Filing status of a federal taxpayer has an immediate impact on the tax rate applied to taxable income. Consider a taxpayer, whose filing status is Single, with a taxable income of $50,000. Per the 2010 Tax Table, the tax liability would have been $8,675, for an average tax rate of 17.35 percent.
Escheat /áµ»sËtÊiËt/ is a common law doctrine that transfers the property of a person who died without heirs to the crown or state. It serves to ensure that property is not left in limbo without recognized ownership.
The assets subject to the laws of escheat include both securities and cash balances in accounts. Escheat is a situation in which the money in a bank account reverts to the government because the account has been inactive for a long time and the account holder cannot be located. 1  If there is no activity in an account for five years or more, the account may be subject to escheat procedures in which the account's assets revert to the state.