week 8 - Week 8 DQ 1 Refer to Section 3.2 of Personal...

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Week 8 DQ 1 · Refer to Section 3.2 of Personal Finance . What is taxable income and how do you know how much taxes are owed? Taxable income is the portion of income that is the subject of taxation according to the laws that determine what are income and the taxation rate for that income. Generally, taxable income refers to an individual’s (or corporation's) gross income, adjusted for various deductions allowable by statute. You determined how much taxes are owed by; the rate of tax is different depending upon where you live and what kind of taxes you're paying. For example, Federal Income Tax will take 17.1 percent of your total income, while State taxes only take 10.1 percent. Each different state in the U.S is different due to different taxes. Week 8 DQ 2 List one benefit and one disadvantage of filing your taxes electronically. The tax filer pros of filing taxes electronically are listed below: *Faster refund: Refund processing time may take as little as 2 weeks
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This note was uploaded on 04/05/2012 for the course EDUCATION ETH 125 taught by Professor Hoge during the Spring '12 term at University of Phoenix.

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week 8 - Week 8 DQ 1 Refer to Section 3.2 of Personal...

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