What are average federal taxes in Illinois on 57000 dollars?
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How do you deduct property tax payments from your federal income taxes in a year when you both sold and bought property in Illinois?
Answer . For the property you sold, you may have property taxes you already paid that year before the sale. Additionally, you will give the buyer a credit for property taxes accrued up to the date of the sale. Deduct both of these amounts.. For the property you purchased, you may pay property ta…xes after the purchase. The seller gave you a credit for the taxes due up to the date of purchase. Deduct the credit from what you paid. If any remains, you may deduct it on Schedule A. If the credit is for more than you paid, you should carry the remaining credit forward to the next year and deduct it from what you paid. Many accountants will simply deduct the entire credit from all of the payments in the same year. While this is technically incorrect, it is easier, and eliminates the likelihood you will forget to carry the remaining credit forward. I've never had the IRS object to this treatment.. Example:. Paid property tax in June $2,000. Sold property in July, gave buyer credit 4,000. Bought property in July, got seller credit -5,000. Paid property tax in September 2,500. Total paid during year is $2,000 + 4,000 + 2,500 - 2,500 (credit) = $6,000 and carry a $2,500 credit from buyer to next year, or. Total paid during year is $2,000 + 4,000 + 2,500 - 5,000 (credit) = $3,500 and no credit carried forward. (MORE)
Answer . \nProbably absolutely not. \n. \nYou may be thinking about gifts to children that can be used to lower your estate and avoid possible estate type taxes in estate planning.\n. \nOne thought: especially if your child doesn't have much income of his own to report---you may be able to ta…ke him as a dependent! (MORE)
What is the value of a 10 dollar US bill from the Federal Reserve Bank of Chicago Illinois 1934d series in very good condition?
Answer . Current retail prices for a bill that shows very little wear are in the $20 range.
\n. \n Answer \n. \n. \nHere I heard it's 45% for lump sum plus 18% for state and city taxes....around 63% GIVE OR TAKE\n. \n. \n Answer \n. \nEvery time this Q comes up it seems people want to make it much more difficult than it is.\n. \nLottery winnings are treated like any other …ordinary income. It is taxed when received. If you take a lump sum payout, you would need to declare that as income on your next return, (making estimated payments as needed). The actual amount you will pay is dependent on other factors that determine your taxable income for the tax brackets. So, if you had large losses, medical or business expenses that year, you would pay a different amount. However, presuming those don't really change a large payout like you mentioned by much, you would pay the Federal and State?local income tax rates for where it was won. Presumably 32% for Federal....and whatever state/local amounts...rememebering that what you pay on the S/L is deductible from the Federal income and makes the effective State rate much less. (MORE)
What is the value of a 1929 100 dollar bill issued from the federal reserve bank of Chicago Illinois?
As of 04/2014, retail values are roughly $130 to $175 for bills inciculated condition. An uncirculated one can bring $350 or more. All 1929 $100 National Currency bills are worth the same regardlessof which Federal Reserve district distributed them. FWIW, the billswere actually printed in Washingto…n at the request of the Chicagodistrict. (MORE)
No. The even then fairly short lived income averaging went out about 15 years ago. One year, same year now. (Except for some farmers...who can still get income averaging).
What is the value of 1929 5 dollar bill with the top saying national currency and on the side saying the federal reserve of Chicago Illinois?
If worn, it might retail for about $30. In better condition that figure could go up to $200.
Anyone with any income, or even without an income can file. You are required to file Federal taxes if you made more than $1,800. Illinois requires anyone that earns or receives income in the state to file state taxes.
The Illinois (IL) state sales tax rate is currently 6.25%.Depending on local municipalities, the total tax rate can be ashigh as 11%.
