Taxes - November 2006

If you have say 3 recipients does this mean they have to share the amount or is it each.

2006-11-04 23:24:36 · 2 answers · asked by David H 1 in United Kingdom

I work for a company and every week I deduct $20 from my paycheck and it goes towards purchasing company stock. I needed some money this year and I sold $2,600 worth of it so my quesion is am I going to have to pay taxes on all of this $2,600 or just profits (if any because I have no idea how much I paid in but I know I didn't make much in profits)?

2006-11-04 20:12:29 · 4 answers · asked by Dean L 2 in United States

is it required tax clearance certificate for lottery of us$5 lakhs for transfer from china to India? why not china is not deducting tax amount from lottery amount and send the remaining amount transfer to India? after sending amount to china bank, if they fail to send lottery prize, the winner will be suffer is it correct? Is there any way of guarantee of getting prize amount after sending tax amount of US$810 to china Bank.

2006-11-04 20:03:25 · 6 answers · asked by ramakrishna g 1 in India

I am a student and am applying for a summer internship which is in another state. The employer indicated that participants will stay in an apartment free of charge, which is a taxable benefit. Does this mean they write this off when they file taxes, or does this mean that this will count against me when I file taxes?

2006-11-04 18:12:44 · 5 answers · asked by G 3 in United States

Based on a combined yearly salary of $60,000
We have two kids in grade school, two car payments and $2000
in credit card debt.
My husband and I don't own a home yet, but we're trying to save
for a down payment.
BTW we're Fla. residents.

2006-11-04 17:45:16 · 9 answers · asked by Mother Knows Best 2 in United States

IRS sent letter asking for tax code for the reason for the appeal. I'm appealing their decision based on medical reasons for the delay in filing taxes

2006-11-04 17:30:01 · 4 answers · asked by Monique 1 in United States

2006-11-04 15:44:13 · 4 answers · asked by thomas b 1 in United States

is there a law stating that the federal income tax is not unconstitutional/ that the law is constitutional?
what is the law about the federal income tax?

http://video.google.com/videoplay?docid=-4312730277175242198&q=America%3A+Freedom+to+Fascism&hl=en

2006-11-04 15:37:22 · 3 answers · asked by sovereign 2 in Other - Taxes

If a couple is divorced and they have 3 kids is it alright for the non-custodial parent to claim one of the children when you file your taxes and try to get the EArned Income Credit?

2006-11-04 15:35:41 · 5 answers · asked by Holden's Momma 2 in United States

indian citizen, working out side india and for that work, recieving salary in NRE acc in india. is he liable to pay income tax in india? what if he recieves salary in normal saving account ?

2006-11-04 15:31:53 · 2 answers · asked by mayur s 1 in India

2006-11-04 15:21:53 · 4 answers · asked by freddy t 1 in United States

Im not referring to how much is withheld or how much you have to send in within so many days of winning but the total percentage, if you have no deductions such as children, medical expenses. What is the maximum % of federal taxes one could have to pay.

2006-11-04 15:17:00 · 4 answers · asked by casey 5 in United States

If you are a shareholder in an S-Corp and receive a distribution in respect to stock; do you have to pay any tax on it? For example, let's say you made $50,000 as part of your regular salary as an employee of said S-Corporation. That is taxed, I know. Now, let's say you receive an additional $30,000 at the end of the year in the of a distribution in respect to stock. Do you pay taxes on that $30,000 or do you get to keep it all free and clear?

2006-11-04 14:56:26 · 3 answers · asked by Anonymous in United States

2006-11-04 13:31:18 · 3 answers · asked by marekny7 2 in United States

2006-11-04 12:56:02 · 2 answers · asked by tcastillo421 1 in Mexico

I was in an accident, I settled and the check was for a little over 16,500.00

2006-11-04 11:43:24 · 8 answers · asked by Monique 1 in United States

In an "intentionally defective grantor trust" in which the grantor
retained the power to substitute assets....may the grantor substitute
cash for appreciated stocks owned by the trust so that the appreciated
stocks end up back in his estate and eligible for a step-up in basis
upon his death? (Obviously, the question assums that no capital gains tax is
triggered by substitution itself...if this is a false assumption
please explain.)
If the answer is yes....does it make any difference if the
intentionally defective grantor trust owns the appreciated stocks in
an LLC entity.

2006-11-04 10:34:27 · 2 answers · asked by Larry M 1 in United States

I was on my internship over there and was told i would get all my tax back. The company recommened us to use an agent so i did. My agent said i would get my tax back in June. Im still waiting and i keep asking them but im still waiting!

