Tax deduction questions and answers
Web1 day ago · Expert Answer. True or False? The Inflation Reduction Act provides a $4,000 consumer tax deduction for lower/middle income individuals to buy used clean vehicles, and up to a $7,500 tax deduction to buy new clean vehicles. NOTE: Tax credits directly reduce the amount of tax you owe, giving you a dollar-for-dollar reduction of your tax liability ... WebUnder the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those …
Tax deduction questions and answers
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WebFederal payroll taxes are calculated as follows: Social Security – Both employers and employees pay 6.2% up to a wage base limit of $160,200. Medicare – Both employers and … WebMar 4, 2024 · The correct answer is 10% Key Points TDS is required to be deducted at the rate of –. 2% in case of fees for technical services (not being professional services) or royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films; and; 10% in other cases. Additional Information No tax deduction is required if the …
WebAnswer : Yes, Finance Act, 2013 has delivered section 194-IA which gives for deduction of tax at supply in case of fee of sale consideration of immovable assets (apart from rural agricultural land) to a resident. Section 194-IA isn't always applicable if the seller is a non-resident. Tax is to be deducted @ 1%. WebRegarding the deductibility of your legal fees, you may deduct legal fees that are related to taxable income in the same year that you receive the settlement. If the settlement is not taxable, you may still be able to deduct the legal fees as a miscellaneous itemized deduction subject to the limitations mentioned earlier.
WebB. A sole proprietor running a boutique. C. A sole proprietor running a farm. D. A statutory employee. View Answer. If a person is taxed $100 on an income of $1,000, taxed $180 on an income of $2,000, and taxed $220 on an income of $3,000, this person is paying a: A. progressive tax B. poll tax C. proportional t... WebAug 4, 2024 · TDS MCQ Questions and Answers. 6. Any person responsible for paying salaries shall be required to deduct tax at source at the average rate of income-tax computed on the basis of rates in force for the relevant financial year in which ___________. a) Payment is made. b) Account of employee is credited.
WebAll your common tax questions, explained. As life changes, so does your tax situation — and the tax help you need. Find out what's relevant to your situation and interests and get your …
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