How do you avoid double-taxation on income when you establish corporation in Texas?
Q. When you establish your business as a corporation in Texas (no state income tax, but there is a franchise tax), what is the best way to distribute earnings to pay the lowest amount of taxes and avoid double-taxation? Should I pay myself a salary, or just pay myself in dividends? I'm not incorporated yet, so I still have the option to form as a LLC.
Asked by ladyblues80 - Wed Jun 28 19:09:12 2006 - - 1 Answers - 0 Comments

A. The optimal way to distribute earnings from a TX corporation is to pay yourself a salary. With proper planning during December (or whatever month is your year end), your CPA can estimate your net income from the corporation and then determine if you need to pay yourself a bonus to lower the corporate earnings in order to reduce franchise taxes. With an LLC you won't have this option, and LLCs are subject to TX franchise tax. :) PrissyPanda, CPA Dallas
Answered by PrissyPanda - Wed Jun 28 20:09:35 2006

How does taxation differ from common theft?
Q. Bias/agenda alert: I think that they are much the same. My intention is to influence people reading this question to critically consider the question and the implications of its answers. I hope that others who already agree with my point of view to express their opinions but also expect and welcome people critical of my view. To anticipate the dissenting views: 1. Taxation pays for necessary services that can not be provided by the market. I reject this notion. If a service is necessary and important, methods can be found to exert influence on people to pay for it without resorting to the threat of violence. 2. Voluntary markets introduce free-rider problems. How many people free-ride off of welfare programs for the poor and… [cont.]
Asked by Joe S - Wed Aug 29 14:32:53 2007 - - 6 Answers - 0 Comments

A. Taxation = legalized (and enforced) robbery. Taxation = robbing Peter to pay Paul (rob employee's hard earned money to pay to special interest groups) Sadly, in a 'democratic' country, if enough people (majority) says it's legal to rob, then it becomes legal to rob. In this case, 'democracy' is equal to two wolves and a lamb discussing what's for dinner. In a constitutional republic, it's two wolves and an armed lamb discussing what's for dinner. However, the lamb's safety depends on how well it can use the gun against the predators. My friend, our constitutional republic has degraded to the level of a social democracy (socialist democracy). If people don't wake up and take back the republic and restore the constitution, the Life,… [cont.]
Answered by Think Richly - Wed Aug 29 15:04:34 2007

What will the government do when Americans quit smoking due to high taxation?
Q. What will the government (State and Federal) due when Americans quit smoking due to high taxation? What will they tax to replace this large source of revenue at the same rates?
Asked by Obama Lied Grandma Died - Fri Jun 12 23:12:03 2009 - - 12 Answers - 0 Comments

A. Don't worry, cap and trade is on the way and so is taxation of healthcare benefits.
Answered by Mr. Pickles - Fri Jun 12 23:14:56 2009

History of differing viewpoints of Americans and British on taxation and relationship of colonies to empire?
Q. How and why did the Americans and the British differ in their views of taxation and of the relationship of colonies to the empire?
Asked by Kamal - Wed Oct 3 03:13:26 2007 - - 1 Answers - 0 Comments

A. The BRITISH are coming.The BRITISH are coming. No taxation without reprimand-nation.
Answered by yp_will_chicago_369 - Wed Oct 3 03:29:12 2007

What is a good, credible website with information on taxation in the American colonies?
Q. This is referring to the "No taxation without representation" slogan when Britain was taxing the American colonies and only giving them "virtual representation".
Asked by Ashley - Mon Sep 21 18:26:28 2009 - - 4 Answers - 0 Comments

A.
Answered by dave - Mon Sep 21 18:33:00 2009

How much taxation is there on a bottle of wine?
Q. If a bottle of wine retails for $25, how much of that is the direct result of taxation?
Asked by Jim U - Sun Feb 3 13:24:40 2008 - - 2 Answers - 0 Comments

