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Effective Tax Rate Questions
What Is an Effective Tax Rate?
Rate is a steady rate that would be taxed to individuals who are paying taxes instead of the tax rate changing over a period of time. In order, to arrive what the Effective Tax Rate would be is to take the paid total of the taxes and divide it by the income that is taxable. For more questions that have been answered about effective tax rate by the Experts..
If a person has an income tax rate of 25% and the effective tax rate is 14%; how can a person save on taxes to acquire to acquire real estate?
In order for a person to save taxes to buy rental real estate; first, a person’s gross income per year has to be lower than $150,000. If the person’s income is lower than that specific amount then the person would be able to offset losses gained from the rental towards a person’s income and lower
ratings. Next, the person will have to keep the income that is obtained through rental, the amount of interest from expenses, taxes acquired from real estate, and depreciation to come up with the lost that has affected income. The loss will be multiplied with whatever the tax rate to calculate how much will be saved through taxes.
Is it possible to have a negative effective tax rate for a corporation what happens to the tax provision when the income is also negative and is this a negative tax expense?
In the future, if a corporation files an income tax form; there may be a chance that a negative tax provision if the tax benefits result in a lost for that particular year. If the corporation will take the lost from the previous year and carry it on the taxes then the provision of the company will receive benefits that will be shown in the carry back. Losses can be deducted through negative tax provisions when it comes to the tax benefits.
What is the average tax on $120,000 annual salary?
In order to figure out the taxes it depends on how many
the person has, marital status when filing (married or single), and
that may be itemized. An estimate of $120K would likely have the individual in the 33% tax bracket. If the person doesn’t have any
when it comes time to file taxes it will end up being $27,000 with an Effective tax rate around 22.5%. The Effective Tax Rate will also be lower than the tax bracket a person is in.
If a person has a long-term capital gains over the $30,650 taxable income amount, they would be taxed at the 15% rate, not the 5% rate, right?
The long-term capital gain will be taxed at the 15% tax rate if the gains are in excess of $30,650.
The Effective Tax Rate is a rate that varies from the
rate because of the Effective Tax Rate goal is to never change gradually like the progressive one does. Some people may prefer this tax rate because of that benefit that it gives. What is the Effective Tax Rate? What is the Effective
Rate? What is the Effective Tax Rate by Income? More information that involves Effective Tax Rates can be gained by consulting with the Experts.
Recent Effective Tax Rate Questions
I was recently terminated from my job. I have a vested 401(K)
I was recently terminated from my job. I have a vested 401(K) in excess of $5k. I have read everything about how it is in my interest to roll it over so it can continue to build. But I am in urgent need of some financial help. I will be 55 yrs old in 3 weeks. I don't want to roll it over to Roth IRA and I am considering going back to school, so I cannot roll it over to another employers 401(k) either. Here are my questions:
1) Documentation from my ex company's benefit center states that "payments made after you terminate if you will be at least age 55 in the year of the separation" may be exempted from the 10% early withdrawal tax. Is this true and will that apply to someone in my situation?
2) Since my employer withheld about 38% tax on my final check amounting to $9k (My effective tax rate is 24% - I am a homeowner) is it possible to waive any withholding when I request payment from my 401(k)?
3) Is it true that portions of my 401(k) can be used to pay my tuition without tax penalties?
Any assistance will be appreciated.
Hello. My 2013 taxes look like this. I prepaid $107,000 in
Hello. My 2013 taxes look like this. I prepaid $107,000 in fed and state Taxes on my gambling earnings for 2013. My losses exceeded my earnings and gambling. My regular wages were about $22,000 for the year and they took out approximately $2000 total and taxes federal and state. I had a bad year financially last year so I had to cash in my 401(k) which was worth 76,000 I prepaid or I should say they took out $19,000 estimated in taxes already on that and I had to cash in my Aire which was $1000 and they kept hundred dollars for early distribution
Mike is taking forever to get my taxes done as I've been waiting over a month now and I'm trying to plan to build my business going forward. I also own seven rental buildings. And after all my deductions on the high-end there's $20,000 in earnings. I do have $5000 that can be carried over from the prior year taxes from money that's owed to me from one of my corporations. I realize this is a lot but my question is can you even give me any kind of ballpark numbers as far as my tax return forgetting about depreciation on my buildings and I gave you run numbers just according to those and not factoring in vehicle expense and depreciation on all the buildings just based on what I have listed above can you give me raw numbers or a ballpark number I don't even Care if it's within 10,000 just a rough idea and my looking at a large tax return possibly or eight not so good tax return since I'm already prepaid in approximately $136,000 $138,000 estimated in a pay tax mostly from my gambling in cashing in my 401(k) is there any kind of answer you can give me on that even ballpark I'm not looking for exact you if you said 10,000 to 20,000 been estimation or 50,000 to 80,000 etc?
my mother-in-law received money from a POD account in 2013
my mother-in-law received money from a POD account in 2013 when a family member died. She has now received a beneficiary K-1 associated with those funds attributing $9,300 in taxable income to her. My understanding is that POD accounts are outside the estate and do not lead to income tax liabilities and therefore she should not receive a K-1. Am I wrong about that? If the K-1 was sent in error, can this be corrected? She had already filed her 2013 taxes when the K1 showed up in the mail on 4/15 and we're trying to figure out if she needs to file an amended return and, if so, what needs to be reported.
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