"You pay money in income tax and you pay money in contributions, " he said.
She has warned the family of the risk of retroactive taxation which would mean that they would have to find the money pay the GST tax in 2011.
Were we to require these kids to pay income tax, they would likely be required to borrow money in order to make tax payments or, in the alternative, run up a debt to the IRS including the annual interest and penalty charges which they would have to pay once they join the full-time workforce.
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So we are left with President Obama threatening to default on national debt interest, Social Security benefits, and paychecks for troops and their families if Congressional Republicans do not go along with his demand for trillions more in additional national debt with no spending controls, even though there is plenty of money in incoming tax revenues to pay all of these most urgent obligations.
It poses a difficult question for the family: 'Do I sell out of these accounts now and pay the tax, or do I keep money in there and use it for my child when they go to college?
Given that the combined impact of the employer contributions and the tax relief is to double your money (you pay in 4%, you get 8% of your pensionable earnings put into your pot), you will struggle to match this deal anywhere else.
According to the Treasury Department's inspector general for tax administration, 15.4 million taxpayers may unexpectedly owe Uncle Sam money for tax year 2009 because in connection with the Making Work Pay Credit, enacted as part of last year's stimulus bill, Congress ordered withholding rates reduced.
For non-deductible contributions to a traditional IRA (where you make too much income to qualify for a deduction), or regular contributions to a Roth IRA, or saving in a taxable account, you pay income tax as you earn the money, regardless of what you do with it.
She has said while she was weeks away from making an offer, in the short term, WST should use money it has raised to pay the tax bill.
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They could, for example, lead an aid programme that would tie money for roads, ports and security hardware to increases in the tax take to pay for better security and social conditions.
Once money is in a college savings account, it grows tax-deferred until withdrawn to pay for college tuition, books, room or board.
But First Minister Alex Salmond, who has called for full fiscal powers for Scotland, said the proposals had been overtaken by the UK government's plan to pay for a rise in the income tax allowance with personal increases in National Insurance, under which money would go straight to the Treasury.
So we allow people to bring it all back without having to pay tax on it and, in some combination of dividends and share buybacks, all of the money ends up in the wallets of the shareholders.
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In fact, all that keeping tax rates down for the wealthy does is allow them to provide us the money they should pay in taxes as a profit center for them.
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