General Explanation of the Revenue Act of 1978, H.R. 13511, 95th Congress, Public Law 95-600 |
From inside the book
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Page 10
... wages per employee and $ 12,000 total qualifying wages per employer ) who are hired out- side of a trade or business . The categories of people eligible for the new targeted jobs credit include needy youths , needy Vietnam - era ...
... wages per employee and $ 12,000 total qualifying wages per employer ) who are hired out- side of a trade or business . The categories of people eligible for the new targeted jobs credit include needy youths , needy Vietnam - era ...
Page 36
... Wage or salary and / or self - employment income . V. GENERAL EXPLANATION OF THE REVENUE ACT OF 1978 Policy. Table I - 4. - Federal Individual Income Tax Burden * for a Single Person and Married Couples With No , 1 , 2 , and 4 Dependents ...
... Wage or salary and / or self - employment income . V. GENERAL EXPLANATION OF THE REVENUE ACT OF 1978 Policy. Table I - 4. - Federal Individual Income Tax Burden * for a Single Person and Married Couples With No , 1 , 2 , and 4 Dependents ...
Page 49
... wage bracket tables were previously constructed on the assumption that the taxpayer works in a situation in which there are 365 separate payroll periods each year and that the taxpayer has earnings in every one of those 365 pay periods ...
... wage bracket tables were previously constructed on the assumption that the taxpayer works in a situation in which there are 365 separate payroll periods each year and that the taxpayer has earnings in every one of those 365 pay periods ...
Page 50
... wages , salaries , tips , and other employee compensation , plus the amount of the tax- payer's net earnings from self - employment . Earned income was eli- gible for the credit , however , only if it was includible in the gross income ...
... wages , salaries , tips , and other employee compensation , plus the amount of the tax- payer's net earnings from self - employment . Earned income was eli- gible for the credit , however , only if it was includible in the gross income ...
Page 51
... wage levels . As a result , the Act increases the credit so that it is equal to 10 percent of the first $ 5,000 of earned income ( a maximum credit of $ 500 ) , which is phased out between $ 6,000 and $ 10,000 of ad- justed gross income ...
... wage levels . As a result , the Act increases the credit so that it is equal to 10 percent of the first $ 5,000 of earned income ( a maximum credit of $ 500 ) , which is phased out between $ 6,000 and $ 10,000 of ad- justed gross income ...
Common terms and phrases
$1 million Act and sec Act provides adjusted allowed alternative minimum tax amendment beginning after December benefits cafeteria plan capital gains carryback change The Congress Code Congress believes corporation date The provision December 31 deferred compensation determining distribution effect This provision Effective date election eligible employee employment estate tax excluded exemption Explanation of provision facility Federal filed fiscal year 1979 foreign tax credit gift tax gross income GSOC included income tax increase individual individual retirement account Internal Revenue Service itemized deductions limitation method of accounting million in fiscal paid partnership payments percent period present law Prior law provision applies provision The Act provision will reduce qualified Reasons for change recapture receipts by less reduce budget receipts refund respect Revenue effect shareholders spouse tax liability tax rate Tax Reform Act tax return taxable income taxable years beginning taxpayer tion trade or business treated trust
Popular passages
Page 300 - Generally such relationship exists when the person for whom services are performed has the right to control and direct the individual who performs the services, not only as to the result to be accomplished by the work but also as to the details and means by which that result is accomplished.
Page 255 - ... new residence") is purchased and used by the taxpayer as his principal residence, gain (if any) from such sale shall be recognized only to the extent that the taxpayer's adjusted sales price (as defined in subsection (b) ) of the old residence exceeds the taxpayer's cost of purchasing the new residence.
Page 134 - ... personal holding company income as defined in section 543, and if at any time during the last half of the taxable year more than 50 percent in value of its outstanding stock is owned, directly or indirectly, by or for not more than five individuals. (Sections 541-547.) Foreign personal holding companies. — Section 551 (a) requires that the undistributed foreign personal holding company income...
Page 168 - ... persons who have completed or left high school and who are available for full-time study in preparation for entering the labor market...
Page 253 - SO percent (62^2 percent, in the case of a corporation) of the amount of gain which would have been long-term capital gain if the property contributed had been sold by the taxpayer at its fair market value (determined at the time of such contribution).
Page 128 - An individual who owns the entire interest In an unincorporated trade or business shall be treated as his own employer. A partnership shall be treated as the employer of each partner who is an employee within the meaning of paragraph ( 1 ) . (5) Contributions on behalf of owner-employees. The term "contribution on behalf of an owneremployee...
Page 205 - December 31, 1978, this section also applies to each activity — (i) engaged in by the taxpayer in carrying on a trade or business or for the production of income, and (ii) which is not described in paragraph (1).
Page 173 - All employees of all corporations that are members of a controlled group of corporations are to be treated as if they were employees of the same corporation for purposes of determining the years of employment of any employee and wages for any employee up to $6,000.
Page 245 - December 31, 1953, but only if made not later than the time prescribed by law for filing the return for such taxable year (including extensions thereof).
Page 294 - January 1, 1980, the basis of property will be its fair market value at the date of the decedent's death or at the applicable valuation date if the alternate valuation provision is elected for estate tax purposes.