How does the tax deduction work for mortgage interest payments?
KL asked: Is this the correct formula for the tax deduction:
Tax rate of 38.5% times all the mortgage interest I paid in the past year?
Also, If I owe $100 in taxes but my deduction is $125 (based on formula above) does that mean the govt. will send me a check for $25?
How do property tax appraisals on a new home work?
Sandianne asked: We bought a new home last August 2005. The taxes for 2005 were based on a property value of 17,000$. Our home is now worth about 150,000$ for 2006. We signed a paper during the purchase, asking the escrow account to go ahead on figure the new tax rate on our home into [...]
What is the tax rate on tuition reimbursement?
mparkerson2 asked: I am normally taxed about about 21% of pay in taxes.
I’ve broken the $5,250 barrier allowed by the federal government on tuition reimbursement from my employer.
However, when I submitted my $1029.35 bill for tuition reimbursement here is how I was paid-
Total bill – $1029.35
Federal Income Tax – $257.34
Social Sec. Tax – $63.82
Medicare [...]
How could a carbon tax replace the income tax?
joesq asked: If the US wanted to finance the federal government entirely thru a carbon tax (or oil tax or gasoline tax), how high a tax rate would be needed to finance the government and replace the income tax and all other revenues? How much would that add to cost of a gallon [...]
