The charge-out rate is and expression of fee earnings in terms of Rand per R1000. of average total package earned, calculated as follows: charge-out rate = [overhead factor x mark-up / utilisation rate] / [available hours / 1000] A summary of the hourly fee rates for consultants is set out in Annex One.
For example, someone collecting from a deceased personâs 401(k) or traditional IRA would have a deduction of the federal estate tax on that portion of the decedentâs assets, recovered over time in the year the income was received.
An individual tax filer has the choice of claiming the standard deduction or itemizing deductible expenses from a list that includes state and local taxes paid, mortgage interest, and charitable contributions. In either case, taxable income is decreased by the amount of the allowed deduction. The deduction reduces tax liability by the amount of the deduction times the filerâs marginal tax rate, and is thus worth more to taxpayers in higher brackets.