There is currently no state tax on labor in Illinois. But beware legislation being introduced to help make up for the deficit spending currently occurring. The failed gross receipts tax is one example of what they were trying to pass. Check with your local city and county government to see if there …are any local service taxes. Currently there are no 2009 year initiatives on service tax (as of 1/9/09) (MORE)
On average, almost 50% of workers actually don't pay any tax. So averages mean very little...and less when it involves taxable income. . It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings as a type of tax, but many may not b…e. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. Some vary not just by State, but by company...or job in the company. . The amount (or percentage) of income tax withheld also depends on many other things...obviously which state (or even city) your in (although that may be a surprisingly small variable), the amount of income your projected on earning over the year (because that helps determine your tax bracket and the percent that may be needed), as well as your filing status, number of dependents and other deductions. And other possible income. And some things are taken out as a straight percentage up to a certain amount of income being earned in a year, and then stop (like FICA). All these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. Understand that the definition of income changes with each application...your income from your employer is one thing, but the taxable income is different for the IRS, the State, and each other. . Finally, there are a number of different legal ways for the payroll provider to calculate certain aspects of the amount to withhold...but overall they make only a small difference.. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty). Again, adjusting your W-4 is the way to correct for any of these circumstances. (MORE)
6.25% is the general sales tax rate but cities and counties can add additional taxes. See 'Sources and related links' below for rates by city.
Illinois has a five percent state tax. If someone were to win 34million then 1.7 million will be taken out from the Illinois statetax.
In the state of Illinois, tax on motorcycles or ATVs that cost less than $15,000 is $25, per Illinois Department of Revenue document "STS-76/RUT-50 Vehicle Use Tax Chart for 2008 " I am not sure that is 100% accurate...I believe that only applies to a used bike....when I bought a brand new sco…oter last year, I was forced to pay the standard sales tax rate for my address on the title and registration I was requesting....but any used motorcycle (or car more than 11 years old) is only $25 tax. "RUT-50 Private Party Vehicle Tax Chart for 2009" effective Jan 1, 2009 states... "If the purchase is a motorcycle, motor-driven cycle, 3- or 4 -wheel all-terrain vehicle (ATV), or motorized pedalcycle, the tax due is $25." this is for a private-party sale -- you buy it from a person rather than a dealer. see http://www.revenue.state.il.us/taxforms/Sales/RUT-5-Chart.pdf (MORE)
For one person? It's pretty decent for Waycross. For a family? It's not poor, but it's FAR from rich.
What is the average taxes paid by the average tax payer?. also. What is the average wages paid to Federal employees?. How many average taxes payers, taxes, it takes to pay the wages of one Fed. employee?
Illinois state tax is 3% (a/o 5/13/2009). Federal taxes are dependent on amount of wages earned and eligible deductions/dependents.
What is the value of a 1929 20 dollar bill from the federal reserve bank of Chicago Illinois and the number on the front is G01279930A?
The bill should have a brown seal, indicating that it is a National Currency note. Despite its age, current values are only in the range $25.-$35. depending on how worn it is. Please note that a bill's serial number doesn't normally affect its value or help to ID it. A serial number is just a cou…nter, so you generally don't need to copy it to any questions you may have. (MORE)
Federal Correctional Institution, Grenville . Federal Correctional Institution, Pekin . Metropolitan Correctional Center, Chicago . United States Penitentiary, Marion.
If it's dated 1981 or later, face value only unless it's uncirculated, then maybe $60. If it's older than 1981 please post a new and more specific question. Include its date and whether there is a small letter next to the date. The serial number is not important.