A. It all depends on where you live, but here in Maine the numbers look like this. Maine State Liquor Excise Tax - 30 per gallon for non sparkling wine $1 per gallon for sparkling wine 25 per gallon for hard cider. U.S. Federal Excise Tax - $1.071 per gallon (14% ABV or Less) $1.571 per gallon (Over 14 to 21%) $3.151 per gallon (Over 21 to 24%) $3.40 per gallon (Naturally Sparkling) $3.301 per gallon (Artificially Carbonated) $0.2261 (Hard Cider) Figure five 750ml bottles per gallon, and that's just excise taxes, you then also have to figure in the cost of licenses, permits, bonds, etc. on an annual basis. The rest of that cost more than likely goes towards vineyard/property upkeep, insurance, payroll, etc. The wine bottles themselves… [cont.]
Answered by Mitchell Winery - Sun Feb 3 16:35:03 2008

What is the main reason for government taxation and spending?
Q. What is the main reason for government taxation and spending?
Asked by pengpxiong - Tue Nov 10 06:09:18 2009 - - 9 Answers - 0 Comments

Can you help me describe the effects of taxation and price controls on the economy?
Q. I am looking to do a report on the federal taxation of tabacco...I need to find two good articles deplicting the following. Is the tax levied on producers or consumers? How does the tax affect supply and or demand? How does the tax affect the equilibrium price and quantity? In this market (tabacco) describe a hypothetical situation where a price ceiling or floor could be imposed. What implications would tihs have for the market?
Asked by vtkinger - Thu May 21 22:14:28 2009 - - 1 Answers - 0 Comments

A. Is the tax levied on producers or consumers? Really it is levied on consumers. How does the tax affect supply and or demand? Tobacco is drogue, and that simulate a basic necessity, then tobacco is not affected by taxes. How does the tax affect the equilibrium price and quantity? In one society that there are not real right status, if price will increase maybe producer give less minus tobacco for the same price. In this market (tobacco) describe a hypothetical situation where a price ceiling or floor could be imposed. What implications would this have for the market? If the project that converts tobacco in medicine will make a reality, this market will increase a lot. If tobacco continue been unhealthy more and more overtax will… [cont.]
Answered by JMF - Sun May 24 00:24:50 2009

What educational degrees would best equip one to understand taxation, paycheck stubs, & retirement investment?
Q. I would like to take some classes. Any specific classes to take to better manage personal finances and be more keen on catching paycheck stub errors as well as understanding how to live smart by not overworking and getting more taxed? I am a hard worker who would like to more a double job once school finishes, but I'm afraid I'll pay so much in taxes. I don't quite understand this whole taxation stuff and how to ensure a good retirement. Thanks.
Asked by anonymous - Mon Aug 18 10:25:38 2008 - - 2 Answers - 0 Comments

A. The most common misconception of the US tax system is the belief that the tax rate goes over 100%. Witness your statement that you don't want to "overwork."
Answered by the tax lady - Mon Aug 18 10:44:09 2008

How much taxation does the wage get in Montreal, QC?
Q. How much taxation does the wage get in Montreal, QC? I'd like to understand the taxation percentage on weekly incomes in Montreal, Canada.
Asked by rogeriothales - Sun Aug 17 20:00:46 2008 - - 1 Answers - 0 Comments

A. taxation depends on your income, so you need to give more details.
Answered by Anuta - Mon Aug 18 23:36:33 2008

Why is government duty and taxation so high on vehicle fuel in the UK compared to other countries?
Q. Vehicle fuel in the UK cost 4 times more than in the US and 2 times more than in Australia due to UK government duty and taxation. Is it is to deter vehicle use to keep emissions from damaging the planet?
Asked by Alwyn P - Mon Feb 2 19:21:16 2009 - - 8 Answers - 0 Comments

A. No. It is because we, as a nation, have accepted high taxes for decades, without any serious complaint. We are taxed at a higher rate than the rest of the world, simply because we have allowed successive Governments get away with it.
Answered by Twisted_Ace - Mon Feb 2 19:32:19 2009

