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The Universal Access to Quality Tertiary Education Act, officially designated as Republic Act 10931, is a Philippine law that institutionalizes free tuition and exemption from other fees in state universities and colleges (SUCs), and local universities and colleges (LUCs) in the Philippines. The law also foresees subsidies for private higher ...
Comparison of the expanded CTC and the CTC under the Tax and Jobs Act of 2017 for a married couple filing jointly (depicts amount of credit per child) The child tax credit is available to taxpayers who have children under the age of 17 (or in 2021 under the age of 18). Since 2018, the CTC is $2,000 per qualifying child.
Interest income from a depository bank under the expanded foreign currency deposit system is taxed at the rate of 15%. [3] Income from long-term deposits and investments, when pre-terminated in less than three years after making such deposit or investment, is taxed at the rate of 20%; less than four years, 12%; and, less than five years, 5%. [2]
This taxpayer will drop his/her tax liability to $0 and then report a refundable credit of $1,800 (i.e., 3 x $1,600 or $4,800 - $3,000) using Form 8812 where he/she will report the Additional ...
Families who qualify for the enhanced Child Tax Credit benefits may see their final advanced payments as the program is scheduled to end Dec.15 unless Congress extends it. But is ending payments a...
If you are eligible to claim the Earned Income Tax Credit or the Child Tax Credit on your 2021 tax returns, you may not receive your refund as quickly as you expected, even if you file right away ...
Under §1(g)(3)(A), the tax rate applied to the net unearned income is the difference between the parent's applicable tax rate and the tax rate that would have applied had the child's unearned income been added to the parent's income. Starting in 2008 the kiddie tax provision will apply to dependents under 19 and dependent full-time students ...
VAT exempt tax payers now have the option to: PIT schedule with 40% OSD on gross receipts or gross sales plus 3% percentage tax; PIT schedule with itemized deductions plus 3% percentage tax, or; Flat tax of 8% on gross sales or gross revenues in lieu of percentage tax and personal income tax. [25]