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Federal exemption is the right to claim a qualifying minor for the child tax credit and child exemption against your income. It may also qualify you for the Earned Income Credit and Head of Household status, IF the child lived with you 51% of the year.
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What exactly does free federal tax mean?
I think you are talking about when some companies offer for people to do their federal taxes with the company for free, either online or in person. Your federal taxes, are the main taxes that the federal government takes out not the state government.
Does taxes collected from Walmart in the states go to Arkansas?
There are a wide variety of taxes imposed at both the federal and the state level. Not all taxes collected from Walmart or its customers go only to the State of Arkansas. Federal taxes paid by Walmart go to the national government, while state taxes go to the state the store is in. The headquarters of Walmart, stationed in Bentonville, Arkansas, pays its state taxes to Arkansas. Just because the headquarters is located in a particular state does not mean all taxes paid by individual stores and outlets go to that state.
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
What is the tax exemption under Section 10 subsection 14 of Income Tax Act?
You better rephrase to include which country, or state laws you mean. US Federal do not have citations in that format.
What is the amount per child for income taxes?
I am assuming you mean the personal and dependency exemptions for 2009. The exemption amount for 2009 is $3,650.
If you repaid taxes due for 2006 in 2008 can you report them on your 2008 return?
If you mean paid federal taxes for a prior year...there is nothing to report...that isn't a deduction regardless if paid on time or not. If you paid State taxes in a different year, that would normally be deductible in the year actually paid for Federal tax purposes.
What does gross income net of taxes mean?
It means your gross income minus the net tax deductions, the tax deductions as federal income taxes, state taxes, Fica, medicare, SUI/SDI. Other taxes are not included, such as, life insurance, charity, or debts that are taken automatic from your paycheck.
What does csed mean in state back taxes?
If you receive a letter or notice from the state about this csed and could it mean that you owe some back taxes or child support or some other government debts to the state.
What does SWT mean on payroll stub?
State Withholding Tax, which is to pay state taxes
What does it mean when your federal taxes have been impacted?
It means they're coming in wrong and pressing up against your other taxes. You need to have the IRS extract them.
What does federal withholding mean?
When you earn income from an employer, the employer automatically withholds a portion of your salary for federal income taxes, which they remit to the government on your behalf.
What does federal supremacy mean?
Federal supremacy establishes that federal law supercedes all state and local law. Federal supremacy establishes that federal law supercedes all state and local law.
