N 311 2023-2024 Form

Instructions and help about hawaii refundable food excise

good day and welcome back to the business Career College video series in this video we're going to spend a few minutes looking at non refundable tax credits these are staple of our tax system and this is something that really pretty much everybody doing any sort of financial services training has to be at least somewhat aware of every personal tax payer gets some of these non-refundable tax credits now we're going to do a quick look at the difference between a deduction and a credit so a deduction works from basically your top dollar of income down so if you have somebody who for example is earning let's say $100,000 a year that person is at the thirty six percent federal tax bracket and if that person had a ten thousand dollar deduction from income that would come from the top down so a $10,000 deduction for this person at there sorry I said 36 percent federal tax bracket that should be 26 percent I'm in Alberta and it's combined 26 percent so that's 26 percent federal sorry or 36 per