Earned Income Tax Credit (EITC) Information

How to Pay Zero Taxes by Jeff A. Schnepper

Fully updated to include all the latest tax law changes, How to Pay Zero Taxes outlines the easiest, most practical strategies you can use to lower your taxes this year, next year, and beyond. From converting personal expenses into business expenses to avoiding or surviving an IRS audit, Jeff Schnepper's guide comprehensively covers more deductions than any other tax book, all conveniently organized in six fast-access categories: exclusions, credits, “above-the-line” deductions, “below-the-line” deductions, traditional tax shelters, and supertax shelters.

Jeff A. Schnepper is the author of several books on finance and taxation, including How to Pay Zero Estate Taxes and all twenty-four previous editions of How to Pay Zero Taxes. He is a financial, tax, and legal advisor to the Transamerica sales force and runs a full-time accounting and legal practice in Cherry Hill, New Jersey. Mr. Schnepper is Microsoft's MSN MONEY tax expert, an economics editor for USA Today and is tax counsel for Haran, Watson & Company.

     

Earned Income Tax Credit (EITC) Information - Federal Withholding Tax Table

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Earned Income Tax Credit (EITC) Information * Federal Withholding Tax Table

Using The Federal Withholding Tax Table   
Carl LaFresnaye

The federal withholding tax table is used to determine the amount of taxes that an individual must pay according to his or her living status, amount of money he or she makes, and his or her age.

These charts help employers to determine what needs to be taken out of the person's paycheck each month or bi-weekly depending on what the person claims on their W-2. This helps to ensure that the individual will have paid enough taxes to the federal government by the end of the year so that he will not have to pay more taxes after he has his taxes done, which can cause a lot of undue stress at that time of year. A much better scenario is that the individual has paid more taxes than he owes to the government and is therefore owed a tax refund at the end of the year, meaning he helped the government out by lending that tax money to them for the year, but now it is time for the government to pay up.

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Tax Tips For The Unemployed (CNN Money)
Tax time can be a painful time for many of us, and it's especially tough for people without jobs. If you're unemployed, there are a few twists and turns in the tax code that can work to your benefit.

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Tax Table

If a person is single and the payroll is done on a bi-weekly basis, the percent of the tax on the federal withholding tax table is done according to the amount of money the person made during that pay period. For instance, if a person made up to $102, then there is not any tax withheld from that person's paycheck since they made so little. When they make from $1,306 to $3,066 per bi-weekly pay period, then the tax is figured based on $165.90 plus twenty-eight percent of $1,306, even if the person made at the top end of the pay bracket. If a person makes over $13,833 per pay period, then they owe $3992.11 plus thirty-five percent of $13,833 per pay period, even if they make significantly more than that amount.

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N.Y.âs Paterson Shuns Wall Street Stock Transfer Tax (Update2) (BusinessWeek)
New York Governor David Paterson, facing at least a $9 billion budget deficit, rejected a call for a stock transfer tax on Wall Street.
NY Governor Rejects Reimposing Stock Transfer Tax (Reuters Via Yahoo! News)
New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...

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The same process is used on the federal withholding tax table for individuals who are married and filing jointly. If the income on a bi-weekly pay period is up to $308, then there is not any tax withheld from the paycheck. If the check is from $906 to $2,775 for that pay period, then the tax on the amount is $59.80 plus fifteen percent of $906, even if the individual made more than that amount. If the amount is $14,042 or more per pay period on a bi-weekly pay scale, the taxable income is $3,721.80 plus thirty-five percent of $14,042 even if the person makes significantly more than that per pay period. These federal withholding tax tables are for the employers to use, but are also helpful for the employees in deciding what to claim on their W-2 form, since they may want to change their status and lower their withholding, or raise their withholding, whatever the situation might call for.

What Other Authors say about Taxes

Where Can You Get Answers To Your Tax Questions? by Carl LaFresnaye

Taxes are an unfortunate part of our lives. But our tax money finances so many parts of our government, taxes are here to stay. It would be nice if taxes were cut and dried, easy to understand and easy...

Doing Your Taxes by Carl LaFresnaye

When an individual is younger, it is much easier to do taxes at the end of the year since there usually is not anyone to claim other than the individual him or herself, as well as the fact that not many...

Health Savings Accounts and Taxes by Kurt Stammberger

HSAs have a "triple" tax advantage from a federal tax standpoint. Individuals receive full tax advantages for HSAs on their Federal Income Tax return (or through a salary reduction program in certain employer-sponsored...

A History of the Income Tax in the U.S. by Garry Gamber

After the United States declared its independence and fought the Revolutionary War, the U.S. Congress relied on excise taxes on alcohol, tobacco and a few other products for revenue to pay off its war...

Income Taxes: What Do They Go? by Carl LaFresnaye

Remember the Boston Tea Party? In 1773, the king in England and his Parliment had just initiated the Tea Tax – and the settlers didn't accept it. Many of them dressed up as Indians, boarded a trade ship...

Are Foreclosure Taxable by

The Internal Revenue Service unveiled a special new section for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures...

Do You Know When To File A Tax Return? by Ken Snowie

Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated?...

Child Tax Credit by Tony Robinson

Now, here's a real savings to the individual taxpayer with children. The child tax credit is a direct tax credit that is available to provide credit to taxpayers with income below certain established levels....

What Is An Inheritance Tax And When Is It Applied? by Gray Rollins

When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...

Unclaimed Tax Refunds: How To Claim Yours by Gray Rollins

When a taxpayer owes money on their taxes they need to pay the amount owed before the traditional April 15th deadline. If the amount owed on taxes is not paid before the deadline, then federal and state...


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Index of Articles about Taxes

What Other Authors say about Taxes

Where Can You Get Answers To Your Tax Questions? by Carl LaFresnaye

Taxes are an unfortunate part of our lives. But our tax money finances so many parts of our government, taxes are here to stay. It would be nice if taxes were cut and dried, easy to understand and easy...

Doing Your Taxes by Carl LaFresnaye

When an individual is younger, it is much easier to do taxes at the end of the year since there usually is not anyone to claim other than the individual him or herself, as well as the fact that not many...

Health Savings Accounts and Taxes by Kurt Stammberger

HSAs have a "triple" tax advantage from a federal tax standpoint. Individuals receive full tax advantages for HSAs on their Federal Income Tax return (or through a salary reduction program in certain employer-sponsored...

A History of the Income Tax in the U.S. by Garry Gamber

After the United States declared its independence and fought the Revolutionary War, the U.S. Congress relied on excise taxes on alcohol, tobacco and a few other products for revenue to pay off its war...

Income Taxes: What Do They Go? by Carl LaFresnaye

Remember the Boston Tea Party? In 1773, the king in England and his Parliment had just initiated the Tea Tax – and the settlers didn't accept it. Many of them dressed up as Indians, boarded a trade ship...

Are Foreclosure Taxable by

The Internal Revenue Service unveiled a special new section for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures...

Do You Know When To File A Tax Return? by Ken Snowie

Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated?...

Child Tax Credit by Tony Robinson

Now, here's a real savings to the individual taxpayer with children. The child tax credit is a direct tax credit that is available to provide credit to taxpayers with income below certain established levels....

What Is An Inheritance Tax And When Is It Applied? by Gray Rollins

When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...

Unclaimed Tax Refunds: How To Claim Yours by Gray Rollins

When a taxpayer owes money on their taxes they need to pay the amount owed before the traditional April 15th deadline. If the amount owed on taxes is not paid before the deadline, then federal and state...