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What is considered legally separated in Texas?

A legal separation is a court-recognized separation where the couple remains married but is often pursuing divorce. While Texas does not recognize legal s...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

How do taxes work?

A tax deduction reduces your taxable income. As a result you pay lower taxes. The higher your tax bracket (the percentage of the income that you owe in ta...

Does progressive tax increase as income increases?

The Progressive Tax System is one where the tax burden increases as taxable income. increases. In some instances, there is a minimum tax-free amount where...

Are employee gifts taxable to the employee?

Background: Unlike gifts made on a personal level, gifts from an employer to employee (outside the context of employment) are generally taxable to the rec...

Is repurchase agreement taxable?

A repo holder which sells the repo to a third party prior to the buyback date is subject to the regular income tax rate, and not FWT on passive income. Th...

What percentage is taken out of paycheck taxes?

Current FICA tax rates The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for M...

What is the difference between biweekly and bimonthly pay?

With a bimonthly payroll, also called a semimonthly payroll, employees are paid twice each month. Most companies pay on the same dates every month, usuall...

What do US state taxes pay for?

State governments use taxpayer dollars to fund road maintenance, law enforcement agencies and other public services. The funding for those services typica...

What are the major industries in Latin America?

Across all of Latin America, the top three industries for Global Latinas are Oil & Gas (32 percent – dominated by one Brazilian oil company, Petrobras...

What is income tax and what does it pay for?

To ensure they have a ready supply of it, they typically collect taxes from their citizens. Taxes can be levied on goods and services purchased, property ...