Annual Taxes - Humor In The Drudgery: Difference between revisions

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Revision as of 23:03, 5 January 2025

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The HVUT, or Heavy Vehicle Use Tax, is a once a year tax paid by truck drivers or owners of trucking companies. It goes for drivers operating cars on our nation's highway, and anyone money goes towards maintaining roads, alleviating congestion, keeping the roads safe, and funding new projects.

Defenders belonging to the IRS position would say it pops up to Section 61. The waitress provided a service for me, and I paid for it. Compensation for services is taxable. End of new.

Now we calculate if you have any income tax due. Assuming for one time that few other income exists, we calculate taxable income using the make the most of the business ($20,000) and subtract regular 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 responsibility would be $1,099. So, the total tax bill for this taxpayer very well be $1,099 + $3,060 for one total of $4,159.

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