3 Elements Of Taxes For Online Business: Difference between revisions
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Latest revision as of 12:24, 23 January 2025
unipa.ac.id
Filing taxes is a confusing and complex process to begin out with for most of us. Making errors will happen from time for time, but the one thing you want to avoid to do is understate the income you en. Underreporting earnings is means to get the IRS hopping mad.
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Now we calculate if you find any taxes due. Assuming for at the time that not one other income exists, we calculate taxable income using the take advantage of the business ($20,000) and subtract common 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 chore would be $1,099. So, the total tax bill for this taxpayer effectively $1,099 + $3,060 to put together a total of $4,159.
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