The Tax Preparation Blog

Posts Tagged ‘tax’

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Question: How many of you would support tax rates like the ones in Australia, state your party.?

Tax rates 2010–11

Taxable income
Tax on this income

0 – $6,000 Nil

$6,001 – $37,000 15c for each $1 over $6,000

$37,001 – $80,000 $4,650 plus 30c for each $1 over $37,000

$80,001 – $180,000 $17,550 plus 37c for each $1 over $80,000

$180,001 and over $54,550 plus 45c for each $1 over $180,000

for those who love sources.

http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm

(Bonus Question)

Do you consider Australia to be Socialist?
@ Malign Cast,

Most of Europe is Socialist. In fact, I’m having a hard time of thinking of one country in Europe that isn’t socialist.
@ Malign

Either you don’t know what socialism is, or you are misinformed. They are socialist. In fact they call them selves, Democratic Socialist.

Study them. Start with France, Denmark, Germany, etc.. which ever one you want.

Answer: Ok… I am an australian..

and to those that question progressive taxes… or to those that think progressive taxes aren’t fair… I have a Question that I wish to direct to you….

Lets take two people.. and for the ease of mathematics.. we will give them simple figures to work out …

Person one earns $10 per day
Person Two earns $100 per day.

A loaf of Bread costs $3.00
A quart of milk costs $2.00

So that ONE loaf of bread costs person one 30% of their daily income
the same loaf of bread costs person one 3% of their daily income

the quart of milk costs person one 20% of their daily income
the same quart of milk costs person two 2% of their daily wage…

If you reason that progressive taxes are unfair and unequal.. DO YOU ALSO think that it is unfair and unequal that people living on the lowest incomes are paying a higher percentage for the STAPLES OF LIFE ??

Yes they are also paying a higher % for non-staples.. BUT that’s another issue and I haven’t really got an issue with that… if you WANT something you have to pay for it..

SOME THINGS however you NEED and is it really fair that poor people actually pay a higher percentage for those things ?

THAT is why a progressive tax IS actually MORE equalising and more fair.. and It works..

trust me , I live here.

As for being socialistic.. well if you consider North Korea to be Democratic because it’s in it’s full title.. then off course we are socialistic…

BUT ….people still can come from nothing and become multi-millionares ….
it’s not socialism in the *DIRTY* sense of the word… BUT I don’t expect many americans to understand that.

Just Published: National Underwriter Offers Tax Advisors Expert Analysis of the Impact of the Recently Passed Tax …

Tax and insurance advisors looking for answers on how the new Tax Relief Act of 2010 will impact their clients are finding them in The National Underwriter Company’s just-published Selected Provisions and Analysis of the Tax Relief Act of 2010. Â The proprietary analysis is the only practitioners’ guide in Q&A format that answers the most critical questions asked by clients on insurance, estate …

State Unemployment Tax Rate 2010, 2011

Question: In WA, does the spouse need to claim child support on her taxable income?

Child resides with the parent receiving the child support in WA, who has the child more then 50% of the time. Father is not a resident of WA but Canada and did not claim payments on taxes. Payments were not court ordered, does anyone need to file the expenses/income for a tax adjustment?

Answer: The fact that you live in Washington is irrelevant. Child support is never taxable or claimable as a deduction. This is because the money is technically for the child, and parents supporting their child is not taxable.

This is different from alimony, where the money is for the ex spouse.

ACE Reports Fourth Quarter 2010 Net Income of $1 Billion, up 5%; Operating Income of $702 Million and Combined Ratio …

ACE Limited today reported net income for the quarter ended December 31, 2010, of $2.92 per share, compared with $2.81 per share for the same quarter last year. Income excluding net realized gains was $2.05 per share, compared with $2.01 per share for the same quarter last year.

Basic Explanation of W-4 tax Form : Deductions & Adjustments Worksheet: W-4 Tax Form

Seniors get help filing their taxes

The taxman cometh — but help is available for seniors.

Tax Education – National Association of Tax Professionals (NATP)

Question: what is the Due date of filing a Income tax return in Australia?

Answer: 31st of Oct or longer if lodging it through a Tax agent

Former tech worker finds calling in tax prep

With W-2 forms hitting taxpayer’s mailboxes, it’s a reminder that tax season is here. Many will procrastinate, but for tax preparer Naga Donti, who owns a Jackson Hewitt Tax Service franchise in Lowell, there’s no time for delay. He estimates his office will complete just under 2,000 tax returns by April 18, the due date for 2010 federal income tax …

eFile Use Tax Tutorial

Question: Tax Exemption for disabled person in india on lottery winning prize?

Suppose a disabled person in india win playwin superlotto prize of 2,00,00,000(Two crore rupees) how much prize amount he will get after deducting the tax? Is there any tax excemption for disabled in india in above case? please mention the rate of income tax and tax exemption.

Answer: no expemtion on ottery winnings

Govt may enhance I-T exemption limit in coming Budget

At present, income over 8 lakh attracts the highest slab of 30%. The Bill has proposed the 30% rate for income in excess of 10 lakh.

Common man ‘dissatisfied’ with Union Budget 2010-11