The idea of a "tax return" in America is that the government expects everyone to overpay their taxes throughout the year, then file a tax return form to claim the amount that was overpaid. In this sense, the excess taxes are returned to the worker (without interest, of course!).
Many do not play this game and will underpay taxes so they owe at the end of the year, but if you owe too much there is a penalty fee.
I'm not sure how all of this relates to your questions about the plane. Gifts over 10,000 are taxed. But I don't think this ownership transfer has anything to do with taxes. I think she wants to fly in a private jet without being tracked, so instead of owning a jet officially tied to her name, she has made arrangements to fly in secret on planes she does not own, but has access to in every way. This is guesswork on my part.
The idea of a "tax return" in America is that the government expects everyone to overpay their taxes throughout the year, then file a tax return form to claim the amount that was overpaid. In this sense, the excess taxes are returned to the worker (without interest, of course!).
Thanks. So tax payments is two-stage process - first you pay full taxes, then fill that "tax return" and may be get something back. Got it.
And paying full taxes sounds like some continuous process through the year - you mean you should pay something by yourself to IRS every time you earn some money without filling papers?
I'm not sure how all of this relates to your questions about the plane.
It does not. Just curiosity about practical side of tax paying in US. :)
As for real intentions - looks like it is just a virtue signalling of kind. Funny, that regardless of how many planes you have you could not fly on more than one, so there will be no any difference in so called "carbon emissions" from your persona. :)
The tax laws are insane here, so most regular people that live here don't even understand them. But I will add that if you're a wage earner, the business you work for is responsible for sending the taxes to the government every paycheck, so it is automatically deducted before you receive the check, all you get to decide is what percentage they send. It is also required to pay taxes on a lot of things, like private sales for cash, but no one reports cash transactions. It's why people are afraid of a cashless electronic currency, because it will close the possibility of unreported private sales.
If you own a small business or make a lot of money on investments the government expects you to send in tax money every 3 months, based on your estimated earnings.
if you're a wage earner, the business you work for is responsible for sending the taxes to the government every paycheck, so it is automatically deducted before you receive the check
This is how it is done in Russia. Employer pays all empoyees taxes and insurances, and if Russians talk about salary it is always about sum after all taxes and insurances paid. Normally, Russian employee don't need to bother with taxes at all.
It is also required to pay taxes on a lot of things, like private sales for cash, but no one reports cash transactions.
That's the difference. Here only really huge private sales have to be reported and only if they are too often. Say, you could sell an expensive car or a house, but you don't need to pay anything unless you do it more often than once a year or something like.
f you own a small business or make a lot of money on investments the government expects you to send in tax money every 3 months, based on your estimated earnings.
Thank you. Didn't know that. I thought that once a year all Americans have to recall all their earnings, calculate tax, fill some paper and send it along with money transfer to IRS. :)
Hey did you watch the Tucker Carlson interview with Mr. Putin? What did you think about it? I wish we had politicians who could speak plainly and rationally like your president.
The idea of a "tax return" in America is that the government expects everyone to overpay their taxes throughout the year, then file a tax return form to claim the amount that was overpaid. In this sense, the excess taxes are returned to the worker (without interest, of course!).
Many do not play this game and will underpay taxes so they owe at the end of the year, but if you owe too much there is a penalty fee.
I'm not sure how all of this relates to your questions about the plane. Gifts over 10,000 are taxed. But I don't think this ownership transfer has anything to do with taxes. I think she wants to fly in a private jet without being tracked, so instead of owning a jet officially tied to her name, she has made arrangements to fly in secret on planes she does not own, but has access to in every way. This is guesswork on my part.
Thanks. So tax payments is two-stage process - first you pay full taxes, then fill that "tax return" and may be get something back. Got it.
And paying full taxes sounds like some continuous process through the year - you mean you should pay something by yourself to IRS every time you earn some money without filling papers?
It does not. Just curiosity about practical side of tax paying in US. :)
As for real intentions - looks like it is just a virtue signalling of kind. Funny, that regardless of how many planes you have you could not fly on more than one, so there will be no any difference in so called "carbon emissions" from your persona. :)
The tax laws are insane here, so most regular people that live here don't even understand them. But I will add that if you're a wage earner, the business you work for is responsible for sending the taxes to the government every paycheck, so it is automatically deducted before you receive the check, all you get to decide is what percentage they send. It is also required to pay taxes on a lot of things, like private sales for cash, but no one reports cash transactions. It's why people are afraid of a cashless electronic currency, because it will close the possibility of unreported private sales.
If you own a small business or make a lot of money on investments the government expects you to send in tax money every 3 months, based on your estimated earnings.
This is how it is done in Russia. Employer pays all empoyees taxes and insurances, and if Russians talk about salary it is always about sum after all taxes and insurances paid. Normally, Russian employee don't need to bother with taxes at all.
That's the difference. Here only really huge private sales have to be reported and only if they are too often. Say, you could sell an expensive car or a house, but you don't need to pay anything unless you do it more often than once a year or something like.
Thank you. Didn't know that. I thought that once a year all Americans have to recall all their earnings, calculate tax, fill some paper and send it along with money transfer to IRS. :)
Hey did you watch the Tucker Carlson interview with Mr. Putin? What did you think about it? I wish we had politicians who could speak plainly and rationally like your president.