The IRS lets you deduct certain expenses from your gross wages, which reduces the taxable portion of your income. Lowering the amount you pay in federal and state taxes leads to more money in your pocket. Allowable pre-tax deductions are taken off the top of your earnings before taxes are assessed.
King Charles I had approved a request from George Calvert to establish a colony called the Province of Maryland (âTerra Mariaeâ) in 1632. But the Calvert family did not receive the Charter of Maryland until after George Calvert died. Now it was up to Cecil Calvert to establish and govern the new colony. Cecil was well educated, but he had did not have his fatherâs years of experience at governing colonies.
On March 4, 1681, Charles II of England granted the Province of Pennsylvania to William Penn to settle a Â£16,000 (around Â£2,100,000 in 2008, adjusting for retail inflation) debt the king owed to Penn's father. Penn founded a proprietary colony that provided a place of religious freedom for Quakers. Penn named the colony Pennsylvania after his family, Penn, and the Latin word for woods, sylvania. Penn landed in North America in 1682, and founded the colonial capital, Philadelphia, that same year.