Taxation

How do I know if I’m exempt from withholding? To be exempt from withholding, both of the following must be true: You owed no federal income tax in the prior tax year, and. You expect to owe no federal income tax in the current tax year. Read more on www.hrblock.com You may be wondering if … Read more

How much does West Virginia pay in taxes? West Virginia has a progressive state income tax with rates from 3% to 6.50%, depending on taxpayers’ income level and filing status. Within the five-bracket system, single filers, joint filers and heads of household earning up to $10,000 in taxable income pay 3% in state taxes. Read … Read more

How do you avoid franchise and excise tax in Tennessee? When calculating Franchise Tax, if the holding entity owns an interest in several other entities, its equity can potentially be taxed more than once. This potential negative tax effect can be avoided for an affiliated group by making a joint election to compute net worth … Read more

Who gets copies of W-2’s? Copies to Employees. Deliver W-2 copies labeled “”B,”” “”C”” and “”2″” to workers by January 31 of each year. The IRS considers mailing the copies on or before the due date as meeting the requirement to furnish copies to employees, providing the forms display proper mailing addresses. Read more on … Read more

What is the income tax rate for a proprietorship firm? Proprietorship Tax Rate AY 2019-20 | FY 2018-19 ?Proprietor’s age is less than 60 years Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Read more on www.indiafilings.com Taxes … Read more

Does New Mexico charge tax on shipping? Rather than a sales tax, the state of New Mexico has a gross receipts tax (GRT.) And since shipping is a taxable part of the transaction, you as the seller should either: charge the buyer sales tax on that shipping charge. Read more on www.taxjar.com The population of … Read more

How do I file my taxes in Wyoming? Since Wyoming does not collect an income tax on individuals, you are not required to file a WY State Income Tax Return. However, you may need to prepare and efile a Federal Income Tax Return. Read more on www.efile.com The national parks, scenic splendor, and low tax … Read more

How much should I set aside for taxes in Oregon? As far as the IRS and the Oregon Department of Revenue are concerned, a freelancer is an independent contractor. So, how much are independent contractors supposed to save for taxes? A good rule of thumb is to set aside about 30% of your income. Read … Read more

Do you pay excise tax every year Maine? Excise tax is an annual tax that must be paid prior to registering your vehicle. Except for a few statutory exemptions, all vehicles registered in the State of Maine are subject to the excise tax. Read more on www.maine.gov One of the few states in the union … Read more

How do I change my LLC name with the IRS? Write to us at the address where you filed your return, informing the Internal Revenue Service (IRS) of the name change. Note: The notification must be signed by the business owner or authorized representative. Read more on www.irs.gov If you are an owner of a … Read more