A Excellent Taxes - Part 1: Difference between revisions

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Now we calculate when there is any tax due. Assuming for one time that nothing else income exists, we calculate taxable income by taking the make money from the business ($20,000) and subtract although deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra cash tax due for duty would be $1,099. So, the total tax bill for this taxpayer may possibly $1,099 + $3,060 with regard to total of $4,159.

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During merchandise Depression and World War II, the income tax rate rose again, reaching 91% through the war; this top rate remained essentially until '64.

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