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How much California land is owned by the federal government which doesn't pay property taxes?
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It depends on many factors: How much Taxable Income (which differs to other types of income) you make. How you may file - married, head of household, single, to name… a few. How many deductions you may have: children, and other people you support, amount of interest you pay on a home, or expenses to earn an income, or medical costs, are just a few of those. How many exemptions you may have: disabilities, age, sources and types of income are just a few of those. And there are many other considerations. All will determine what tax you pay.
How much tax you pay or have taken out depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings/reduction…s as a type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. And many must be paid either way, if your an employee or if your the proprietor. The amount of tax you get back (or additional owed) depends on how much you paid in by estimated payments (if you didn't have payroll withholding, which is in itself, just a way to make estimated payments on what you may ultimately pay). And you must make estimated payments through the year (basically quarterly, the last one for 2007 is due today, 1/15/08) if your above some very low income limits, or you will pay substantial penalties and interest. The amount of tax withheld or eventually paid also depends on other things...obviously which state (or even city) your in, the amount of income your projected on earning over the year, (which helps determine your tax bracket and the percent that may be needed), as well as your filing status, number of dependents and other deductions (like interest paid on a home, charity, medical expenses, etc). For withholding, all these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to, and then properly reporting them on your 1040. Finally, there are a number of different legal ways for the payroll provider to calculate certain aspects of the amount to withhold...but overall they make only a small difference. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty). Again, adjusting your W-4 is the way to correct for any of these circumstances. Obviously, with all the variables, everyone, even two similarpeople working in identicle jobs, will pay different taxes...and that is why each person needs to figure their return and file it. Which can be done for free at www.irs.gove and following the links.
it depends on the price of the home you purchase. the less the appraised value is, the less you pay in taxes. the higher the more money spent on taxes. its safe to say a…bout 1.25% of your home purchase price is due annually. for example a 169k home purchased would be 2112 bucks per year. payable in 2x payments or one lump sum. of course you can save in installmenst and set aside for the lump payment ;)
It depends on what was agreed to in the rental agreement.
In the state of Florida if you own land, that is your name appears on the title, you must pay taxes each and every year to the County tax collectors office in which the land i…s located. If you do not pay the taxes the tax collector will put the delinquent tax up for sale, at their annual Tax Certificate sale, to the public for purchase at a maximum of 18% interest rate of return. This sale is normally conducted between May and July following the year of the delinquent tax. The investor who pay the taxes will receive a Tax Certificate proving he or she has a lien on your property (land). If you fail to pay the lien holder along with interest in approximately one and a half year that person is eligible to file or apply for a Tax Deed to the land. At which time a public auctin will be held at the County Court House, if no one else show up to bid other than the Tax Certificate Holder, then he or she gets the land after paying for the back taxes and court cost which often time are just pennies on the dollar. The bottom line is the state / county want's the tax owe to be paid by any means necessary. ans The above is a great explanation...and of course all governments want the tax they need to collect, collected somehow. The method of assuring collection there is similar to many in other States. I would note that the Florida tax system...not having any real income or inheritance taxes, relies on property and sales taxes more than others.
You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation… for the numbers that you are looking for. After you complete your 1040 federal income tax return correctly to your TAXABLE INCOME and page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes. Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly.
No...sales tax is a State level tax...the Federal Gov't is exempt and immune from state taxes. However, the Federal Government does pay taxes on all of our own money. The Fed…eral Reserve is a privately owned bank that prints money and lends it to every US bank - as well as to the US Government, when There's some useful information here, if you'd like to learn more: http://www.federalbudget.com/ (Also, search "The American Dream Movie" for a very well animated explanation.)
"How much tax money does California get back from the federal government?" is the question in my mind too. I did ask Senator Babara Boxer's office by web comment at her web pa…ge, got no answer.
According to statistics, the Federal Government owns approximately 728.8 million acres and is the largest land owner in the United States.
Sure, if you have a profit on the sale you will have to report it as well as your basis and the dates purchased and date sold. This is reported on Schedule D for most peop…le unless you are in the business of buying and selling property, then it will need to be reported on Schedule C.
Your mother is not the legal owner of real property until the estate is probated. If there was a will then the will must be presented to probate court and an Executor must be …appointed. If there was no will then an Administrator must be appointed. Legal title to real property cannot pass to the heirs until the deceased owner's estate has been duly probated.
Yes it possible would have to pay some federal income tax on any gain from the sale of this land. This will depend on how long you have held the land after it was inherited an…d your adjusted cost basis of the land when it is sold and the use of the land before it was sold.
Yes. Just as you would pay property taxes on any property that you own.
Every taxpayer has different situations and information that is reported on the 1040 income tax return so this would depend on which taxpayer it is that YOU call the AVERAGE T…AXPAYER. The taxpayer that does not have any taxable income page 2 line 43 of the federal 1040 income tax return once the tax return is completely correctly does NOT pay any federal income tax and could possibly qualify for some type of of a refundable tax credit. ans 75% of all U.S. businesses currently pay zero federal income taxes as they are structured as pass-through businesses. The wealthy run their profits through them into their hedge funds which are taxes at a maximum of 15% and invest in the trans-nationals hollowing out the U.S. labor market. The media touts job growth but omits telling you that much of that goes to foreign migrant and insourced on visa workers. When you factor in population growth (yes little people grow into adults and need jobs too) there is no job growth. But they don't tell you that. The U1-U6 unemployment statistics do not present an accurate picture of employment in the U.S.. We need to count how many Americans need good paying jobs with benefits. The U.S. is an Economy In Crisis http://www.economyincrisis.org