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In NJ is the Executors fee based on the gross or net amount of the estate?
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∙ 15y ago
Gross.
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∙ 15y ago
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What is the provision under ra no 4917 on gross estate?
RA 4917 pertains to the non taxability of retirement benefits established for individuals which are not subject to levy or execution other than unpaid payments to the said retirement fund or to answer for criminal liability. The said amount is included in the provisions of "exclusions from gross income" under the national internal revenue code and is likewise treated as a deduction from the gross estate of the decedent, provided that the same was included in the "gross estate" of the deceased. In Section 86 (A)7 of the NIRC it is provided that: (7) Amount Received by Heirs Under Republic Act No. 4917. - Any amount received by the heirs from the decedent-employee as a consequence of death of the decedent - employee in accordance with Republic Act No. 4917: Provided, That such amount is included in the gross estate of the decedent.
Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
Gross of vat and net of vat?
There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
Do they garnish gross or net wages?
They garnish on your net... and for example, if you have a retirement account going, then they will take out retirement FIRST, and then the garnishment amount. Sometimes the garnishment can be a flat amount, or based upon a percentage of what you earned. The Federal government prohibits creditors from collecting more than 25% of your gross pay, except in cases of familial support. Your garnishment deduction may be calculated based on your gross earnings.
What percentage of wages is withheld from your pay check for taxes by the Arizona state government?
It depends on your gross earnings; The new withholding tables are based on a percentage of gross taxable wages. "Gross taxable wages" is the amount that meets the federal definition of "wages".
Executors fee is based on a percent of what?
There is no fixed rule. Every company is different, it could be of the gross estate, it could be of the net estate, it could be of the property value. It could be anything, consult the executors
How do you determine the gross amount of an estate in NJ?
Estate appraisal is a very complex area of financial law. If you are trying to determine the gross amount of an estate in NJ, it is recommended that you contact a lawyer who specializes in estates. This ensures that everything is done legally and that you get the most value.
Do executors determine the percentage they are paid for their duties or is there a set legal percent. Also does it have to be approved by all the heirs of the estate?
How an executor is compensated specifically would depend upon the state. In California, for example, executors are paid according to a schedule in the statute. In fact, under that schedule, executors may receive payment for their services based upon the same percentage of the gross estate, as would the attorney representing the estate (barring extraordinary services of legal counsel). In California, the heirs would not have a veto over compensation directly, but could attack the manner in which an estate is handled (therefore attacking compensation indirectly). An executor could be surcharged by the court if he or she is found to have breached fiduciary duties to the estate. However, the actual method could vary from state to state.
How is an estate administrator fee determined?
You should calculate one point four percent of the value of the estate that is to be executed to pay the fees of the estate executioner where the estate is calculated after your demise and ammounts to whatever the estate is worth at the time of your death and not decided upon before you die and the executor will then be paid one point four percent of that ammount Fees for an estate administrator will vary according to the particular state's laws. Since I don't know which state this is in, I cannot accurately answer it. However, in New Jersey executors and administrators receive the following percentages based on the value of the gross estate: 5% of the first $200,000. 3.5% on the excess over $200,000 up to $1,000.000. 2% on the excess over $1,000,000. In addition to this, they are entitled to 6% of the gross income that is earned by estate while it is being administered. And of course they are entitled to be reimbursed for legitimate expenses, including legal fees. Other states will probably have different formulas. This is for informational purposes only and not intended to be given as legal advice.
Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
What is the provision under ra no 4917 on gross estate?
RA 4917 pertains to the non taxability of retirement benefits established for individuals which are not subject to levy or execution other than unpaid payments to the said retirement fund or to answer for criminal liability. The said amount is included in the provisions of "exclusions from gross income" under the national internal revenue code and is likewise treated as a deduction from the gross estate of the decedent, provided that the same was included in the "gross estate" of the deceased. In Section 86 (A)7 of the NIRC it is provided that: (7) Amount Received by Heirs Under Republic Act No. 4917. - Any amount received by the heirs from the decedent-employee as a consequence of death of the decedent - employee in accordance with Republic Act No. 4917: Provided, That such amount is included in the gross estate of the decedent.
What is executor's fee in Tennessee?
PetitionIn Tennessee, the estate executor files a petition with the court to receive payment for his duties. The petition includes a description of the assets of the estate along with a description of the services rendered. The estate executor requests an amount of compensation and then verifies that a copy of the petition was sent to all interested parties. The amount of compensation is based on the value of the estate and services provided by the estate executor.CourtThe probate court in Tennessee presiding over the estate determines the fee for the estate executor. The court decides on an amount which it deems fair, reasonable and appropriate given all the circumstances involved in settling the estate. These factors include the size of the estate, involvement of estate executor in settling the estate and relationship of estate executor to the decedent. The court will also take into consideration any complex litigation involved in the settlement of the estate. If the testator indicates in his will how much the executor should be paid, the court will take this into account, but must set the fee in accordance with state statute.Reasonable FeesIn determining the reasonable fees presented to estate executors, Tennessee courts take into account the value of the decedent’s gross estate. If the value of the estate is under $50,000 a minimum fee of $500 to the estate executor is considered reasonable. The percentage of the estate executor's fee decreases as the value of the estate increases. For example, for an estate valued at around $1,000,000, the estate executor would receive .5 to 1 percent of the estate's value. For an estate over $1,000,000, the estate executor would receive .25 to .50 percent.Extraordinary ServicesTennessee courts also take into account extraordinary services when determining fees for an estate executor. Extraordinary services can prolong the administration of an estate and consume more of an estate executor's time. Examples of extraordinary services include sales or mortgages of real or personal property and lengthy contested litigation involving claims against the estate. Complex tax returns or audits by any federal or state agencies can take up more of an executor's time. Finally, the managing or selling of the decedent's business can be a consuming process. Tennessee courts value this extra time and compensate estate executors accordingly.
This term refers to the total amount without deductions?
Gross amount.
In real estate what is GLA?
Gross leasable area. A commercial real estate lease that the tenant pays a fixed amount of rent per month or year, regardless of the landlord's operating costs, such as maintenance, taxes and insurance.
What is the fee an executor of an estate receives in Ohio?
Executors and administrators shall be allowed commissions upon the amount of all the personal estate, including the income from the personal estate, that is received and accounted for by them and upon the proceeds of real estate that is sold as follows: (A) For the first one hundred thousand dollars, at the rate of four per cent; (B) All above one hundred thousand dollars and not exceeding four hundred thousand dollars, at the rate of three per cent; (C) All above four hundred thousand dollars, at the rate of two per cent. Executors and administrators also shall be allowed a commission of one per cent on the value of real estate that is not sold. Executors and administrators also shall be allowed a commission of one per cent on all property that is not subject to administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property. The basis of valuation for the allowance of such commissions on real estate sold shall be the gross proceeds of sale, and for all other property the fair market value of the other property as of the date of death of the decedent. The commissions allowed to executors and administrators in this section shall be received in full compensation for all their ordinary services. If the probate court finds, after hearing, that an executor or administrator, in any respect, has not faithfully discharged his duties as executor or administrator, the court may deny the executor or administrator any compensation whatsoever or may allow the executor or administrator the reduced compensation that the court thinks proper.
How much money did The Fifth Estate gross worldwide?
The Fifth Estate grossed $6,154,172 worldwide.
How do you work out a nett amount plus 20 percent to give a gross amount?
Net amount x 120%= Gross amount
