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The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
If you file a federal tax return as an individual, you could pay income tax on up to 50% of your Social Security benefits (assuming a combined income of $25,000 to $34,000).
Keeping track of your employee's net pay and gross pay is important for tracking payroll taxes. If there are any inconsistencies between the two, you may want to verify the information.
Depletion is an accounting and tax concept used most often in the mining, timber, and petroleum industries. It is similar to depreciation in that it is a cost recovery system for accounting and tax reporting: "The depletion deduction" allows an owner or operator to account for the reduction of a product's reserves.
Net national income encompasses the income of households, businesses, and the government. Net national income is defined as gross domestic product plus net receipts of wages , salaries and property income from abroad, minus the depreciation of fixed capital assets (dwellings, buildings, machinery, transport equipment and physical infrastructure ...
To figure your taxable income, you must first calculate total income. To do this, include everything you receive in payment for services. That means wages, salaries, commissions, fees, tips, as ...
Congress also felt the industry was not paying its fair share of federal taxes. The oil industry's low effective income tax rates were due to the availability of two oil industry tax deductions: the percentage depletion allowance, and the provision which permits companies to expense (deduct fully in the initial year) the intangible costs of ...
Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...
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