Top Tax Scams For 2007 Internet Site Irs: Difference between revisions

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Revision as of 14:07, 20 July 2025


The HVUT, or Heavy Vehicle Use Tax, is a once a year tax paid by truck drivers or owners of trucking companies. It goes for drivers operating automobiles on our nation's highway, and a lot of the money goes towards maintaining roads, alleviating congestion, keeping the roads safe, and funding new projects.

If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is going to be approximately 3200 dollars.

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Example: Mary, an American citizen, is single and lives in Bermuda. She earns an income of $450,000. Part of Mary's income will be subject to U.S. income tax at the 39.6% tax rate.

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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% income tax bracket and accelerating some within the changes passed in the 2001 EGTRRA.

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