The Tax Preparation Blog

Posts Tagged ‘income tax liability’

Question: “federal income tax liabilities”?

What exactly is the definition of the term “federal income tax liabilities”? What is this chart indicating? http://s241.photobucket.com/albums/ff319/goldfinch331/?action=view&current=ShareOfFederalTaxLiabilities.gif

Answer: “Federal income tax liability” is the amount (or percentage) of taxes that a person (or people) is responsible for.

The chart indicates, year to year, the % of all federal taxes paid by individuals whose incomes were in the top 20% of all incomes.

Fidelity® Provides Income-Based College Savings Guidelines as Study Shows Parents Projected to Meet Only 16% of Future …

BOSTON–(BUSINESS WIRE)–Fidelity Investments®, a leading provider of 529 college savings plans, today announced the results of its fourth annual College Savings Indicator study, which calculates how prepared parents are to pay for future college costs, whether they save on their own or with a financial advisor. This year’s study showed significant progress in the actions and behaviors of …

Federal Income Tax Withholding Chart for 2009, 2010

Question: Economic Stimulus payment BS???

Ok, so why is it that mainstream media (TV AND INTERNET) made it seem like as long as you were single and filed a 2007 return, you would get back AT LEAST $600? I just read on the IRS website that most are getting back only $300. I did the payment calculator and it said $600 approximately, but the IRS website says “Individual with AGI is $12,000, federal income tax liability is $325.
Individual rebate is $325″

Who else agrees that they hyped this up WAY too much? And that ALOT of people are going to be upset when they realize they aren’t getting back as much as was announced in the beginning of all of this hoopla?
I just think its sad that ALOT of people are banking on getting back money…some wont get back what they thought and some wont get anything at all. Thanks Bush! Big help!
The only thing we’re getting is money back that we have already paid in taxes on food, gas…etc.

Answer: I agree with you…the media has done a huge disservice to the american people by providing half truths and incorrect information. They did it with the timing of the rebates too…they stated that the rebates would be going out early, implying they would ALL be going out early and that wasn’t true either. The majority of people will still get their payments on the day the IRS originally set. I feel like they really set people up to be disapointed. And as for the administration…who cares how much they are giving us if they aren’t going to do anything about gas & food prices…suspend the gas tax for the summer so the rebates can actually do some good!!!

Geoff Gannon Investor Questions Podcast #4: What is the Difference Between Earnings, Free Cash …

By Geoff Gannon. The word EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation & Amortization. Read more » »

Income Tax Assessment, Forecasting Income, Estimating Income Tax – Part 1