There is no minimum age to file a federal income tax return. If you are under the age of 18 years, you can fix your income tax for the year according to your income. Or file a return to get a tax refund withheld from your paycheck. If state income tax is withheld from your […]
Tag Archives: Federal Income Tax
An important federal income tax provision that provides relief on the forgiveness of mortgage debt is scheduled to expire at the end of 2012. If this tax provision is not extended, there could be a significant effect on homeowners who are forced into foreclosure or a short sale. Generally, the forgiveness of debt is subject […]
Whether or not you are considered married has significant consequences for federal income tax purposes. If you file as married, you can combine your income in a joint return and generally pay less tax than if you file separate returns using one state. If you’re considering getting married, you could also use the state’s marital […]
When you’re interested, you can do the experience without paying. Either as an employee or a paid contractor. If you work as an employee you will have federal income tax (and state income tax, if applicable), social security. lien and Medicare taxes withheld from your paycheck. You will receive a W-2 after the end of […]
If you receive commissions and bonuses in addition to your regular salary or wages, you may find that federal income taxes may be withheld at a different rate. This is because the IRS considers commissions and bonuses to be supplemental earnings. A different withholding rate is applied to these supplementary payments, which could be 25%. […]
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If you are a resident of Alabama, you will be subject to state income tax from all sources, whether in Alabama or outside. Part-year residents are subject to state income tax on their income from all sources during the time they are resident, and on income earned from a source in Alabama before or after […]