Can anyone give me information on double taxation agreements between France and the UK?
Q. I work at a University and we have some visiting researchers coming over for 4 x two weekly periods to engage in research. They will be being paid their salary by the company in France but I wanted to know whether we should tax them as according to my interpretation of Article 21 of the double taxation agreement, they should not pay tax in the UK. I would appreciate any guidance on this as I am not sure if we are following the correct procedure. Thanks in advance.
Asked by Kerry C - Thu Mar 1 11:51:48 2007 - - 3 Answers - 0 Comments

A. If the university is not paying them to conduct any research then I'm not quite sure why you believe that that you have any reason to deduct PAYE from them - there is no income payable to them by your institution for to make deductions from. Article 21, in my opinion, is irrelevant. If you were the conduit through which the payments are made, if Article 21 did not exist then you would. I believe your interpretation is correct, but to be 100% I would contact the tax office responsible for your universities Payroll. Ask to speak to an Inspector directly - call handlers will not be able to deal with this query.
Answered by notmarriednochildren - Thu Mar 1 18:45:44 2007

How would you explain to a child why tax credits are given? (Taxation as pertains to Ireland) (See details)?
Q. I've been trying to understand the whole taxation area. Up until recently I was intimidated by the whole thing, but enough is enough. I want to know the ins and outs of tax. I've been asking around and a few of us are pleased we are getting tax credits. Why are we given tax credits when it's a simple matter of reducing taxation in the first place?
Asked by Balaboo - Thu May 29 10:22:46 2008 - - 2 Answers - 0 Comments

A. It's to give certain people in certain circumstances extra money. People on low incomes qualify, but not if the partner is earning good money. That is why it's not a simple case of reducing tax.
Answered by Cymraes. - Thu May 29 10:57:20 2008

Why is the taxation done in brackets in this country?
Q. I don't understand the income taxation system, which by its implications, punish the ambitious and hardworking who are successful and wealthy to promote the welfare of the less successful, whichever the cause may be, who get taxed less. Consider the fact that the amount of the money taxed increases with the increasing income, why heighten the percentage for the higher brackets to limit the freedom of financial pursuits, one of the founding bases of liberty? What is the fundamental idea and benefits behind this bracket taxation system?
Asked by xredfalconx512 - Wed Jul 25 00:51:15 2007 - - 3 Answers - 0 Comments

A. Haa haaa. You have asked the $65 dollar question. har har. The current system is fundamentally socialist. As you stated. It rewards low/no wage earners and punishes high wage earners. I believe this was slowly created because it is very easy to play on the emotions of tax payers by playing the class envy card. People are led to believe that the rich are undeserving of their wealth, that they do not contribute to the economy and society, that their's is ill gotton gain, that it is just "unfair." So, because nearly everyone in the US can think of someone else who is financially better off, The idea of making those guys pay more is appealing to the selfish/jealous human nature. Law makers and the beauracracy have implimented this in the… [cont.]
Answered by blondecougaress - Wed Jul 25 02:42:51 2007

In Financial Reports is profit on ordinary activities the same as profit before taxation?
Q. Reviewing the financial reports of a company and it doesn't state what the profit on ordinary activities actually is! Is it the same as profit before Taxation? If not is there a way I can work out how to calculate it?
Asked by illuminatedillusions - Tue Mar 17 14:41:37 2009 - - 1 Answers - 0 Comments

A. Sounds the same. Also called Operating profit. Or profit before extra ordinary items. If you know the profit after tax and the tax bracket, you can calculate the operating profit. Peace.
Answered by wiseman/guru - Sat Mar 21 03:29:55 2009

Why did you introduce a major change to our taxation system from sales tax to GST without a referendum?
Q. I do know at the time you said because you had been elected you had a mandate from the people ... but to do what you want? If any responsible leader of any country were to dramatically change that taxation system, then don't you agree that the change ought to be ratified by the people's vote on that very critical change. Or is it a dictitorial decision that because "I am your leader then I will do what ever I want because the majority (in this case not) elected me". I found and still find that decision reprehensible Mr. Howard. I trust that you will have a peaceful retirement from having to make decisions and overide the needs of the Australian people in spite of their well-being and best interests. We have paid far too much and far too… [cont.]
Asked by michael e - Mon Aug 6 03:51:15 2007 - - 4 Answers - 0 Comments