I am always astounded that people ask questions of this variety... Do you really think that's all there is to it? Much more goes into any tax determination. You must have seen are all those companies and software sellers advertising programs, etc, etc that do this - calculate tax and prepare returns… - for people. You may well have noticed there are entire professions with lots of busy people, again many spending large advertising amounts to get business of preparing these for those that findi it simply too hard and complex. Everyday on the TV, newspapers and everywhere else there are all theos discussions about how to determine, even change what a portion of your tax situation may be. You've probably heard about, seen and even received some of those silly tax forms that need to be completed absolutely accurately to get an answer of how much tax someone pays. And of course, all those laws passed about what is what...and what it means to different people, probably you too, are big news. I just don't understand how someone may think it's just a number on a chart or something. It is probably a good indicator you need to get professional assistance in doing it (handling your tax financial affairs), and also start learning what is involved, because the one that can do it best for you....is you! Virtually no 2 people with even the same job and income will owe the same tax. (MORE)
2600.00 ans It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings as a type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax…. Also, tax is withheld (and paid) on TAXABLE INCOME, not what you just see as pay. Many aspects of "pay" may not be taxed (say your contribution to retirement plans - which changes person to person - place to place). And many things you don't see as "pay" - like life insurance the employer provides - may be taxable to you. The amount of tax withheld also depends on other things...obviously which state (or even city) your in, the amount of income your projected on earning over the year, (which helps determine your tax bracket and the percent that may be needed) , as well as your filing status, number of dependents and other deductions. All these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. Finally, there are a number of different legal ways for the payroll provider to calculate certain aspects of the amount to withhold...but overall they make only a small difference. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty). Again, adjusting your W-4 is the way to correct for any of these circumstances. (MORE)
Illinois does not have an inheritance tax like some states (New Jersey, for example) do. However, people often confuse the concept of an inheritance tax with the concept of an estate tax. Illinois does have an estate tax. See: http://www.finance.cch.com/pops/c50s15d170_IL.asp
The United States has several levels of government. The main national government that has jurisdiction over the entire country is known as the federal government. Most of the United States is divided into smaller political subdivisions called "states." Examples of states are Florida, Californi…a, and Hawaii. These states have their own governments that have jurisdiction over local matters within their boundaries. (The United States also has several territories not located within states that do not have all of the rights of states, but do have their own governments. Examples are the District of Columbia where the federal capital is located, Puerto Rico, and Guam.) A tax imposed by action of the federal government is called a federal tax. A tax imposed by action of a state government is called a state tax. (MORE)
The latest numbers I can find are from The Tax Foundation: http://www.taxfoundation.org/press/show/22659.html 33 states and the District of Columbia get back more Federal tax dollars than they pay in. Ironically, considering the Republican Party champions low taxes and cutting Federal taxes, 21… of the 33 states who get back more than the taxpayers in those states pay in are also states who voted for John McCain in 2008. In effect, the wealthier Blue states are subsidizing poorer, more rural Red states...much as urban counties usually subsidize rural counties on the state tax level albeit the red-leaning suburbs of urban areas (map showing red and blue counties at bottom) subsidize the dark blue super-urban inner cities of metropolitan areas. The blue city propers typically are net receivers of federal funds.. States with large military or Federal labs (typically in the South and West) appear to get more in Federal dollars. Large urban areas receive substantially more federal funds in the form of social welfare spending, as do minority-heavy rural areas particularly in the South. Large, urban states pay more in than they get back although it's unclear whether the larger outlow derives from red- or blue-minded taxpayers in those urban blue states (eg Wall Street in NY).. http:/www.jeffersoncountygop.orgRedStateMap.gif (MORE)
\nFederal government refers to the country of the United States of America. Local government of Illinois is run primarily in the state capitol of Springfield.
The net amount that is on the paycheck that you have in your hand is your net pay for the pay period after all of the federal taxes and other necessary withholding amounts have been withheld from your gross earnings by your employer payroll department. You should get the information from your emplo…yer payroll department if you really need to know the correct numbers or amount that should be deducted from your gross earnings. (MORE)
57000 gross income for the year your employer payroll department would be the only one that would know how they were required to withhold for all of the taxes and other amounts out of your 57000 gross amount for the year. Your employer payroll department should be able to help you determine the net …take home pay that you would receive for the year. (MORE)
If the 2500 is income from an employer and you are an employee and will receive a W-2 form for the 2500 amount and you do not have any other worldwide income to be reported on your federal 1040 tax return then you would not have any federal income tax liability for the tax year 2009 when you file th…e 2009 income tax return in the year 2010. (MORE)
The amount of withholding is determined by the filing status andnumber of exemptions you listed on your most recent W-4 form thatyou completed for your employer. There is no flat percentage ofincome for withholding.
