Taxes - November 2006

She worked full time for 10 years. She spent 21 years raising 2 children. She now works 1 day a week and pays voluntary contributions as someone told her that was necessary to maximise her entitlement. I have worked in full time employment for 34 years and paid full stamp all that time. Is she paying voluntary payments unnecessarily as she will qualify for a payment as my wife (at age 60) or because I have heard that the rules are likely to change in 2010 anyway. Any assistance would be much appreciated.

2006-11-10 00:55:33 · 6 answers · asked by Stephen S 1 in United Kingdom

I want to buy a new house, but I'm afraid I won't be able to sell my current house before closing. If I use other funds for my down payment, will the tax implications be different on the proceeds from the sale of my house if I'm not using it towards my new house, but rather paying myself back?

Also, assuming my house doesn't sell for awhile, and I'm paying two mortgages and two property taxes, can I take the usual deductions from both places?

I hope my questions are clear.

2006-11-09 22:38:35 · 2 answers · asked by Brooke22365 4 in United States

2006-11-09 22:25:55 · 2 answers · asked by Dhan 1 in Other - Taxes

2006-11-09 18:47:28 · 8 answers · asked by Anonymous in India

How much is the capital gains tax on a stock I have owned for over a year? Is there a state tax on that as well?

2006-11-09 17:22:58 · 2 answers · asked by allcharm97 2 in United States

I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.

2006-11-09 16:48:50 · 6 answers · asked by Anonymous in United States

Will they have to pay taxes on it? How would I report it on my income tax? This is all new to me but they are of an age I can now do it for them. From what I understand they won't but how do I account for it?

2006-11-09 15:58:58 · 25 answers · asked by howdy 1 in United States

2006-11-09 15:52:11 · 1 answers · asked by Mylo 2 in United States

2006-11-09 15:38:18 · 1 answers · asked by seibert_scott 1 in United States

Which of the following statements best describes the calculation of the effective tax rate?
A.(Before Tax IRR — After tax IRR)/After tax IRR
B.(Before Tax IRR — After tax IRR)/Before tax IRR
C.(After tax IRR — Before tax IRR)/After tax IRR
D.(After tax IRR — Before tax IRR)/Before tax IRR

2006-11-09 15:34:33 · 3 answers · asked by pretty smile 2 in United States

wanted to know what is deferred tax liability and how is accounted for and how it is wiped off from the books over a period of time.

2006-11-09 15:33:27 · 4 answers · asked by eldarado 1 in Other - Taxes

For example if I make $1499 gross I might pay 21% tax, but if I make a dollar more -- $1500 gross -- I might enter a new tax bracket and end up will less net pay

2006-11-09 14:11:55 · 7 answers · asked by Jeff G 2 in United States

I would like to invest in the 529 plans.

Does anyone know what is the 529 TAX benefit in California ?

Should I MUST invest in the "California Golden State ScholarShare College Saving Trust" ?

If I invest in the funds that in other states, like the AmericaFunds in Virginia, do I lost the tax benefit ?

It would be great if anyone could give me some suggestions or just pass me some useful WEB links.

Thanks

Jonathan in San Jose California

2006-11-09 13:38:41 · 3 answers · asked by Jonathan 1 in United States

2006-11-09 13:05:01 · 5 answers · asked by bill 1 in Other - Taxes

My rent is £78 quid a week and C.tax is £23 it looks as if the C.tax could one day be more than my rent.

2006-11-09 12:39:16 · 11 answers · asked by pisspot 1 in United Kingdom

What is personal allowance? The 2005 amount $3,200, is this amount more beneficial to a single person (no dependents) who earned $10,000 or a single person (1 dependent) who earned $10,000.

2006-11-09 12:06:16 · 2 answers · asked by angel_rat_83 1 in United States

He has worked at my shop for 2 years now and has signed a lease aggreement that states he is responsible for his own taxes, his only obligation to me is to pay his weekly chair rent. He has in own key to the shop and comes and goes when he pleases I do not boss him or any of my barbers around by any means, there on there own.

Am I in any danger of paying any of his taxes even though he is a independent contractor?

2006-11-09 11:08:39 · 13 answers · asked by Anonymous in United States

I would like to work 2 jobs, so I can enough money to pay off debts and finish paying off my car note. My question is will this affect me on filing my tax reports?

2006-11-09 10:20:28 · 5 answers · asked by Anonymous in United States

I would assume the person getting the monetary gift pays the tax.

2006-11-09 10:02:38 · 4 answers · asked by tommyfourth 3 in United States

I believe that means that if it's now 2007 and I lived in the property in 2002 and 2003, but kept it rented afer 2003 , that it fills the requirement. I could have captail gains waived if I sold in 2007.

2006-11-09 09:39:36 · 3 answers · asked by tommyfourth 3 in United States

2006-11-09 08:22:05 · 4 answers · asked by Michelle M 1 in United States

I dont owe them money, but the government owes me money. I never filed for the taxes. Where can I find the forms and file? atleast 2005's

2006-11-09 08:17:09 · 6 answers · asked by precious02k 3 in United States

Please excuse the wording of the question, i know it doesn't make much sense. i just want to know how much tax the average person in the UK pays overall.

2006-11-09 07:44:12 · 6 answers · asked by Izz 2 in United Kingdom

I will have a relatively low Federal taxable income this year. If I convert, say $100,000 from my traditional IRA to my Roth IRA, will that "income" push me into the same bracket as if it were real income? Does my total income including the converted amount have to stay below the threshold for allowing a Roth conversion? Will this trigger AMT?

2006-11-09 06:57:15 · 5 answers · asked by Dave 4 in United States

A visitor from Holland was chatting with his American friend and was jokingly explaining about the red, white and blue in the Netherlands flag.

"Our flag symbolizes our taxes," he said. "We get red when we talk about them, white when we get our tax bill, and blue after we pay them."

"That's the same with us," the American said, "only we see stars, too."

2006-11-09 05:53:48 · 6 answers · asked by Anonymous in Other - Taxes

2006-11-09 05:52:09 · 3 answers · asked by Anonymous in Other - Taxes

2006-11-09 05:46:41 · 2 answers · asked by hollatme 1 in United States

Can anyone tell what the minimum information is needed for a mileage log for tax purposes?

2006-11-09 05:22:17 · 2 answers · asked by Anonymous in Other - Taxes

2006-11-09 05:20:23 · 10 answers · asked by steve p 1 in United States

I am on a small retirement annuity of $900.00 a month. I think too much tax is being taken out of my check. I claim zero. $334.00 is withheld each month is Federal taxes and the same amount is withheld for state taxes which leaves me with about $232.00. Is this the right amount of taxes? Thank you for the help.

2006-11-09 05:13:07 · 4 answers · asked by winterpasture 1 in United States