In more and more countries, people choose to give money on special occasions rather than giving gifts chosen personally. Why might this be the case? Is it a positive or a negative development? Give reasons for your answer and include any relevant examples from your own knowledge or experience...
Inheritance and Gifts is a dummy that equals to one if any member of the household (or their parents) has received a substantial inheritance or gift from any family or friends, including stocks, homes, and contributions to down payments for a mortgage, help pay for college, or loans without...
The article reports on the exemptions to the taxable income law in the U.S. in 2012. It says that a noncash prize, award or gift is excluded under the law when defined as a de minimis fringe benefit. However, it notes that gift certificates redeemable for cash are not excludable under...
money received by a person as wagesetc.He cannot support his family on his income.sueldo,salario income tax a tax paid on income over a certain amount.impuesto sobre la renta ˈincome-tax returnnoun an official form that has to be completed with information about one's income and expenses...
Non-taxable gifts can include inheritances and gifts from family members (up to a certain amount). They’re non-taxable because they are not a form of compensation for services rendered. It’s important to note that some gifts can have a gift tax. You can receive $16,000 in annual gift...
Knowing what to claim as taxable and nontaxable income can reduce your tax liability. Here's what you should know.
The United States decided long ago that the personal income tax would be the main source of general revenue for the federal government, and there is no indication that it will change to some other tax base. The United States also decided that the tax should be progressive, with a series of...
For taxation purposes, income refers to the types of revenues that are eligible forincome tax. These definitions may vary by jurisdiction. Salaries and sales are typically consideredtaxable income, but inheritances and gifts usually are not. Although tax and accounting rules have similarities, each ...
thresholds, you are eligible for the federal earned income tax credit (EIC or EITC), a refundable tax credit that can reduce your tax bill or even result in a refund of taxes paid during the year. The income levels and the credit amounts vary depending on your family size and filing ...