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.
An escheat is the succession of abandoned property to the State. Unclaimed Property is not a true escheat as the state holds the property in a custodian nature until the owner or their heirs can be located. Why is there an unclaimed property law? The unclaimed property law is designed to collect, safeguard and return lost or forgotten property to its rightful owners. Each state has similar laws. Is there a minimum amount?