay to the applicable taxing authority any such taxes which may be due as a result of your purchase through the Service.

This is an agreement between you and the IRS that settles your tax liability for less than the full amount owed.

According to page 35 of the 1040 instructions, you add this to the tax liability on your current year form by writing «ECR» and the amount you owe back on the dotted line next to line 44 of the 1040 or line 28 of the 1040A (these lines should be labeled «tax»).

Accordingly, the amount of potential capital gain at death is also frozen, allowing the estate planner to estimate his or her potential tax liability on death and better plan for the payment of income taxes.

If your tax liability is less than the credit amount, then the child tax credit is limited to the balance, but your financial circumstances may also make you eligible for the «additional child tax credit,» which would result in a refund from the IRS.

It may make sense not to claim the whole amount of RRSP contribution if you don't have any tax liabilities that year.