The Tax Questions Blog

Posts Tagged ‘rates’

Question: Has non taxable conveyance allowance been increased to Rs.3000/-?

Answer: Conveyance Allowance - Rs 800/- p.m. is tax free u/s 10

HMT

Mackinac Financial Corporation Announces 2010 Results of Operations/Asset Quality

MANISTIQUE, MI--(Marketwire - February 11, 2011) - Mackinac Financial Corporation ( NASDAQ : MFNC ), the holding company for mBank, reported a loss of $1.160 million or $.34 per share, for the year ended December 31, 2010, compared to a net income of $1.907 million, or $.56 per share, for 2009. Weighted average shares outstanding for both years amounted to 3,419,736.

What Is Disability Living Allowance?

Question: What do we do when the IRS does an audit from 2005 and shows we had more income than reported on our return?

This extra income that they found was from part of an oil settlement inheritance through my father's estate. I was told by my estate lawyer that inheritance money is not taxable and I had the check made payable in my name, so it didn't actually go through the estate. The lawyer handling the oil settlement had me send in all the paperwork needed to show that my brother and I were the children and ones being the direct heirs. Is there any way to refute this? Sorry this is so long, but it is a little complicated. Would appreciate any advice:)

Answer: You need to get documentation to show that the money was in fact an inheritance. You may or may not owe tax depending on several factors. If you can show that the money was from an inheritance then that helps your argument for some/maybe all of it to be tax exempt. If you can not convince the revenue agent who is examining your return you can talk to his/her manager and then appeal it if you can show it was truly an inheritance.
You should get a good CPA or tax attorney to help you through this. I don't think I would use the same attorney as before.
Hope this helps.

Relocating to Gibraltar

There are many factors which would attract someone to relocate to Gibraltar. Situated on the southern tip of the Iberian peninsula, "the Rock" enjoys a temperate Mediterranean climate with mild winters and warm summers.

Credits, Stocks & Pension : Do You Pay Income Tax on an Inheritance?

Question: For the purpose of taxable income, is a married couple counted as 2 seperate people?

Each with their own personal allowances etc?
In the UK.

Answer: Yes, long gone are the days when the wife's income was deemed to be that of her husband. They each have their personal allowances, which are not transferable one to the other, and they only get a marriage allowance if one of them was born before 05/04/1935.
If one spouse is Higher Rate, the other spouse's income was not taken into account, and the lower paid spouse gets the same rate bands as anyone else.

Greenacres meeting erupts in shouts as council rejects Pearce's call to trim car allowances, lobbying trips, charity ...

Greenacres meeting erupts in shouts as council rejects Pearce's call to trim car allowances, lobbying trips, charity fund

Question: The Talley Corporation has a taxable income of $365,000 from operations after all operating costs but before (?

The Talley Corporation has a taxable income of $365,000 from operations after all operating costs but before (1) interest charges of $50,000, (2) dividends received of $15,000, (3) dividends paid of $25,000 and (4) income taxes. What are the firms income tax liability and its after tax income? What are the company’s marginal and average tax rates on taxable income?

Please help!!

Answer: Here is the calculation for the problem below:

Income $365,000
Less Interest deduction (50,000)
Plus: Dividends received 4,500
Taxable income $319,500
70% of dividends received are excluded from taxes = $15,000(1 - 0.70) = $4,500.

Tax = $22,250 + ($319,500 - $100,000)*0.39
Tax= $22,250 + $85,605 = $107,855.

After-tax income:
Taxable income $319,500
Taxes (107,855)
Plus Non-taxable dividends received 10,500
Net income $222,145
Non-taxable dividends: $15,000 x 0.7 = $10,500.

Marginal tax rate is 39 percent
Average tax rate is $107,855/$319,500 = 33.76%.

Fitch Rates Louisville-Jefferson Co Metro Gov't, KY GO Bonds 'AAA'; Outlook Stable

NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns an 'AAA' rating to the following Louisville-Jefferson County Metro Government, Kentucky (the metro government) obligations: --$1,970,000 general obligation (GO) bonds, series 2010B; --$7,400,000 taxable GO bonds (qualified energy conservation bonds-direct pay), series 2010C. The bonds are scheduled for competitive sale the week of Sept. 13, 2010 ...

What Are Municipal Bonds? - Profit From Municipal Bonds

ING Clarion Global Real Estate Income Fund "IGR" Declares Monthly Distribution for July

PHILADELPHIA----The Board of Trustees of the ING Clarion Global Real Estate Income Fund , which trades on the New York Stock Exchange under the symbol “IGR”, declared a monthly distribution of $0.045 per share for the month of July 2010.

Authors@Google: Ramit Sethi