FACTOID # 10: The total number of state executions in 2005 was 60: 19 in Texas and 41 elsewhere. The racial split was 19 Black and 41 White.
 
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Encyclopedia > Tax refund

In the United States, taxpayers will get a tax refund, a refund on their U.S. income tax, if the tax they owe is less than the sum of:

According to the Internal Revenue Service, 77% of tax returns filed in 2004 received a refund check, with the average refund check being $2,100. [1] Taxpayers may choose to have their refund directly deposited into their bank account, have a check mailed to them, or have their refund applied to the following year's income tax. [2] Refundable tax credit refers to the concept of giving tax refunds to individuals in excess of the amount of tax actually paid. ... In the United States income tax system, employers are required to withhold a portion of each employees income and pay it directly to the U.S. Internal Revenue Service. ... Seal of the Internal Revenue Service The Internal Revenue Service (IRS) is the United States government agency that collects taxes and enforces the internal revenue laws. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...


Every year, a number of U.S. taxpayers around the country get tax refunds even if they owe zero income tax. This is due to withholding calculations and the earned income tax credit. [3] Because withholding is calculated on an annualized basis, an individual just entering the work force or unemployed for a long period of time will have more tax than is owed withheld. The United States federal Earned Income Tax Credit (EITC) is a refundable tax credit that reduces or eliminates the taxes that low-income working people pay (such as payroll taxes) and also frequently operates as a wage subsidy for low-income workers. ...


Refund anticipation loans are a common means to receive a tax refund early, but at the expense of high fees that can reach over 200% annual interest. In the 1990's, refunds could take as long as twelve weeks to come back to the taxpayer; however, the average time for a refund is now six weeks, with refunds from electronically filed returns coming in three weeks. [4] A Refund Anticipation Loan (RAL) is a short-term loan secured by a taxpayer’s expected tax refund. ...

[5]

Some people believe that getting a large tax refund is not the greatest thing; that instead, it represents a loan paid back by the government interest-free. Optimally, a return should result in a payment owed of just less than would cause a penalty charge, which is 100% of the prior year's tax (110% for high income individuals), 90% of the current year's tax, or $1,000 for individuals who have direct withholding and do not pay estimated tax). However, some people use the tax refund as a simple "savings plan" where they're pleasantly surprised to get money back each year (even though it is excess money that they paid earlier in the year). [6] Another argument is that it is better to get a refund rather than to owe money, because in the latter case one might find oneself without sufficient money in the checking account to pay the necessary payment. When properly filled out, the Form W-4 will withhold approximately the correct amount of tax to eliminate a refund or amount owed, assuming the W-4 was filled out at the beginning of the tax year. [7] PAYE (or pay-as-you-earn) is a payroll deduction system for collecting income tax in the United Kingdom. ... Form W-4, 2007 Form W-4 is a tax form used by the United States Internal Revenue Service. ...


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»»» Tax Free Information ««« (1392 words)
Tax free informationis the latest web source of tax information that is totally and completely different which provides free tax forms and other informative tools to the users that will utilize all related information in tax filing and help taxpayers a quick tax refund
In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.
Sales taxes paid on motor vehicles and boats may be added to the table amount, but only up to the amount paid at the general sales tax rate.
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