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You has to fill transfer pricing salary tax not before April 15th subsequent year. However you will also have to make sure you know each and each detail about the taxes after they will perceived as great help for you have to. You will have to understand about the marginal monthly premiums. You will have to fully grasp how may well applied for the tax supports.

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Now we calculate when there is any taxes due. Assuming for the moment that not one other income exists, we calculate taxable income getting the exploit the business ($20,000) and subtract regular deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra cash tax due for this person would be $1,099. So, the total tax bill for this taxpayer effectively $1,099 + $3,060 for only a total of $4,159.

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