Despite President Obama's protestation to the contrary, the declining percentage of people who pay federal income taxes
carries a danger of dividing the country into makers and takers, where the latter have no skin in the game when it comes to federal budget policies.
PRINCETON, NJ -- Americans who have yet to file their 2006 federal income taxes
will most likely spend this weekend scrambling to get their taxes finished before Monday's deadline.
Also, half of an individual's self-employment tax is deductible in arriving at adjusted gross income when computing federal income taxes
The 50/50 practice is applicable not only for federal income taxes
, but also for Swiss withholding taxes on profit distribution (and in some cases for cantonal/ communal income taxes as well).
The Clintons paid $291,755 in federal income taxes
over the two years.
Federal Tax-Sharing Agreement: Should it be revised in view of the change in rules affecting the allocation of federal income taxes
for tax purposes?
The taxpayer based its argument on section 535(b)(1), which says a deduction is permitted for federal income taxes
accrued during the year.
Of course, both the Subchapter S corporation and limited partnership variations were efforts to obtain insulation from business liabilities while mitigating the socalled double tax that results when a C corporation pays federal income taxes
on its profits and the shareholders pay federal income taxes
a second time when those profits are distributed to them as dividends.
The stated yield does not take into account any higher net return investors may realize as compared with other investments because a portion of the allocated income may qualify for exemption from Federal income taxes
Doe's corporate empire would owe federal income taxes
on just $5 million, not $10 million.
Federal income taxes
paid in prior years recoverable through loss carry-backs for existing temporary differences that reverse by the end of the subsequent calendar year.
Nearly 2,400 of the Americans with the highest incomes paid no federal income taxes
in 1993, up from just 85 individuals and couples in 1977, the latest available information from the Internal Revenue Service shows.
The fund will invest at least 80% of its assets in municipal obligations (Munis), the interest of which are exempt from federal income taxes
and are not subject to the federal alternative minimum tax.
A year ago, the Clintons made $316,074 and paid federal income taxes
Several states require that all state, local, foreign and Federal income taxes
deducted in computing Federal taxable income be added back.