Difference between revisions of "Paying Taxes Can Tax The Best Of Us"

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Revision as of 07:38, 11 November 2024

The old adage is crime doesn't pay, only one certainly can wonder sometimes about the accuracy of it given quantity of politicians that look as if be bad guys! Regardless, the fact an individual making money from against the law doesn't mean you don't have to pay taxes. Correct. The IRS wants its unfair share of the ill gotten gains!

Now we calculate if you have any income tax due. Assuming for once that nothing else income exists, we calculate taxable income by taking the take advantage of the business ($20,000) and subtract although 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 were $1,099 + $3,060 for one total of $4,159.

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