What are types of excise taxes? Excise taxes are either fixed or proportional: specific or ad valorem taxes, respectively: Specific taxes. A specific tax is a fixed dollar amount. It’s the same for every purchase of a particular taxable item. Think of fixed fees added to a gallon of car...
These types of benefits are generally taxed at fair market value, which is what the employee would pay for the benefit if they were to get it on their own. This may be different from what the company pays for it. Non-Taxable Benefits Lesson Summary Register to view this lesson Are you...
E Exempt (product is not taxable) B GST + Self-Assessed PST (not calculated as a tax on a tax when Tax Calculation Method is set to No) B GST + Self-Assessed PST (calculated as a tax on a tax when Tax Calculation Method is set to Yes) BT Same as B (tax only) C GST + Sell...
making the cost of these items higher. For example, New York has a specific excise tax of $4.35 per cigarette pack of 20.10Combining this with the federal tax of $1.01 makes the excise taxes alone $5.36. These taxes have a considerable impact on...
Yes, gift cards are taxable. According to the IRS, gift cards for employees are considered cash-equivalent items. Like cash, include gift cards in an employee’s taxable income—regardless of how little the gift card value is. But, there is an exception. You might be able to exclude gif...
In addition, a Section 179 deduction cannot exceed your taxable business income for the year.9Any amount that remains after taking the deduction can then be depreciated.10 You can't, of course, write off the entire cost of an asset if you use it for business only a portion of the time...
eFile.com will then calculate your tax return and post these taxable income line items on your Form 1040, Schedule 1, Schedule C, and other applicable tax forms of your tax return (Schedule 1 is used to report additional income and adjustments to your income on your tax return). You can...
Proponents of the flat tax note that it eliminates the entire concept of tax brackets, tax credits, and tax deductions. A tax credit is applied to a tax amount, while a tax deduction is subtracted from total taxable income. The differences between the terms tax bracket, tax credit, and ...
By putting money from your paycheck into a 401k, you are lowering your taxable income. TIP: Invest in your employer's retirement plan. Many employers match 401k contributions (usually up to 3% or 5%).[1] Maximize your profits by contributing the full amount each paycheck. And don't be ...
1. Selling used personal items or reselling items Did yousell any personal itemsduring the year? If so, you typically only need to report the sale if you sold the item for more than you originally paid for it. Let’s look at a couple of examples of a taxable sale: ...