The majority of both SSDI and SSI benefits are not taxable. … Whether filing your taxes individually or with your spouse, the following income limits result in about half of your benefits being taxed: Over $25,000 and less than $34,000 for an individual. A combined income over $32,000 if marriedRead More →
S corporations generally make non-dividend distributions, which are tax-free, provided the distribution does not exceed the shareholder’s stock basis. If the distribution exceeds the shareholder’s stock basis, the excess amount is taxable as a long-term capital gain. Why are distributions not taxed? This means that the shareholder’s original investment isRead More →
Earning extra income will improve your life as you: Pay off your debt. Save for big purchases, such as a vacation. Stop living paycheck to paycheck. What does it mean to supplement your income? What does supplementing income mean? Basically, it’s any additional income or extra money you make outsideRead More →
Whether levied directly or indirectly or through the withholding tax mechanism, if the royalty income is subject to at least 5 percent tax, it is classified as Active royalty income. Passive royalty income, however, is when a company holds Intellectual Property that is not registered or being marketed or traded.Read More →
Since income from honoraria and speaker fees is taxable, organizations that pay them have to report them to both the speaker and to the Internal Revenue Service on a 1099-MISC form. The IRS generally only requires organizations to send out a 1099 form if the honorarium is $600 or more.Read More →
If population (*) exceed 25 Lakhs : 15% of salary minus rent paid by employee. If population (*) exceeds 10 lakhs but up to 25 lakhs: 10% of salary minus rent paid by employee. If population (*) up to 10 lakhs : 7.5% of salary minus rent paid by employee.Read More →
Whether you need to pay depends on if you’re classed as ‘resident’ in the UK for tax. If you’re not UK resident, you will not have to pay UK tax on your foreign income. If you’re UK resident, you’ll normally pay tax on your foreign income. But you may notRead More →
The bottom line of the income statement is net income. Net income links to both the balance sheet and cash flow statement. In terms of the balance sheet, net income flows into stockholder’s equity via retained earnings. Where do you find net income? Net income is found by taking salesRead More →
Delaware has a graduated tax rate ranging from 2.2% to 5.55% on income under $60,000. The maximum income tax rate is 6.60% on income of $60,000 or over. Do you pay property taxes in Delaware? Delaware boasts the seventh lowest property tax rate of any state in the U.S. TheRead More →
Assessable income – allowable deductions. = taxable income. Calculate tax on taxable income. (using tax rate table) Tax on taxable income – tax offsets. = Net tax payable. Net tax payable + Medicare levy + Medicare. surcharge = Total tax payable. Total amount of tax payable – tax credits. =Read More →