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.
DEFINITION of 'Escheat'. The transfer of title of property or an estate to the state when an individual dies without a will and legal heirs. Escheat ensures that property always has a recognized owner, which would be the state or government if no other claimants to ownership exist.