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In December 2011, Public Campaign criticized Wells Fargo for spending $11 million on lobbying during 2008–2010, while increasing executive pay and laying off workers, while having no federal tax liability due to losses from the Great Recession. [137] However, in 2013, the company paid $9.1 billion in income taxes. [138]
The Stamp Act 1765, also known as the Duties in American Colonies Act 1765 (5 Geo. 3.c. 12), was an Act of the Parliament of Great Britain which imposed a direct tax on the British colonies in America and required that many printed materials in the colonies be produced on stamped paper from London which included an embossed revenue stamp.
[d] Many systems exclude from income part or all of superannuation or other national retirement plan payments. Most tax systems exclude from income health care benefits provided by employers or under national insurance systems.
This pre-tax option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. 401(k) payable is a general ledger account that contains the amount of 401(k) plan pension payments that an employer has an obligation to remit to a pension plan administrator.
The Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. Tooltip Public Law (United States) 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry.
Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...
The Tax Equity and Fiscal Responsibility Act of 1982 (Pub. L. Tooltip Public Law (United States) 97–248), [1] also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before.
The Affordable Care Act (ACA) [1] is divided into 10 titles [2] and contains provisions that became effective immediately, 90 days after enactment, and six months after enactment, as well as provisions phased in through to 2020.