Annual Taxes - Humor In The Drudgery: Difference between revisions

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Revision as of 21:26, 29 August 2026

Invincible? The irs extends special treatment to no-one can. Famous movie star Wesley Snipes was faced with Failure to file Tax Returns from 1999 through 2009. Did he get away with doing it? No! Even with his fancy expensive lawyers, Wesley Snipes received the maximum penalty because of not filing his tax returns - a couple of years.

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Congress finally acted on New Year's Day, passing the "fiscal cliff" laws. This law extended the existing tax rate structure for single taxpayers with taxable income of less than USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For having higher incomes, the top tax rate was increased to 13.6% These limits are determined with the foreign earned income difference.

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What will be the rate? In the rate or rates enacted by Central Act for any Assessment Year. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable on the tax payer.

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