tax

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Related to Tax brackets: head of household, Tax deductions

tax

a compulsory financial contribution imposed by a government to raise revenue, levied on the income or property of persons or organizations, on the production costs or sales prices of goods and services, etc.
References in periodicals archive ?
If the combined tax bracket is greater than 25%, stocks are usually better off being placed in a taxable account with bonds in the IRA even if you have a high turnover portfolio.
A married couple filing jointly with a total taxable income of $130,000 should pay $65 less income taxes in 2017 than they will on the same income for 2016 because of indexing of their tax bracket for 2017.
But taxpayers in higher marginal tax brackets are more likely to benefit and receive a higher benefit due to the interaction between itemized deductions, AMTI, and the AMT exemption amount.
In Malaysia, this income tax bracket is taxed at only 2 percent, Thailand at 10 percent, Indonesia at 15 percent and Singapore at 0 percent.
A key factor guiding the determination on whether to make distributions is the beneficiaries' tax bracket.
For example, if 40% of the converted amount reflects after-tax contributions and the client is in a 28% tax bracket, then only 60% of the amount being converted is taxed.
The basic strategy is to time your income so it will be taxed at a lower rate, and to time your deductible expenses so they may be claimed in years when you are in a higher tax bracket.
This will give the participant the opportunity to withdraw amounts in the zero and lowest tax brackets, which means that deductions are taken out of the highest tax brackets while working and placed into the lowest tax brackets in retirement.
Income tax brackets next year will be raised, as accumulated increase of consumer price index (CPI) may top 3% since the last increase of the brackets in 2008, according to the revision of Income Tax Law passed by the Legislative Yuan in April this year.
The only half-billion-dollar alternative to the new tax brackets would be a smaller but broader income tax increase affecting more taxpayers.
But despite their resentment about the rising tax burden, 56 per cent of people did not know what income tax bracket they were in, while nearly half of people were not taking steps to reduce the amount of tax they paid.