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is increaseing exclusions to income a way to reduce taxable income
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Asked 3/1/2012 7:18:41 PM
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User: is increaseing exclusions to income a way to reduce taxable income

Weegy: ... ways to reduce taxes- -lower income ... taxable income, the... How to Reduce Payroll Tax. When there is an ever increasing ... Exclusion? IRS Allowable Adjustments to Taxable Income


User: is applying available tax credits a way to reducing your taxable income

Weegy: ... tax credits available ... taxable income. After you compute the tax on your income, you may be able to reduce ... way up to $14,248 of income, with a 2.25 percent rate applying ... [ ]


User: what is a method for filing a federal tax return

Weegy: Below are some important steps you should take to file your federal income tax return: 1. [ Find out if you are required to file a federal income tax return While the majority of people are required to file and pay income taxes, there are certain low-income earners (as well as children) who are exempt. You will most likely have to file an income tax return, but you should check the IRS? filing requirements before you proceed. 2. Determine your tax filing status The federal tax filing statuses include: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child. You may qualify for more than one filing status, in which case you will have to make a choice. In that situation, you should choose the filing status that will result in the lowest tax. 3. Calculate your dependents and personal exemptions The IRS allows taxpayers to claim personal exemptions for themselves and their dependents. A personal exemption is similar to a tax deduction because it reduces your taxable income. For tax years 2009 and 2010, the maximum personal exemption is $3,650 ? note that your personal exemption amount may be less if your income exceeds a certain amount. Your personal exemption information must be 100% accurate on your tax return because it largely impacts how much federal income tax you owe. 4. Report your income for the tax year Most people can simply review their W-2s (Wage and Tax Statements) to determine their annual income. This can get slightly more complicated if you have worked more than one job during the year. Furthermore, individuals who are self-employed will likely have to spend extra time on this part of the filing process. 5. Claim eligible tax credits and deductions If you qualify for any tax credits or tax deductions, you will want to take advantage of them. Tax deductions reduce your taxable income and tax credits reduce the actual amount of tax that you owe ? both will increase your chance of receiving a tax refund. ]
caligun|Points 1291|

User: is common stocks a form of debt investment or fixed-income

Weegy: b
bettyboop|Points 3446|

User: annuity pays an amount per year to you and your spouse untill last one dies is called what

Weegy: The answer is joint and survivor annuity.
Expert answered|sharpies|Points 6827|

User: how might you determinehow much money will be enought for retirement

Weegy: You will need about 65-70% of your current income to retire on.
Expert answered|sharpies|Points 6827|

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Asked 3/1/2012 7:18:41 PM
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Questions asked by the same visitor
what is a depository instituation User: what is a brokeage firm User: does a brokeage firm offer interest rates
Weegy: yes (More)
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Expert Answered
Updated 8/6/2014 6:08:50 AM
2 Answers/Comments
A depository institution is a financial institution in the United States (such as a savings bank, commercial bank, savings and loan association, or credit union) that is legally allowed to accept monetary deposits from consumers.
Added 8/6/2014 6:08:12 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [8/6/2014 6:09:30 AM]
A brokerage firm, or simply brokerage, is a financial institution that facilitates the buying and selling of financial securities between a buyer and a seller.
Added 8/6/2014 6:08:50 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [8/6/2014 6:10:01 AM]
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