What Is Taxable Interest ?   

     Any interest that you receive or that is credited into your account and can be withdrawn is termed as taxable interest. This interest is treated as taxable income and you have to report it on your tax return. Interests you receive from bank accounts, loans you make out to other, or interest from any other source is considered to be taxable interest.More...



Federal Withholding Tax Table

Federal Withholding Tax Table

 

      The good news is that due to the Jobs and Growth Tax Relief Reconciliation Act of 2003, workers are now getting more money when they take their paychecks home. The new federal withholding tax table has lower tax rates for employers to use when they want to figure out how much federal income tax they should withhold from an employee’s wages.More...


Tax Laws For Pastors
Tax Laws For Pastors

 

       When it comes to federal income tax, even pastors and non-ordained staff of a church or religious organization have to file their tax returns on an annual basis. In the US, pastors are treated as self-employed individuals when it comes to social security purposes. It is this fact that makes it very difficult to figure out what the income tax reporting status of pastors is.More...


Tax Write Off List
Tax Write Off List

 

        A tax write off refers to itemized deduction of an item’s value from a person’s taxable income. A tax write off list is extremely useful as it will help you to reduce the gross income on which tax is calculated and this helps in reducing your taxes.More...


Taxation Of 403b Plans
Taxation Of 403b Plans

      403b is a retirement plan meant for individuals in a certain profession. If you are employed as a doctor, teacher, researcher, librarian, school administrator, nurse, professor, school personnel or minister, you are eligible to have a 403b retirement plan. In addition, even people employed in tax-free organizations can opt for 403b retirement plan.More...

 

 

    
 

Essential Characteristics Of Taxation

Essential Characteristics Of Taxation    Taxation is there to ensure that the government has steady stream of revenue for all its operations. If you check the IRS headquarters in Washington, D.C., you will find the following inscription: “Taxes are what we pay for a civilized society.” This quote is from Supreme Court Justice Oliver Wendell Holmes, Jr (1841-1935).More...

 


 

 

 
   
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