The Illinois constitution mandates property taxes. All property in Illinois is supposed to be taxed on an assessed value of 1/3 of the fair cash value. Once the value is established, then in all counties except Cook (where Chicago is), property is supposed to have an assessed value of 1/3 of the fai…r cash value. In all Counties except Cook, this is figured every year. This is then multiplied by a State "equalization factor" announced annually to attempt bring the value to a "true" assessed value (so in a county where property is typically accurately assessed the factor will be 1.0 theoretically, but in a County like Cook where there is a different assessed value system, the factor can be 2 or even in recent years close to 3). Then the tax rate is applied; the tax rate is a combination of all the tax rates of all the taxing districts where you live (schools, local governments, county government, parks, etc.). There are certain exemptions (homeowner/occupant, senior) and certain tax incentives (historic, improvements...) but these are the basics. In Cook County, there is a tiered system for 2 reasons: there are so many properties only 1/3 of the county is reassessed at a time instead of all annually, and therefore 2/3 of the county "lags behind" at any given time. Secondly, instead of the flat 1/3 of fair cash value, residential and vacant properties are all at 10% of fair cash value, and all commercial and industrial properties are at 25% of fair cash value. You can see how in Cook a residential property given a fair cash value of $120,000 would have an assessed value @ 10% of $12,000 and to "equalize" it back to the required 1/3 of fair cash value, the equalizer have to be close to about 3.3, meaning the "true" equalized assessed value would be $36,000. Why it is so convoluted is political..... (MORE)
The government taxes you based on your total amount of income and they then place you in a group/class and from that they may tax let's say 40% for being in the middle class range you can look at it as for every dollar you make the government takes 40 cents, but as everyone knows there are tax refun…ds for items you can write off on taxes and the government gives you back a certain amount of money depending on the tax deductible listed. So the answer could be yes and no. (MORE)
In the USA, if your Federal Student Loans are in default, then your original lender was paid 97% of your loan value by a Federal Guarantee Agency. Guarantee Agencies are basically insurance companies. When your lender was paid off, the Guarantee Agency took ownership of your loans. Guarantee Agencie…s have the right by law to keep any Federal Income Tax return money that is owed to you. They also have the right to garnish any wages and to garnish Social Security benefits. If you need help getting out of default and getting off of the tax offset list, click on my profile, StudentLoaner, below. (MORE)
Yes to the federal income taxes. No the state of Illinois does NOT tax distributions received from qualified employee benefit plans, including a government retirement or government disability plan.
You should be able to get the extension form if one is necessary from the Illinois state tax department web site. You may even be able to fill the form out and efile the form online after you have completed the extension form correctly.
How do you determine Federal taxes due upon taking a normal distribution from an indexed equity IRA that you funded with IRAs which you purchased with after tax dollars?
The same way as any other distributions from your IRA accounts using the information from the 1099-R Gross amount and taxable amount and the taxable amount is added to all of your gross income and taxed at your marginal tax rate. When you have an IRA with after income tax dollars you are supposed to… have a cost basis and also have the forms 8606 for each year that you made these after income contributions and that will be where you will have to get your information from to determine our cost basis that you would recover free of income tax over a period of years. Form 8606 To designate contributions as nondeductible, you must file Form 8606. Nondeductible Contributions Failure to report nondeductible contributions If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated as deductible contributions when withdrawn. All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made. Go to the IRS.gov web site and use the search box for Publication 17 (2009), Your Federal Income Tax go to chapter 17 Individual Retirement Arrangements (IRAs) Click on the below Related Link (MORE)
Fed tax is a form of progressive(Tax by which the rate of tax increases as the taxable base amount increases ) and direc tax( a tax paid directly to the government by the persons on whom it is imposed).
No the federal tax brackets would NOT be your average income tax rate on your income. Each separate federal tax bracket amount is your marginal tax rate for that amount of your taxable income that is in that bracket amount.
Federal taxes are paid to the federal government. There are many different ones; in the transportation business income tax, Social Security tax, unemployment tax, fuel tax, road tax and federal excise tax are the most important.
