When you attend college you may receive scholarships, fellowships or grants. You might also receive stipends to cover expenses, or for teaching, doing research, working on an apprenticeship or internship, or for other work. According to the IRS, scholarships, fellowships and grants are generally not subject to federal income tax if you are a candidate ...
An important federal income tax provision that provides relief on the forgiveness of mortgage debt is scheduled to expire at the end of 2012. If this tax provision is not extended, there could be a significant effect on homeowners who are forced into foreclosure or a short sale. Generally, the forgiveness of debt is subject ...
When you work an internship, you may do it for the experience, without pay. Or you might be paid as an employee or an independent contractor. If you work as an employee you will have federal income tax (and state income tax if applicable), social security and Medicare taxes withheld from your pay. You will ...
Generally, if you are a resident of the U.S., you are subject to U.S. federal income tax in the same way as a U.S. citizen. That is, you are subject to U.S. income tax on your worldwide income and can claim the same exemptions, deductions and credits as a U.S. citizen. When you file your ...
There is no minimum age for filing a federal income tax return. If you are under age 18 you may have to file a tax return, depending on your income for the year. Or it may be to your advantage to file a return to obtain a refund for the tax withheld from your paycheck. ...
If you are a resident of Alabama you are subject to state income tax on your income from all sources, whether in or outside of Alabama. Part-year residents are subject to state income tax on their income from all sources during the period they are residents, and on income earned from a source in Alabama ...
If you receive commissions and bonuses in addition to your regular salary or wages, you may find that federal income tax is withheld at a different rate. This is because the IRS considers commissions and bonuses to be supplemental wages. A different withholding rate is applied on these supplemental wages, which could be 25%. In ...
Whether or not you are considered married has significant consequences for federal income tax purposes. If you are considered married you can combine your income in a joint return and will generally pay less tax than you would if you filed separate returns using the single status. If you are considered married you could also ...
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Karla News
