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Revision as of 17:21, 7 January 2025

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Now we calculate when there is any tax due. Assuming for the second that couple of 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 extra revenue tax due for this person would be $1,099. So, the total tax bill for this taxpayer would definitely be $1,099 + $3,060 for a total of $4,159.

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Also take note of that employment that will be in another state, a mobile auto glass installation for example, is subject certain states financial. Not your own state.

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