Because the kiddie tax is imposed only on unearned income
in excess of $1,700, unearned income
below that threshold is taxed at the child's rate.
For this reason the NIMCRUT is perhaps the most popular type of charitable remainder trust, since it allows for the deferral of income
to later years, much like a deferred-income
retirement plan, and still allows the trustee to maximize the payout amount.
While this is not entirely surprising given the current retirement landscape--seismic shift from defined benefit plans to defined contribution plans among employers, volatile capital markets, and growing attention on Social Security solvency and potential reform--the retirement income
market today remains a largely untapped opportunity and an underserved need.
does not include the rental allowance paid to him as part of compensation to the extent used by him to rent or provide a home and to the extent such allowance does not exceed the fair rental value of the home, including furnishings and appurtenances such as a garage, plus the cost of utilities.
7 million, 264-unit project in Toronto, BG Schickedanz for lower income
senior citizens, families with children, and single persons.
Figure 1 shows the income
distribution for 1997-2002, for both mean income
and median income
(see the box for a quick brush-up on statistical terms.
Because it is based on reported income
, it fails to take into account savings, loans, and private assistance, or such valuable assets as a fully owned home or car, and much else.
When Congress passed a primitive income
tax bill in 1862, Lincoln's defiant treasury secretary, Samuel Chase, ignored the law, preferring to fund the war through more government borrowing (sound familiar?
When there was no federal income
tax more than 100 years ago, a movement arose to create one.
from foreign partners can be treated in one of two ways.
It begins with the basic definitions and operating provisions for each type of income
, and then turns to anti-abuse, taxable income
computation, and reporting rules common to both.
While the number of Americans who make $200,000 or more grew more than 15-fold from 1977 to 1993, the number of people in that income
category who paid no income
taxes grew 28-fold or nearly twice as fast, according to a quarterly statistical bulletin issued by the IRS.