Difference between revisions of "How Does Tax Relief Work"

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Revision as of 02:47, 5 October 2024

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Now we calculate when there is any tax due. Assuming for the moment that no income exists, we calculate taxable income by taking the cash in on the business ($20,000) and subtract standard model 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 extra revenue tax due for lotto would be $1,099. So, the total tax bill for this taxpayer was $1,099 + $3,060 to put together a total of $4,159.

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