The Tax Preparation Blog

Posts Tagged ‘income-tax’

Question: Will it help ,if only 5% income tax is applied to all tax payers flat & all other taxes aborted?

Income Tax Sales tax department of India

Answer: good suggestion and also i think it will be viable

Crooks offer refund on online tax refund!

Public’s lack of awareness and technical sophistication of the cybercrooks has led to an increase in phishing attacks.

150 Years of Income Tax.wmv

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

The End of the US Dollar?

Since 1995, news.GoldSeek.com publishes the leading gold news commentaries, gold market updates and reports providing gold investors with the most updated gold and silver prices, news & precious metals information!

Ireland’s Sustainable Future: Prof. John Fitzgerald, ESRI

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