Earned Income Tax Credit

the most proficient tax administrators in the world. The function of this bureau is to collect the appropriate sum of tax revenue, as legislated by Congress, at the least amount of cost. In fiscal year 2015, the IRS collected nearly 3.3 trillion dollars in taxes. For every one hundred dollars collected, the IRS spent only 35 cents. The mission of the IRS is to provide American taxpayers with high quality service. This includes helping the public to understand and fulfill their tax obligations.…

Rhode Island tax rates differ vastly by locality for both residential and commercial property with its average rate being among the greatest overall. Our Property Taxes (2008) provides that tax assessors in Rhode Island are elected and their term runs for four (4) years. Rhode Island State addresses real property tax as Property Tax and their official policy is that “a locally determined uniform percentage of full and fair cash value not defined by statute”. The type of tax and its value is…

initial year of service) it is recommended that the straight line method be used, because it has higher depreciation in the initial years. “Taxpayers are allowed to claim an additional 50% depreciation deduction on qualified property acquired during tax years beginning in 2009. Qualifying property is new MACRS property with a recovery period of 20 years or less, MACRS water utility property, computer software not acquired as an acquisition of all of the assets of a business, and qualified…

S-Corporation is pass-through entity, which means the corporation’s income and losses passes through to you and you must report those on your individual income tax returns. S-Corporation shareholder who is actively engaged in the business is owner/employee. As an employee, you receive compensations for your services and are only personally responsible for 7.65% social security and Medicare tax, and the company pays the remainder of the tax (7.65%) which total 15.3% cannot be avoided.…

investments and growth has been thoroughly debated in the political and academic circles. The supporters of tax cuts argue that reducing tax rates favor economic growth by creating incentives to save, invest, and work. Several years back, the Canadian government imposed a tax measure that reduced the GST by 2%. The measure was rationally accepted by the general public as well as some policy observers. The tax measure triggered hot debates that were meant to determine the significance of the GST…

the flat tax is to ensure everyone is taxed at a single flat rate. However, the flat tax system recommended by Hall and Rabushka (1995) encompasses of two diverse, then reliable systems of taxation. One is called the wage tax and the other one is called the business tax. Over the years, several types of flat tax proposals have been introduced, but the recommended idea remained the same. Now if this policy, if implemented, would replace the existing federal in addition to corporate income taxes.…

government after the War of 1812 and was a better way than raising the income taxes. Christie is for decreasing income taxes and trying to stimulate the economy and so therefore I think he would have done something very similar. This historical event can show one the importance of incentives. Congress could have outlawed British goods instead, but this would have created a strong incentive for a black market. Instead, by putting the tax on British goods it still gave Americans an incentive to be…

Offering a retirement plan to your employees is one benefit to help draw better workers to your company. Certain kinds of retirement savings plans also produce tax benefits for any contributions you make as an employer. Examine some of the most popular retirement accounts you can find on the market, with the benefits, pros and cons of each. 401(k) One of the most talked-about plans is the 401(k), and any company can sponsor this type of retirement savings account. For 2016, employees can put…

I looked into each case below. The reason that both of these accounts are going down a tier-while their households appear to have over the 250,000 necessary for the banking rewards tier, is that Bank of America does the rewards by individual- not by the balance of the whole household. In the Janice Schier’s case, a large portion of the assets are titled in Michael’s name only, including both of his IRA’s- this does not count towards Janice’s balance. When calculating her rewards tier, all…

It is 2032 and a guaranteed universal basic income has been in place for about 5 years now. My dad is a doctor and went through 2 medical residencies to get where he is now. He has been in school for as long as I can remember, working hard, studying so much my family barely saw him, he even had to work two jobs when he was in residency so that our family could live comfortably. 6 years ago, all of my dad’s dedication and hard work paid off. He opened his own practice! Back then, we all thought…