Answers About Taxes And Tax Preparation

In 2012, the annual gift tax exclusion was set at $13,000 per recipient. This means that an individual could give gifts up to this amount to as many people as t
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Taxes and Tax Preparation



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Can a former inmate who you supported be claimed as a dependent?


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A former inmate can potentially be claimed as a dependent if they meet specific criteria set by the IRS. Generally, they must live with you for more than half t
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Taxes and Tax Preparation









What is true about excise taxes?


Asked by Anonymous



Excise taxes are specific taxes levied on particular goods and services, such as alcohol, tobacco, and fuel. They are typically included in the price of the pro
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Taxes and Tax Preparation



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What tax do wage earners pay to the federal government?


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Wage earners pay federal income tax, which is based on their earnings and is progressive in nature, meaning higher income levels are taxed at higher rates. Addi
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Taxes and Tax Preparation









What agency is responsible for collecting taxes on goods brought into the US?


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The U.S. Customs and Border Protection (CBP) agency is responsible for collecting taxes on goods brought into the United States. This includes enforcing customs
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Taxes and Tax Preparation









What do i owe the honor?


Asked by Anonymous



The phrase "What do I owe the honor?" typically expresses surprise or gratitude for being recognized or invited to an event. It suggests a desire to u
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Taxes and Tax Preparation









Which of the two parties would be more likely to support the following policies social programs such as medicare lower taxes on corporation state and local control over education government regulation?


Asked by Anonymous



Typically, the Democratic Party is more likely to support social programs like Medicare and advocate for government regulation, emphasizing social welfare and e
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Taxes and Tax Preparation









Andrew and Karen's divorce was finalized on November 30 of the tax year. which filing status do they qualify to use?


Asked by Anonymous



Since Andrew and Karen's divorce was finalized on November 30 of the tax year, they can file as "Married Filing Jointly" for that year if they choose
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Taxes and Tax Preparation



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How much federal tax do you have to pay in CA from a pension for 15000?


Asked by Anonymous



Federal tax on a pension in California is based on your overall taxable income and tax bracket. For a pension income of $15,000, you would report it on your fed
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Taxes and Tax Preparation



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What is the percentage of capital gain tax paid on a land sale of 55000?


Asked by Anonymous



The capital gains tax rate on a land sale can vary based on several factors, including the seller's income level, how long the land was held, and the specific t
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Taxes and Tax Preparation









What of these is an example of a tax on consumption?


Asked by Anonymous



An example of a tax on consumption is a sales tax, which is imposed on the sale of goods and services. When consumers purchase items, they pay an additional per
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Taxes and Tax Preparation









What is the federal identification number for Merck and Company?


Asked by Anonymous



The federal identification number, also known as the Employer Identification Number (EIN), for Merck & Co., Inc. is 22-1918502. This number is used for tax
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Taxes and Tax Preparation



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When filing taxes do you need to send the 1099g form with state forms?


Asked by Anonymous



When filing state taxes, you typically do not need to send the 1099-G form with your state tax return unless specifically required by your state. The 1099-G for
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Taxes and Tax Preparation









What are the importance of tax the society?


Asked by Anonymous



Taxes are crucial for funding public services and infrastructure, such as education, healthcare, and transportation, which benefit society as a whole. They help
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Taxes and Tax Preparation









How much do you pay to FICA?


Asked by Anonymous



FICA, or the Federal Insurance Contributions Act, requires employees to pay a payroll tax that funds Social Security and Medicare. As of 2023, the total FICA ta
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Taxes and Tax Preparation



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Federal inheritance tax?


Asked by Anonymous



The federal inheritance tax, often confused with the federal estate tax, is not currently imposed in the United States; however, some states do levy their own i
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Taxes and Tax Preparation









Is tax based on the price of goods and paid at the time purchased?


Asked by Anonymous



Yes, sales tax is typically based on the price of goods and is collected at the time of purchase. When a consumer buys a product, the tax is added to the total
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Taxes and Tax Preparation









How much is the standard deduction?


Asked by Anonymous



For the tax year 2023, the standard deduction is $13,850 for single filers and married individuals filing separately, $27,700 for married couples filing jointly
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Taxes and Tax Preparation









Who led the push to abolish taxes used to support the Anglican Church in Virginia?


Asked by Anonymous



The push to abolish taxes used to support the Anglican Church in Virginia was primarily led by Thomas Jefferson and James Madison. They advocated for religious
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Taxes and Tax Preparation









What are taxes that you pay to the federal government?


Asked by Anonymous



Taxes paid to the federal government primarily include income tax, which is based on individual earnings; payroll taxes, which fund Social Security and Medicare
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Does The US has a regressive tax system?


Asked by MarcFredericgp0704



The U.S. tax system has elements that some critics argue make it regressive, particularly at the state and local levels, where sales taxes and certain fees disp
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Taxes and Tax Preparation









What are the functions of custom excise and preventive services?


Asked by Anonymous



Customs excise and preventive services primarily focus on regulating and monitoring the import and export of goods to ensure compliance with national laws and i
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Taxes and Tax Preparation









What is a use tax?


Asked by Anonymous



A use tax is a type of tax imposed on the purchase of goods or services that are used, stored, or consumed within a jurisdiction, but were not subject to sales
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Taxes and Tax Preparation









What happens to the custodial parent if they let someone who is not a relative claim their child on taxes?


Asked by Anonymous



If a custodial parent allows someone who is not a relative to claim their child on taxes, it can lead to legal and financial consequences. The Internal Revenue
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Taxes and Tax Preparation









How much tax in dollars on a taxable incomeof 8400.00?


Asked by Anonymous



To calculate the tax on a taxable income of $8,400, you would need to know the applicable tax rate or tax brackets for the relevant tax year. For instance, in t
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