10 Reasons Why Hiring Tax Service Is Critical: Difference between revisions
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Revision as of 02:56, 21 September 2024
Families that happen to be considered to become poor or low income are given assistance through earned income credit, or EIC. The EIC can be a tax credit that helps such families with low earnings to accomplish a better standard of living. An EIC can translate in to a tax refund of which range from $400 and $4,500. This article will explain how you can figure out if you are eligible for the EIC.
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Now we calculate if you find any tax due. Assuming for at the time that not income exists, we calculate taxable income using the profit from the business ($20,000) and subtract the basic model 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 revenue tax due for lotto would be $1,099. So, the total tax bill for this taxpayer should be $1,099 + $3,060 to your total of $4,159.
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Copyright 2010 by RioneX IP Group LLC. All rights scheduled. This material may be freely copied and distributed subject to inclusion within this copyright notice, author information and all the hyperlinks are kept in one piece.