Taxes - October 2006

Please respond only if you really know the answer.Thank you.

I recently won a trip for myself, 12 students and another adult chaperone. The value of the trip is $24,000 total. It is broken down as each student is allowed to go on a tour worth $2,000 each (12 x 2000 = 24000). The chaperone and myself travel for free with these 12 students.
My questions are:
1) Am I responsible for the taxes on the total value of the trip since I was the one who's name was picked in the drawing?
2) Is the other chaperone responsible for any taxes since their trip is free?
3) Would each student be responsible for claiming their portion of the tour - $2000 each?

I live and pay taxes in the United States only.
Thanks for any help you can give.

2006-10-01 15:44:49 · 6 answers · asked by jenny s 2 in United States

2006-10-01 14:56:29 · 3 answers · asked by Beth 3 in United States

2006-10-01 12:49:01 · 8 answers · asked by Anonymous in United States

Anyone know of free forum specializing in tax topics?

2006-10-01 12:29:21 · 3 answers · asked by Anonymous in United States

This Year, I have been taking care of my niece an nephew because there mother can't take care of them right now , I heard its possible to add them as dependents,and i also hear that the "FEDS" will come down on me hard for that. What is the truth to all this. "Someone please Help a Brotha!"

2006-10-01 11:26:06 · 11 answers · asked by NYC_GEE 1 in United States

I am a college student and for some reason FAFSA is requiring that I submit my tax return and W2 to prove that I am poor. lol. But, my parents can not find their 1040EZ. I can not get financial aid until they find it! Until then, my school sits on my Discover card. Is there any way to ask the IRS for another copy of it? Or any easier way to get another one? Any input would be great. Thanks.
-Amanda

2006-10-01 11:11:27 · 3 answers · asked by txaggie2514 4 in United States

If you do an independent contracting (meaning Form 1099), does the federal government and the state governments (in Washington Metro Area) sends you "request" to have you mail in the "quarterly tax"?

2006-10-01 10:32:15 · 5 answers · asked by Anonymous in United States

I am opening a family home daycare (in my home) does anyone know if I am required to collect sales tax and/or pay use tax?

I registered my business as an LLC...

2006-10-01 10:07:28 · 4 answers · asked by Anonymous in United States

I want to understand the detailed process for creating the Living Trust and what are the Tax benefits? I'm a legal resident of the US and have young kids. Want to make sure I plan for their future. I don't have the money to go to a CPA or to an attorney. also are there any free services available?

Thanks in advance.

2006-10-01 09:57:28 · 2 answers · asked by Guggu 1 in United States

Has anyone went on Form 1099 as an independent contractor? What was your experience like during the tax season? I just found out about horrendous tax liability of being on 1099 and considering to terminate the contract.

2006-10-01 08:49:37 · 6 answers · asked by Anonymous in United States

2006-10-01 07:52:31 · 8 answers · asked by sarahay 1 in United States

2006-10-01 05:45:38 · 4 answers · asked by mary_meskill87 1 in United States

..not trying to cancel the debt, just postpone or defer for now.

2006-10-01 05:39:18 · 10 answers · asked by Anonymous in United States

Can I decuct the amount paid on my 2005 federal return?

2006-10-01 05:38:15 · 5 answers · asked by Scott E 2 in United States

I am doing a temp contract at a big name institution through a legitimate private company. I am told that I'll do a form 1099 when I complete the contract.

What is perpelxing me is that this private company is not witholding taxes from my paycheck. Once they witheld, but they soon made the adjustment and paid me back by deposting the amount witheld into my bank.

Anyone know what's the prudent thing to do? I am pretty certain they will have to report my income to IRS in early 2007 based on my experience in the workforce.

2006-10-01 04:10:29 · 9 answers · asked by Anonymous in United States

If you are a Sole Trader or Private Limited Comapny how do you know what taxes to pay and how?

2006-10-01 02:08:43 · 2 answers · asked by GreetingCardsMachine J 1 in United Kingdom

SCHME IS INTRODUCED BY GOVT OF INDIA IN YEAR 2004 FOR SENIOR CITIZENS AND CARRIES 9% INTEREST.

2006-10-01 02:01:54 · 5 answers · asked by AVL 1 in India

Who knows about perpetual inventory and periodic inventory system in accouting?
Could you please help me to slove the following quiz?Thanks!

The perpetual inventory system has the following advantage/s over the periodic system:

1. Lower cost of operation 2. Elimination of theft of inventory 3. Physical stocktakes become unnecessary 4. Cost of goods sold details available when required 5. All of the above

Which advantage/s does the periodic inventory system have over the perpetual system?

1. Cost of goods sold figure readily available 2. Shoplifting by customers is detected 3. Recording is simpler 4. Physical stocktake unnecessary 5. All of the above

Thanks!

2006-10-01 01:30:38 · 1 answers · asked by Anonymous in United States