Sentences with phrase «taxes on the money»

Uncle Sam will likely want to collect taxes on the money.

If the 8,000 Canadians who received stock options as part of incomes over $ 250,000 paid taxes on this money at the same rate as the rest of their income — treating executive compensation the same way you treat the income of any other working stiff — it would have raised $ 337 million for federal coffers in 2009, a down year for options.

My husband says I am responsible for paying income tax on the money I made, but I disagree - this is just my hobby, not a business.

Then dividends may be distributed to the shareholders who must pay a tax on the money when they file their personal tax returns.

This income being «sprinkled» across the family can confer a substantial tax advantage to the incorporated consultant compared to a family with a regular wage earner who would have to pay full tax on any money given to other family members.

You pay taxes on the money now but generally can access the assets tax - free upon retirement.

It's important to remember that your 401k contributions are deducted from your taxable income, so you only pay tax on the money and interest when you take the money out (long into the future!)

While dividend paying whole life policies aren't actually guaranteed to pay a dividend, should they do so, you don't have to pay income tax on the money as it's considered a return of premium.

You can take up to $ 10,000 from your IRA without penalty to buy a home, although you'll still need to pay taxes on the money.

«Plus, you also pay taxes on the money at your marginal rate.

Anyone can convert all or part of a traditional IRA to a Roth IRA as long as they pay income taxes on the money at the time of the conversion.

There's also a tax on money shifted to overseas subsidiaries.

That's because withdrawals from a traditional IRA are taxable, and if your tax rates are higher in retirement than when you made the contribution, you will pay higher taxes on the money.

You will pay taxes on that money when you make withdrawals in retirement.

Secondly, spousal RRSP contributions can not be withdrawn for three calendars years from the year they were contributed or else the contributor will have to pay tax on the money (this is called the Three Year Attribution Rule).

That means at the end of the year you get a tax deduction based on the amount you contributed, but you pay taxes on money you take out at the end.

The framework proposes a number of specific changes including: consolidating and reducing individual income tax rates to 10, 25, and 35 percent; doubling the standard deduction; cutting the business tax rate to 15 percent on both corporations and pass - through businesses; repealing the Alternative Minimum Tax (AMT) and estate tax; repealing the 3.8 percent investment surtax from the Affordable Care Act («Obamacare»); moving to a territorial tax system; and imposing a one - time tax on money held overseas.

But if [businesses] pay [the saved 39 percent] out in salaries and bonuses, whether to fat - cat executives or ordinary line workers, those people pay the individual income tax on that money.

If they pay it out to shareholders in the form of dividends, the shareholders pay the capital - gains tax on that money.

That means Alice can put $ 13,333 in her 401 (k), because she doesn't have to pay the 25 % income tax on that money before contributing it.

In plain English, that means you don't have to pay taxes on the money you put into a 401 (k) until you withdraw it.

These distributions are tax - free because you already paid taxes on the money used to make Roth IRA contributions.

Early withdrawals on contributions from a Roth IRA can be made at any time without incurring taxes and penalties, since you have already paid taxes on the money.

When you convert a Traditional IRA, you'll have to pay taxes on the money you contributed.

That means you can contribute money before you pay taxes and you do not have to pay taxes on the money until you withdraw it (i.e. until start receiving payments).

Start taking distributions from them in retirement and you'll owe income taxes on the money you withdraw.

Yes, you'll have to pay income tax on the money you pull out for other needs, but in that sense you're no worse off than when you withdraw funds from a Traditional IRA.

A ROBS lets a business owner use money from her 401 (k) account without paying early withdrawal penalties or taxes on the money to start or purchase a business.

The bill also changes tax provisions for American companies abroad: Corporations will no longer have to pay corporate taxes on money they claim to have earned abroad — a move that could encourage companies to keep income in foreign tax havens.

As long as he follows the rules of Roth IRA investing, he will never pay a single penny in taxes on the money he makes in the account.

Traditional IRAs offer the benefit of tax deferred growth since contributions are generally made with before - tax dollars and you don't pay taxes on that money until you take it out.

You won't be taxed on the money you withdraw for qualified education expenses.

Since you paid tax on the money you put into your TFSA, you won't have to pay anything when you take money out.

Yes, you get a tax write - off (so as to not be taxed on the money you no longer have), but it's insignificant compared to how much you would have if you'd just kept 75 % of the money for yourself and paid the 25 % tax.

You are basically reducing your income and not paying tax on the MONEY in the top bracket.

Tax on property, for example, could be likened to consumption tax (tax on money spent), and tax on unspent cash or growth assets would be more like an income tax.

Since New York has among the highest taxes in the nation, residents would have to essentially pay a federal tax on money already taxed by the state, local governments and school districts.

On Monday Lord Ashcroft ended years of uncertainty by confirming he is a non-domicile, meaning he does not pay income tax on money earned outside Britain.

The governor's executive budget had other proposals designed to garner revenue from the health insurance industry, including a 14 percent tax on the money companies received as a result of the recently passed Republican tax plan.

«The full or partial repeal of SALT would upset the carefully balanced fiscal federalism that has existed since the creation of the tax code, and it will result in unprecedented double taxation on taxpayers, forcing them to pay a federal tax on monies already paid in state and local taxes,» the letter states.

Ambrosino, of North Valley Stream, was indicted in April on charges of wire fraud and failing to pay taxes on money he made working as an attorney for two Nassau County agencies — the Nassau County Industrial Development Agency and the Local Economic Assistance Corp., according to authorities.

Although you don't have to pay taxes on the money contributed to a 403 (b) or Regular IRA now, you will have to pay tax on it, as well as the accumulated returns, when you receive the money after retirement.

With a Roth IRA, you must pay income tax on the money contributed; in this sense it differs from the 403 (b).

Currently, graduate students are taxed on money they earn working in a laboratory or classroom, but not on tuition discounts they receive from a university, which can be worth tens of thousands of dollars.

Trombetta pleaded guilty to federal tax fraud because he allegedly avoided paying taxes on money he siphoned from the school to buy a Florida condominium, houses for his mother and girlfriend, and nearly $ 1 million in personal purchases.

You will likely discover there's a large amount of income each year on which you pay no income taxes, though you may pay Social Security and Medicare payroll taxes on this money.

These distributions are tax - free because you already paid taxes on the money used to make Roth IRA contributions.

You don't get an upfront tax deduction on the money you put into a Roth, but in exchange, you'll never have to pay tax on that money if you meet certain legal requirements.

Legally though you are required to pay income tax on money you receive in exchange for services.

You will have to pay taxes on any money you withdrawal once you do retire.