2006-11-04 10:17:33 · 1 answers · asked by Anonymous in Australia

...Said that by the year 2040 SS will be payong OUT more taxes than willl be coming in, so will you people working off the books please pay your taxes so the rest of us LEGAL TAX PAYING CITIZENS will have a future ? Your "kind" is what is sucking the system dry, leaving little or NO benefits for those who worked all their lives to be able to retire, or get BONIFIED disability benefits !

2006-11-04 09:47:29 · 5 answers · asked by kimmy3 3 in United States

We are selling our home in Seattle and relocating to California. If the company agrees to cover our real estate agent fees (and sales tax) would there be any tax liability for the company or us?

2006-11-04 09:10:44 · 3 answers · asked by Paul T 1 in United States

We believe we are liable for taxes on the sale of our main home as it has risen more than the $500k allowance for a married couple (see earlier question). Can we deduct real estate agent fees before calculating the capital gains tax liability?

2006-11-04 09:06:44 · 3 answers · asked by Paul T 1 in United States

We are selling our home in Seattle and relocating to California. The value of our home has risen by more than the $500k exclusion for a married couple, even when we take out expenditure on improvements. Will we have to pay capital gains tax on the extra profit even if we are re-investing in another property in California as our main home?

2006-11-04 08:59:43 · 2 answers · asked by Paul T 1 in United States

2006-11-04 06:39:54 · 4 answers · asked by angel_rat_83 1 in United States

I live in California; Los Angeles County

2006-11-04 05:32:30 · 2 answers · asked by chefrobp 1 in United States

2006-11-04 05:27:54 · 1 answers · asked by willhg 1 in United States

Sales Taxes and Flat Rate Income Taxes should be considered Progressive as opposed to being considered regressive.


It is much more difficult to "cheat" on a Sales Tax.

Sales Taxes tax only the money that people spend, i.e., if you are
in a low income bracket you spend less and therefore your taxes are lower.

Flat rate income taxes have proven to raise more money than those incomes taxes which increase the rate of taxation as income increases.


Sales Taxes and Flat Rate Taxes have been proven to increase revenue and increase prosperity in foreign countries where they have been tried.


The label "Regressive", coined by a Socialist, has been proven be be wrong and negatively impacts the concept of the proper method of Taxation.

It has, however, been quite effective as a propaganda tool..

2006-11-04 05:20:30 · 6 answers · asked by Anonymous in Other - Taxes

In 2004 I put the incorrect amount of short term capital loss income carry over from my previous 2003 return. I entered an erroneous amount (less than what I should have put) because I didn't have my 2003 records to know how much I could carry over in 2004. Then in 2005 I was able to get my 2003 records to know what I should have put in 2004 as the carry over so I put in my correct carry over amount from 2003 minus what I deducted ($3000) from 2004 and put the accurate figures now in my 2005 tax return as the carry over amount BUT.. i mistakenly put it under long term capital loss carry over instead of short term.

I know this was very careless on my part and I'm not going to take my time next time and get things right but for the time being, does this warrant a tax audit? And should I fill out a 1040x to correct all this or does this even matter since they do have my 2003, 2002, on file to cross reference right?

2006-11-04 05:10:06 · 2 answers · asked by unhappy 1 in United States

2006-11-04 05:08:14 · 1 answers · asked by Aschwartzey 1 in United States

In last months wages I was overpaid by about £750 before tax.
My employer is now asking for over £500 back by cheque or they say it will be deducted from my next months wages in one hit! No explanation is being offered how the overpayment is broken down ie. how the tax, N.I. is being made up or refunded.
Whilst I appreciate it has to be repayed it is difficult as I am trying to reduce my overdraft, on instructions from the bank, so the money was swallowed up as soon as it was paid in and the bank are unlikely to let let me extend my overdraft due to my credit rating thus leaving me incredible short next month. Just before crimbo! Does anyone know how I stand legally in asking for time to repay and asking for an explanation? I understand tax will work itself out but I dont know about N.I.
Please help

2006-11-04 05:07:10 · 20 answers · asked by dave 1 in United Kingdom

I'm ready to jump from engineering (boring) into a full time career in tax preparation. I just love taxes to the core of my very being (don't bother telling me how weird I am, I know already).

There are many options and I want to hear from career tax people which they feel is the best and why? I want pros and cons. I'm also interested in potential annual salaries.

1) Full time job with a large firm like H&R Block, but not as a manager or any other job where you don't do many actual returns.

2) Tax firm franchise owner...should I purchase an existing office or start a new one.

3) Hang out a shingle and start my own office or partner with someone else who has done this, learn from them, then buy them out.

I have enough cash to weather a few years of low income, but I am not interested in an extended dry spell. Also, do I need a CPA degree or just an EA?

What do you do in the summer months to stay busy?

Thank you all for your time.

2006-11-04 04:30:31 · 8 answers · asked by TaxMan 5 in United States