Taxable Income Calculator
Question: If a corporation has $10 million/year in Taxable Income, how much will its taxes increase under Obama’s plan?
Hint: You will not need a calculator to answer.
Mr. Wizard has it right: zip.It’s not about prices. I was asking about tax rates.
Obama is NOT proposing any increase in corporate taxes. He is proposing a modest tax increase on individuals. If a corporation earns $10,000,000, it will pay exactly the same tax under Obama’s plan as it now pays.
The thing no one seems to understand is that corporations are taxed separately. An increase in individual taxes has no relationship to the amount of corporate tax that is owed.
Linda–I happen to be one of those lawyers.Rest assured that if there were a way for corporations earning lots of money to pay zero tax, we would have figured it out by now. We try to minimize taxes wherever possible, but the U.S. government still gets $10 billion/year in corporate tax revenue.
Answer: zip
An Aggressive Tax-Efficient Portfolio for Retirees
A model portfolio for younger retirees and pre-retirees or those with other income sources.
More income, better income
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Question: Entering reimbursed relocation expenses in TurboTax?
My relocation was fully reimbursed by my employer and tax-assisted (‘grossed-up’).
How do I enter this information in TurboTax and do I still need to complete Form 3903?Answer: Your W-2 will contain the basic information.
If you were fully reimbursed, you do NOT have anything to put on form 3903so don’t file it.
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Gross Income
Question: How do you answer the question of ‘Gross Annual Household Income’ when applying for credit?
I have two roommates. None of us have any financial obligation to each other, other than paying rent and utilities. When asked ‘What is your Gross Annual Household Income?’, do I respond with MY gross annual income, or with the COMBINED gross income of me and my two roommates (my household). Note: We rent, there is no mortgage.
Answer: You should only use yours– they are trying to figure out how much they can give you– not all of you. “HOUSEHOLD” is generally used becuase typically it is a married couple with kids– so the income is all counted…. in your case, just use your own, and if they ask for rent, only include your portion…and that goes for utilities, too.
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