New 20% income tax penalty may apply to some teachers

08/8/2007 | Dallas Morning News (free registration), The

Beginning in January 2008, teachers who chose to spread their school-year salaries over the entire year may be subject to an additional 20% income tax. The penalty does not apply to teachers in districts that only offer a year-round payment plan, the Internal Revenue Service clarified Tuesday.

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Dallas Morning News (free registration), The

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