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Keep in mind that not all states have a state income tax. So depending on your business and employees’ locations, you may not be responsible for handling state income tax for your employees. Leave the taxes to Patriot’s Full Service Payroll. Patriot is compliant in all 50 states and wi...
The other factor involves tax exemptions for the security. Treasuries, in-state munis, and out-of-state munis all have different tax treatments, and not all municipal bonds will receive federal tax exemption. With those two pieces of information, calculating the tax-equivalent yield is straightforw...
A tax exemption is an attractive option for U.S. taxpayers. It can provide what many taxpayers want most—to keep more of their income in their pockets and less of it in Uncle Sam's. Simply stated, a tax exemption is the amount the Internal Revenue Service (IRS) allows taxpayers to su...
The Labor Department uses a few tests to determine whether an employee is exempt from the minimum wage and overtime rules, which generally have to do with pay and job duties. You can visit the department's website for more information. What is a tax exemption? A tax exemption is the rig...
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property, the capital. Thus wages are the purchase price for that property. Any other exchange of property for money must generate a profit before it is considered income, so on what basis does the government contend that all of the money exchanged for his property must be and is profit or...
Tax exemption is a process that allows taxpayers to exclude all or some of their income from federal and state taxes. While this may sound similar to the tax deduction, the two are different. There is a relationship between tax exemptions and tax deductions, but they are not the same thing...
If due, an inheritance tax is applied only to the portion of an inheritance that exceeds an exemption amount. Above that threshold, tax is usually assessed on a sliding basis. Rates typically begin in the single digits and rise to between 15% and 18%. For example, if a state charges an...
Asingle fileris a taxpayer who is unmarried, divorced, a registered domestic partner, or legally separated according to state law as of the last day of the tax year. The head of a household or a widowed person may not fall under the "single" category for tax purposes. Single filers have...