Related Tax Questions
Can the bank pay an IRS Levy without sufficient funds in your bank account?
An IRS levy is any tax imposed on an individual by the IRS. It can be placed directly on someone's bank account and it goes through the...... Read More
On a repossion can the IRS collect for the bank?
Say for example you buy a car on credit from a dealership. On paper, the bank paid for your car so that makes you a debtor and the bank a...... Read More
Are federal taxes deductible on state taxes?
A deduction, in terms for taxing purposes, is when a taxpayer is able to subtract a specific amount from his/her income that can be...... Read More
Why did my car get repossessed?
Repossessions can be tricky. Typically a repossession means an agent that is hired by a bank, debt collecting agency, and/or...... Read More
Is the federal income tax a progressive tax or a regressive tax?
A progressive tax is when the government imposes a tax code that allows them to charge higher taxes to those who have a lot of income, while charging a lower rate to those with a lower income. A regressive tax is when the complete opposite happens. The go... Read More
What is proportional tax and what is regressive tax and an example of each?
A proportional tax is a tax that takes income from all income groups so that the income tax rate is fixed. The amount that is...... Read More
What kind of tax is a poll tax?
A poll tax acts differently than other taxes. Taxes like income tax, sales tax, and others depend on the value of what is being taxed. For...... Read More
What tax do wage earners pay to the federal government?
The tax that all wage earners are required to pay to the federal government is the federal income tax. This tax is required by law to...... Read More
What are the advantages and disadvantages of inheritance tax?
The inheritance tax is a tax that is only imposed in six states, that initiates a tax rate against the inheritance of a beneficiary from...... Read More
Can I receive a tax refund greater than what I paid in?
A tax refund is treated like a payment of tax you made during the year. You get the credit, even if you do not owe tax.... Read More
What is the state tax rate in Florida?
This question depends on the type of state tax rate it is asking for. In regards for the sales tax rate, Florida has a rate of...... Read More
What is the pay-as-you-go system of tax collection?
The pay-as-you-go system of tax collection obviously differs from the normal system of tax collection because instead of...... Read More