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US 2016/0364806 A1Published application
Tax payment system and method for accurate payments
AssigneeRigel Technology Corporation
InventorJohn H. Lee
Life of this patent
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AssigneeRigel Technology Corporation
InventorJohn H. Lee
Estimating the term…
The present invention provides a tax payment system and method for accurate payments, which transfer accurate withholding tax payments from taxpayers to governments and accurate payroll payments from employers to employees with accurate employee information. Current Tax Schedules, Tax Tables and Tax Computation Worksheet are combined together for their simplification with related linear and graduate formulas. Accurate information of income tax payments, withholding tax payments and employees or businesses can be reported to the IRS or a state government by January 15 or February 15 with adjustments. Then governments can be ready to verify and/or inspect tax returns before sending out tax refunds. Therefore potential tax theft crimes could be reduced significantly or avoided to save billions of dollars. The tax payment system and method offer many taxpayers with a one-source income and certain qualifications to have an option to not file their tax returns because of accurate withholding tax payments, which reduce tax processing time and costs for governments and taxpayers significantly, which may be worth billions of dollars yearly.
A tax payment method for accurate payments comprising of receiving employee information of name, identification number, address, tax filing status, income, deductions and credits, calculating income tax rate and tax with related linear or graduate formula according to related taxable income, governmental tax regulations and payroll period factor, transferring withholding tax payments from taxpayers to governments and payroll payments from employers to employees at a period of time and paying accurate withholding tax payments and accurate payroll payments at the end of a year according to accurate employee information and adjustments.
A tax payment system for accurate payments comprising of the first processor to receive employee information, the second processor to figure out income tax rate and tax with related linear or graduate formula according to related taxable income, payroll period factor and adjustments, the third processor is to transfer payroll payments from employers to employees at a payroll period of time and paying accurate payroll payments with accurate employee information for a year, the forth processor is to figure out and transfer withholding tax payments from taxpayers to governments at a payroll period of time and paying accurate withholding tax payments with accurate employee information for a year and the fifth processor is to transfer yearly employee information and withholding tax payments to governments by January 15 or February 15 with adjustments.
A tax payment method for accurate tax payments comprising of receiving corporate or business information, calculating business income tax rate and tax with related linear or graduate formula according to related taxable income, governmental tax regulations and period factor at a period of time, paying accurate tax payments for a year according to accurate business information and adjustments and transferring withholding tax payments from businesses to governments.
Dependencies are inferred from the claim text.