10 Reasons Why Hiring Tax Service Is Important!
210.00 £
Published date: 02/05/2025
- Location: 4304, Dunsmuir, British Columbia, Canada
The IRS has set many tax deductions and benefits secure for individuals. Unfortunately, some taxpayers who are earning a advanced of income can see these benefits phased out as their income increases.
Now we calculate if you have any taxes due. Assuming for at the time that few other income exists, we calculate taxable income by taking the cash in on the business ($20,000) and subtract the actual deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra cash tax due for duty would be $1,099. So, the total tax bill for this taxpayer would definitely be $1,099 + $3,060 with regard to total of $4,159.
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