Q: How to compute the Business Tax payable? A:For taxpayers providing taxable services,transferring intangible assets or sellin g immovable properties,the Business Tax payable shall be computed on the basis of th e turnover and the applicable tax rate. The formula for computing the tax payable ...
No matter which method you choose to file your taxes, the first step is assembling information. Among other things, you need to document your filing status, taxable income, the amount of tax you've already paid, and any deductions and credits for which you may be eligible.3 This means you...
Tax payable = 5000 cars × 8000 yuan / car × 5% = 20million yuan For the taxable consumer goods produced from tax-paid consumer goods purchased or co ntract-processed by the taxpayers(such as the cigarettes produced from the tax-pai d cut tobacco purchased or contract-processed,the cosmeti...
The earned income tax credit (EITC) is a tax break available to low- and moderate-income wage earners.
The history of taxes in the United States is fascinating and dates back to before the War of 1812. During the War of 1812, one of the first income taxes was proposed. The idea was inspired by the British Tax Act of 1798, which called for progressive taxation on all income. ...
You can track your tax refund most easily if you filed a tax return electronically, but it is still possible if you mailed in your return. You can use the IRS "Where's My Refund" tool, call the IRS, or use the TurboTax Where's My Refund tracking guide to
Compare offers to find the right savings account Click here to view interactive content 1. Contribute to a 401(k) or traditional IRA One of the easiest and most beneficial ways to reduce your taxable income is to contribute to a pre-tax retirement account, such as an employer-sponsored401(...
how to find a reputable tax preparer near you what is an effective tax rate? your effective tax rate is the percentage of your taxable income you pay in taxes – essentially an average of the various rates at which your income is taxed. you can calculate the rate using only your federal...
If you're due a refund, you won't necessarily get penalized, but you still must file if you have an obligation to do so. 3. Understand how your taxes are determined The government decides how much tax you owe by dividing your taxable income into chunks — also known as tax brackets—...
As taxable income increases, the marginal tax rate for that tier of income increases. It is because of these varying rates that a blended, effective average rate is different from the actual bracket rates. Income Statements and Rate of Taxation ...