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US Tax Service

In this PPT we describe the basics of US income tax and how to calculate income tax. We also describe the different types of taxes like capital gain etc.

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US Tax Service

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  1. US Income Tax Tax day come in every year of 15 April. In the last day income tax return can be postmarked to the internal revenue service. There are various tax filling web sites. Just collect the W-2 forms. These programs are rarely display the or explain how to calculate taxes.

  2. In the US income tax by federal states and local government. In the share partnership income partners are taxed. Taxable income is the total income less than deduction. Most business expenses are deductible. Individual also deduct personal allowance. All capital gains are taxable. But capital losses taxable only in the extent of gains. Taxes are determined separately in each jurisdiction. What Is Income Tax In US

  3. To calculate the taxes we describe it using some instructions. These are listed below • Collect W-2 form. • Sum up all earning plus self employment, business rental etc. • Calculate adjusted gross income by adding expenses and subtracting deduction. • Subtract some amount like $5700 in the FY of 2009. If you have mortgage or other cost then add it. • Subtract $3650 as of FY 2009 from resulting amount. • Calculate income tax in each bracket. Tax is different in the each bracket. • Sum up all the tax in each bracket. How To Calculate Your Taxes

  4. Basics Of US Tax Tax is imposed on the taxable income of the US by federal government. From 2003 to 2011 individual were eligible to reduce the federal income tax. Tax rate and deduction is different for individual depending on the filling status. Tax rate grated by federal law is that tax rate is higher in the higher amount income. There are various types of US tax. It is varies from state to state like

  5. Taxable Income It is defined in the internal revenue code issued by the department of treasury. Taxable income is the adjusted income is gross income after deduction of the tax. Most state and federal government follow this definition.

  6. Capital Gain Tax is to the lower tax rate. Capital gains include the selling the stock, bonds, real estate etc. It excess the proceed over adjusted rate. This limit of the adjusted rate is applies to dividend from US federal government.

  7. Contact Tax Services in Charlotte 1200 East Morehead, Suite 140 Charlotte, NC 28204 704-461-1883 704-233-3715 http://www.maxwelllegal.com

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