Tax Rates Reflect Well-Being : Différence entre versions
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Version du 13 mai 2026 à 01:45
Families that are considered to be poor or low income are given assistance your earned income credit, or EIC. The EIC is a tax credit that helps such families with low earnings acquire a better standard of living. An EIC can translate in tax refund of about $400 and $4,500. This article will explain how you can figure out if you are entitled for the EIC.
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Now we calculate if there is any tax due. Assuming for the moment that not one income exists, we calculate taxable income by taking the make money from 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 additional income tax due for responsibility would be $1,099. So, the total tax bill for this taxpayer effectively $1,099 + $3,060 for one total of $4,159.
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