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.
Q. What does escheat mean? A. Escheat is a common law doctrine that operates to ensure that property is not left in limbo and ownerless. Escheat is the process of transferring unclaimed or abandoned property to a state authority. The unclaimed property is usually turned over to the state of the last known address of the owner when such property is considered abandoned.