politics
Can back taxes be discharged in Chapter 7?
Most tax debts won’t be wiped out by Chapter 7 bankruptcy, but some older tax obligations might. Typically, you can’t eliminate income tax liability by fi...
Category: Politics
politics
How did colonists protest the taxes placed on British goods?
During the Townshend Acts, which placed a tax on certain goods that the colonies received from Britain, the colonists protested by boycotting British good...
politics
Is zakat tax exempted?
Currently, zakat paid by companies to Islamic religious authorities is allowed as a deduction under the Income Tax Act 1967 subject to a maximum of 2.5% o...
politics
Are schools funded by income tax?
Governments subsidise education mostly through tax revenues (e.g. taxation upon earnings, property, retail sales, general consumption) collected at the di...
politics
Can I gift stock to grandchildren?
Well, the answer is yes, you can, but unfortunately a transfer of shares to children would be classed as a disposal for capital gains tax purposes, and th...
politics
What is the 23rd amendment say?
The Amendment allows American citizens residing in the District of Columbia to vote for presidential electors, who in turn vote in the Electoral College f...
politics
How much is the tax in New York 2020?
The New York (NY) state sales tax rate is currently 4%. Depending on local municipalities, the total tax rate can be as high as 8.875%. How much is tax in...
politics
Why did my refund date disappear?
“We have gotten many comments and messages regarding the IRS Where’s My Refund Tool having your orange status bar disappearing. This has to do with the ir...
politics
What is the cap on SS tax?
Social Security Tax Limit Example 2020 Income 2020 Wage Cap 2021 Social Security Taxes $140,000 $137,700 $8,680 Is Social Security benefits capped? What i...
politics
Can an employer freeze your salary?
Your employer can freeze your wages. Your employer cannot generally reduce wages without your consent. If your employer needs to reduce wages in order to ...
politics
What is the applicability of professional tax?
A maximum of Rs. 2,500 can be levied as professional tax on any person per financial year. According to Section 16 (iii) of the Income Tax Act 1961, the p...
politics
What is the employee and employer contribution rate for Medicare?
The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. What is Medicare tax on payroll? Medicare is funded by ...
politics
Why indirect taxes are regressive?
Solution 1. Poor people earn a lower income than the rich people but both have to pay indirect taxes. Thus the proportion of the tax burden is more on poo...
