Notes

When Must For Home Tax Reduction
One might imagine that Lord Acton had Samuel's warning in mind when he famously said that "power tends to corrupt and absolute power corrupts absolutely." Anyway, according to the Bible, one of the ways we know that the king (or state), has become a tyrant is when the level of taxation reaches ten percent. Why? Because only God is entitled to ten percent of our increase. Any civil government that taxes at the same rate as God is a usurper. Any State that equals or exceeds a ten percent tax rate is putting itself in the place of God and is guilty of confiscatory taxation.
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income tax kenya The more you earn through your job or any other source of income, the more you get taxed. The system is setup that way to punish hard workers and reward investors. Have you ever looked at the bottom stub of your paycheck lately and seen how much the government steals from you? Wage income not only requires work, it gets taxed at a very high rate, plus the government takes FICA, which is put into a system that may be bankrupt when you retire.
But your employer also has to pay 7.65% of what income he pays you for your Social Security and Medicare. Most employees are unaware of this extra tax money your employer is paying for you. So, between you and your employer, the federal government takes 15.3% (= 2 times 7.65%) of your income. If you're self-employed you pay the whole 15.3%.
income tax kenya The fourth tax bracket ranges from $80,001 - $180,000. These income earners have gained in two ways from the previous financial year. The first is from the tax of 15c in the dollar being lifted to $37,000. This makes the lump sum of tax owed $17,550. The second benefit is they are only required to pay 37c in the dollar in tax for income above $80,000 where as in the previous financial year this was 38c.
Many middle taxpayers grab benefits from ATM. New tax law has increased the ATM levels of income exemption. For sole filers the new income exemptions are at $42,500 level and $62,550 are for joint one for 2006.
income tax kenya FMPs effectively eliminate this interest rate risk. FMPs invest in instruments that mature at the same time their schemes come to an end. So a 90-day FMP will invest in instruments that mature within 90 days. Holding the underlying instruments up to their maturity effectively mitigates the interest rate risk as there is no buying and selling of the instrument needed.
Now the federal withholding and FICA taxes are normally withheld by your employer and sent to the IRS. But the actual rate paid to the IRS for the FICA tax is not 7.65%. That is just the portion that is withheld from your paycheck. The actual FICA rate that is paid is 15.3%. The 7.65% you pay on your gross wages has to be matched by your employer and is then applied to your account. So if you had $100.00 withheld for the FICA tax by your employer then they have to match that money with an additional $100.00. If you are the employer this can eventually become a very large amount of money that you will be responsible for paying.
Income Tax in Kenya
The IRS role is to help the large majority of compliant taxpayers with the tax law, while ensuring that the minority who are unwilling to comply pay their fair share.

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