A. Yes, remember him saying "there will never, ever be a GST (under my government)"? The old core and non-core promises? Had to love Janette recently saying in defense of her deceitful hubby that sometimes he just says he's going to do something but that doesn't mean he is going to really, or something hilarious to that effect. It was inevitable since the Asprey Report in the 70's that under a Liberal government at some point we were going to get a high-revenue-raising broad-based tax such as GST, of which a greater burden is borne by low income earners because it is not a progressive tax. Liberals opposed the Labor introduced capital gains tax which is essentially a tax on wealth and is fair under our progressive tax system (i.e. the… [cont.]
Answered by Camperdown T - Mon Aug 6 04:34:32 2007

Is there anything more compassionate than abolishing taxation?
Q. The act of theft known by the euphemism of "taxation" is the root cause of all social problems. It empowers criminal gangs calling themselves "governments" to fund the orgies of mass murder and mass destruction of property known as "wars." It funds the counterproductive government regulations and "welfare" programs that destroy economic progress and perpetuate poverty. It funds the awful government schools that indoctrinate children in false ideas, undermine their desire to learn, and ensure that many people are unable to read, write, spell, or do basic math. It empowers the entity that was responsible for slavery, segregation, and every other evil throughout history. It empowers busybody Prohibitionists to commit atrocious crimes… [cont.]
Asked by Brad - Mon Aug 25 16:38:23 2008 - - 9 Answers - 0 Comments

A. Yes, making the tax code simpler and more fair for the poor, middle and working class Americans!!
Answered by itsyourworld_changeit - Mon Aug 25 16:48:05 2008

"Taxation without representation" - Is it true George Bush had that removed from his motorcade license plates?
Q. I've heard that George Bush requested that the DC license plates on the presidential motorcade vehicles be modified to remove "Taxation without representation". Does anyone know of that's true or is it just a rumor?
Asked by ~ Kass ~ - Tue Aug 12 16:24:00 2008 - - 4 Answers - 0 Comments

A. To clarify, he did not have the DC plates modified. Instead, they were removed and "US Government" license plates were installed in their place. As official US Government vehicles, it was appropriate for them to have those new plates. If you're never seen them, US Government license plates are very plain--they have a code number indicating the size/weight of the vehicle, and an identification number, with the words "US Government". While I don't agree with his lack of support for DC representation, he was certainly within his rights as President to make the switch.
Answered by DON W - Tue Aug 12 19:18:17 2008

What kind of jobs are available for those with a master's in taxation?
Q. i am applying for a master's degree in taxation. however, i do not have any formal education in accountancy. is it necessary to have this or will i be able to find a job in an accounting firm doing taxes? any help would be much appreciated. thank you!
Asked by sev_mart193 - Sat Mar 21 13:44:03 2009 - - 1 Answers - 0 Comments

A. It'll help you meet the CPA accounting and business courses requirement so that you'll sit the exam and meet the minimum requirements of companies who look for a degree (usually BA, MA doesn't hurt) in accounting. If you didn't come from an accounting background, I say it's worth your time.
Answered by Belle de Nuit - Sat Mar 21 14:19:24 2009

Arrived in Australia 2 months before the end of taxation year, Australian resident for tax purposes?
Q. I arrived in Australia as a permanent resident on May this year and i still haven't found any job yet until the end of June. I intend to live in Australia permanently. Does that count me as an Australian resident for tax purposes for the taxation year July 1, 2007 - June 30, 2008?
Asked by stoups_2000 - Tue Jul 8 10:17:56 2008 - - 3 Answers - 0 Comments

A. From what you say, it sounds like you'd be regarded under common law as an Australian resident for tax purposes since you arrived here. Intention of a permanent place of abode could be the key, regardless of job security. When you do your tax return for the 2009 tax year with a tax accountant you should talk about these prior individual circumstances with them, unless you have reason to speak with an accountant now in respect of the 2008 tax year (e.g., about how foreign income is assessed for Aus. tax residents)
Answered by miss schlonky - Thu Jul 10 11:18:31 2008