Every taxpayer has different situations and information that is reported on the 1040 income tax return so this would depend on which taxpayer it is that YOU call the AVERAGE TAXPAYER. The taxpayer that does not have any taxable income page 2 line 43 of the federal 1040 income tax return once the t…ax return is completely correctly does NOT pay any federal income tax and could possibly qualify for some type of of a refundable tax credit. ans 75% of all U.S. businesses currently pay zero federal income taxes as they are structured as pass-through businesses. The wealthy run their profits through them into their hedge funds which are taxes at a maximum of 15% and invest in the trans-nationals hollowing out the U.S. labor market. The media touts job growth but omits telling you that much of that goes to foreign migrant and insourced on visa workers. When you factor in population growth (yes little people grow into adults and need jobs too) there is no job growth. But they don't tell you that. The U1-U6 unemployment statistics do not present an accurate picture of employment in the U.S.. We need to count how many Americans need good paying jobs with benefits. The U.S. is an Economy In Crisis http://www.economyincrisis.org (MORE)
You do not have a set percentage amount for this purpose. For the tax year 2010 the social security and medicare tax is withheld by your employer payroll department from your first dollar of your gross earnings at the 7.65% rate. The 7.65% amount is matched by your employer for a total of 15.3% co…ntribution to the SSA insurance trustee. Then you will also have other federal income tax amounts and other items that your employer payroll department will be required to withhold from your gross earnings before you will be issued your NET TAKE HOME paycheck. You should ask the employer payroll department for the amounts that they will have to withhold from your gross earnings. (MORE)
The Federal Reserve has issued $100 bills for nearly a century, so a date is needed. Please post a new question with the bill's date and what letter if any is located next to or under the date. You don't need to copy the bill's serial number as that rarely affects a bill's value.
Your bill was actually printed in Washington DC. Please see thequestion "What is the value of a 1934 A US 10 dollar FederalReserve Note?" for more information. The cities shown on Federal Reserve Notes are the locations of theFederal Reserve Bank that requested and distributed the bills, notwhere t…hey were printed. Until 1991 all bills were printed at asingle plant in Washington; since then production has been sharedwith a second printing facility in Fort Worth. Separate print runsare made for each district that requests bills for distribution. (MORE)
To clear things up, the bill wasn't made in Chicago. It was printedin Washington for distribution through the Chicago Federal ReserveDistrict. Please see the question "What is the value of a 1934 A 10 dollarFederal Reserve Note?" for values and other information.
No its not taxed. When you receive your refund, you will notice that their nothing withheld from your refund of any sort. You definitely do not have to report your refund to the IRS-its your money that you earned.
What is your average tax rate if your taxable income is eighty-six thousand dollars and you paid taxes of eighteen thousand dollars?
(18000/86000) x 100 = (18/86) x 100 = (9/43) x 100 = 900/43 = 20.93%
The IRS web site shows recent averages, $2,913 in 2011, for example but the average is meaningless. To start with people who would get a small refund don't bother because it will cost more to have a tax professional help them with the confusing tangle of forms and details than they'll get back. The …tax code makes many distinctions and its unlikely two people with the same earnings pay the same tax even if their general situations appear identical and otherwise quite average. (MORE)
This can depend on the person as each and every person is quite different as the world itself is also unique. Therefore this cannot be answered since it depends on the person as people are all unique on this unique planet.
As of 2013, 36 of the 50 states in the United States of America receive more money from the federal government than they pay to the government in taxes. Some states that receive more back include Florida, Texas, and Maine. Ohio, California, and Texas do not fall under this umbrella.
These figures are based on 2013 tax rates as the 2014 tax year has not yet ended and the new rates have not yet been released. If you are filing single with no dependents and claiming yourself as one exemption, your taxable income for federal income taxes would be $47,000. Your federal income tax wo…uld be a total of $7,678.75. This is assuming that you are under 65 years old at the end of the year and this would be your total tax for the year without regard to any tax that was withheld during the tax year or prepaid by making quarterly tax payments. (MORE)