The Tax Preparation Blog

Posts Tagged ‘income-tax’

Question: What are the surcharge rates for Income Tax in India?

Is there any limit on Tax amount above which only surcharge has to be added, and what are the surcharge rates for finalcial yr 2005-2006.

Answer: Limit Is only for Individual ,HUF,AOPs and BOIs.Upto Rs. 1000000.00 there is no surcharge.Surcharge rate is 10% of Tax amt. for assessment year 2006-07(F.Y. 2005-06)
For Other Assessee It is 10%,2.5% without any ceiling, as the case may be.

Robert Reich: U.S. jobs emergency needs action

This is not a recovery. It’s a continuing jobs emergency and it demands action.Private employers added 50,000 jobs in November — the smallest gain since January. More than 15 million Americans were jobless, not including those who are working part time but would prefer to work full time, or a record 1.3 million who are too discouraged even to look for work.

How the Income-Tax Act was drafted (AJ Majumdar)

Politics live blog – Tuesday 30 November

Rolling coverage of all the day’s political news as it happens 1.38pm: John Healey, the shadow health secretary, was on the Daily Politics show earlier and he had various points to make about Andrew Lansley’s white paper. According to PoliticsHome, here are the main points. • Healey dismissed the idea that putting new taxes on alcohol would be good for public health. I was a Treasury minister …

Flaherty announces $34 billion deficit, prepared for more

Question: HELP! Oliver Gelfand earns $45,440 a year, paid on a semimonthly basis. How much is deducted per…?

pay period for Social Security tax? For medicare tax? What is the total?

2) Shelly Kugo is paid monthly. Her gross pay this month is $6,223. Her earnings to date for this year are $23,631. How much is deducted from her paycheck this month for Social Security? For medicare?

(the social security tax rate is 6.2 percent of the first $90,000 and Medicare tax rate of 1.45 percent on all income when solving these problems) so it becomes .062 and .0145 HELP!

PLEASE explain your answers! Thanks in advance =]

Answer: Oliver is paid semi-monthly or 2 times a month. Therefore he gets paid 24 times a year.

Social Security tax is 6.2% of first $90,000
Since Oliver earns less than $90,000, he pays 6.2% on all of his salary
0.062 * $45,440 = $2817.28 yearly = $2817.28/24 = $117.39 semi-monthly

Medicare tax is 1.45% on all income
0.0145 * $45,440 = $658.88 yearly = $658.88/24 = $27.45 semi-monthly

Thanksgiving meals at Pilgrim Church, Suncoast Haven

Times staff Friday, November 19, 2010 St. Petersburg Enjoy free Thanksgiving meal at Pilgrim Church Pilgrim Church will serve a free, traditional Thanksgiving meal from noon and 4 p.m. Thursday in the fellowship hall, 6315 Central Ave. No RSVP is required and there are no eligibility requirements. For information, call (727) 347-1226. countywide Suncoast Haven serving free meal on Thursday The …

Advance tax and Indian poor

Question: if u r married and you file taxes separately how does it work?

I m married and my mother in law wants her son(my husband) to file his taxes separately from my income taxes,does it mean our incomes are not community property?
Or there s something else behind this that i don’t know because i am italian and i don’t really know the us law about it.
What s my mother in law porpose???Thank you for answering and helping me to find out the truth…manola

Answer: by law, what you guys make after the date of marriage are considered joint owned property. so you don’t have to worry about that.
and you need to file as Married Filing Separately

Foreclosure brings a tax question

Q: I refinanced my home a few years ago and obtained a great interest rate loan.

Do People Married Filing Separately Claim The Same Things?

Question: HI FRIENDS, I AM a ICICI BANK CUSTOMER, MY BROTHER IS LIVING IN NIGERIA.?

CAN HE TRANSFER THE MONEY IN MY ACCOUNT FROM OTHER BANKS? AS THERE IS NO BRANCH OF ICICIBANK IN NIGERIA. GIVING ACCOUNT NUMBER IS ENOUGH FOR TRANSFERING THE MONEY ? OR ANYTHING ELSE REQUIRED? HE IS THE DEPOSITING THE MONEY IN DOLLARS AND POUNDS IN WHICH CURRENCY I WILL RECIEVE? WHAT IS THE HIGHEST AMOUNT AN SAVING ACCOUNT HOLDER CAN HAVE IN HIS/ HER ACCOUNT? IF MY ACCOUNT HAS MORE THAN TEN CRORES THERE WILL BE ANY INCOME TAX PROBLEM? and THROUGH WESTERN UNION MY BROTHER IN NIGERIA CAN SEND/ TRANSFER MONEY IN MY ACCOUNT? FROM INDIA THROUGH WESTERN UNION CAN WE SEND MONEY TO OTHER COUNTRIES? PLEASE ANSWER ALL THESE QUESTIONS.

Answer: NO. YES. NO. NO. YES. YES. NO. NO. YES. YES. YES. NO. NO. YES. YES. YES. YES. YES. YES. NO.

Safeguarding Parliamentary traditions vital – Speaker

Speaker Chamal Rajapaksa presided yesterday when Parliament met at 9.30 am.

Kasthuri TV – Income tax returns made easy @ eLagaan.com (Kannada)