The Tax Preparation Blog

Archive for the ‘Tax Rates’ Category

Question: Hello friends i need following info?

I want to find out the income tax rates in western australia ?
do we have to declare and pay taxes on all our salaries and wages?
are we pay taxes only at the end of tax year or monthly it is deduct fro salary?

Answer: This may be some help, look up on the net, state required tax rate Western Australia.
You sound like you need an accountant and your tax should be deducted from you wage or salary unless you had made other arrangements and the end of the taxation year was 30/6/09.
Take care and remember you will have deductions such as the cost of travel. uniforms and more.

How Canada can learn from other countries’ tax choices

Most OECD countries had a better tax mix than Canada did in 2010, but even sensible tax policy does not guarantee sustained economic growth

Peter Schiff – First Ever Radio Broadcast Part 5 of 8

Question: Which produce higher tax revenues for the Federal Government; Bush tax CUTS or Obama tax HIKES?

Bush Tax cuts of 2001 and 2003

http://www.usgovernmentrevenue.com/#usgs…

http://data.bls.gov/PDQ/servlet/SurveyOu…

RESULTS:
INCOME TAX REVENUE BY YEAR: ( In Billions)
2003 = 925
2004 = 998
2005 = 1,206
2006 = 1,398
2007 = 1,534

WOW.. Now isn’t that Interesting.. How could revenue go UP, when taxes go DOWN ????

ANSWER:

Unemployment rates during same period: ( Going DOWN each year)
2003 = 5.7 to 6.3 %
2004 = 5.4 to 5.7 %
2005 = 4.8 to 5.4%
2006 = 4.4 to 4.8%

Because President Bush CREATED JOBS, that INCREASED the TAX BASE

And he did it with TAX CUTS !!!!!

Answer: OH man the Libs are going to be mad at you! How dare you use facts and history!

Those who do no learn from history are destined to repeat it!

BRIEFLY: April 9

Read about what’s happening in and around Plymouth.

Rich People Don’t Pay Taxes?

Question: Student loan interest deduction causing negative adjusted gross income?

Hi, I am in my 20’s and I’m a student first time filing my 2009 taxes. I worked one week, and earned 760. I paid 5000 in student loan interest and the IRS allows students to claim up to 2500 student loan interest deduction. So if i enter 2500, my adjusted gross income is -1740 (adjusted gross income) and my effective tax rate is 0%. If i leave out the student loan interest deduction, the effective tax rate is -7.76%. My federal tax refund is the same $186 whether i input my paid student loan interest or not. Should i take out or enter the student loan interest deduction? It doesn’t seem to look good to have a negative adjusted gross income. Any advice would be greatly appreciated. Thanks!

Also, is it better to choose Federal standard deduction or itemized deduction?

Answer: scholarships.onlinewebshop.net – it provides some tips about applying to US federal and state grants for college students.

Top tax questions for 2010

Questions about debt, starting businesses and multiple-generation households make it clear that the economy is shaping how people think about taxes.

IRS Gift Tax Limit for 2010, 2011

Question: what will be my (income) tax rate for 401K withdrawal after retirement?

Let’s say I’m 65 years old now, not yet retiring. My current income is about $200K, so my income tax rate is the highest (state & federal.)

In a few years, I will retire and plan to withdraw about $50K per year from my tax-deferred 401K account.

What will be my tax rate then?

Answer: It is ordinary income and is taxed at the same rate as money earned at a job. It would be the same rate as having a job paying 50k a year. At 65 you get an extra exemption which lowers your tax a little.

There would not be any taxes withheld other than federal and state tax (no ss or med, etc)

If you are single a very rough estimate would be $6000 federal tax plus state tax.

ITC Holdings reports higher net income in 4th quarter, 2010

Amy Lane – ITC Holdings Corp. posted higher net income for the fourth quarter and 2010, partly because of a higher rate base at its operating companies.

Brown defends 50p income tax rate

Question: Are corporate tax rates really a problem?

Conservatives often point out that our corporate tax rates are the second highest in the world. However what they omit is the large amount of deductions and loopholes in the government, the IRS itself concludes that a quarter of corporations in the US don’t pay any corporate taxes at all. In effect even though the tax rate is lower in Ireland corporations pay more due to fewer deductions. Also European countries afford lower corporate tax rates by having MUCH higher taxes on income as well as employer funded entitlements. So are conservatives just misinformed that is it is cheaper to do business in Germany, or are they cherry picking the facts to starve the federal government yet again(by cleverly omitting the other taxes in Europe) and skirt the federal guidelines that are tied to the deductions?

Answer: Republican have been calling for business tax breaks for thirty years, and getting them, and all business has done that whole time is move more and more American jobs overseas.

Yeah I think there’s a definite flaw in that republican theory somewhere.

The real problem is that American workers just cost too much compared to people whose options are to work for whatever they can get or starve.

All we really have to do, to keep business in America, is get American workers to accept lives that amount to actual slavery.

Then we call it Paradise and take a well deserved vacation. Sure.

Redrow PLC – Half Yearly Report

Redrow PLC – Half Yearly Report

Corporate Tax Cut BS Exposed