Taxes - December 2006

I work a lot of overtime, sometimes 20 hours OT a week. My question:
Is there a tax difference between straight salary income and income from OT if the total gross pays of the two are same amount?
Hope a tax expert will answer this question. Thanks guys!

2006-12-22 11:26:30 · 9 answers · asked by Anonymous in United States

2006-12-22 11:25:02 · 7 answers · asked by sunkim320 1 in United States

For the most simple of tax returns, what is the basic percentage of pre-tax income that will be owed the gov't come tax time? Is there such a thing? I know it's not exact, not a sliding scale but is there a basic breakdown in how much you make vs. how much you will owe?

2006-12-22 10:26:54 · 3 answers · asked by Matthew W 1 in United States

His employer takes out PA taxes but not Ohio. won't he still owe Ohio?

2006-12-22 09:09:09 · 11 answers · asked by Angel 2 in United States

i have 4 different banks andi wanted to know if it will increase my tax payment

2006-12-22 09:06:31 · 4 answers · asked by amespinozajr 2 in United States

My father recently passed away. He had a living trust (not a will). Left his estate/money to my mother who wants to disburse it now to surviving children.

In California, how much of this (living trust) money can we receive before we get taxed on it? In other words, could we receive, say, $20,000 and not be taxed?

2006-12-22 09:04:59 · 4 answers · asked by libertino85 2 in United States

2006-12-22 08:40:53 · 8 answers · asked by mila2002star 1 in United States

2006-12-22 08:15:12 · 6 answers · asked by vvnmontoya 1 in United States

2006-12-22 08:10:32 · 2 answers · asked by Mr. McClean 3 in United States

I am EU citizen, now living and working in the US on H1 visa.
I am planning to buy a condo apartment in the US taking a mortgage.
If in a couple of years I might move back to Europe and I might decide to rent the apartment.
This can be the scenario in two years:
My revenues in the US will be only the rent ($20,000 per year) and financial revenues from CD and savings accounts ($5,000 per year). Total $25,000
My property taxes will be $3600 per year, my mortgage interests will be $12,000 per year and I will have additional $3,300 manteinance costs per year.
I am EU citizen and I will live and work and in Europe at that time.
How much taxes will I have to pay per year in the US?

2006-12-22 07:48:17 · 1 answers · asked by Jericho W 1 in United States

2006-12-22 07:31:07 · 7 answers · asked by Anonymous in United Kingdom

I understand there is a new law that will allow you to transfer a 401k to a Roth IRA in 2008. Can you also transfer a 403b? Are there any tax consequences the year you make the transfer?

2006-12-22 07:19:48 · 2 answers · asked by Robert J 1 in United States

I am a Loan Officer and also just got my AZ Real estate lic in November. I will have about 7000 in taxes due for my income as a loan officer. I wanted to purchase a larger vehicle since I am now a real estate agent.

How can I purchase a vehicle this year and use it as a tax deduction for a business vehicle. Can I only write of mileage? Or can i write off so much of the vehicle over a set amount of time? I have two friends, one who builds homes, and he buys a new truck every 2 years to write it off for taxes. The other has a corporation and does the same thing.

Can I purchase a used vehicle? or does it have to be a new vehicle to write it off?

Can I write of the purchase of the vehicle? or only the miles in my case?

2006-12-22 06:36:48 · 4 answers · asked by timbug330 1 in United States

2006-12-22 05:37:31 · 3 answers · asked by bally 1 in India

Is there a different tax rate for bonuses? If so, how do I find out what it is? Why does the employer have to consider is a "bonus" rather than just cutting another payroll check?

2006-12-22 04:44:57 · 12 answers · asked by Anonymous in United States

I've been married for over a year but my paycheck says single, have they been taking too much money out for taxes and is there a way to get that money back?

2006-12-22 04:12:43 · 15 answers · asked by john m 1 in United States

2006-12-22 03:42:30 · 14 answers · asked by Gray M 1 in United States

2006-12-22 03:29:38 · 15 answers · asked by redslippers 4 in United States

What is the best way to do this (do I give the employees a check made out to "cash"") How do I still get a tax deduction for this. How do most small businesses do this?

2006-12-22 03:25:37 · 6 answers · asked by M 2 in United States

2006-12-22 03:24:47 · 13 answers · asked by we7ing 1 in United States

i have not been able to use up all the money that i put in my flexible spending account. What is an easy way to use it up by the end of this year

2006-12-22 02:37:48 · 2 answers · asked by vrgopi 1 in United States

I want to buy a computer upgrade from America but I live in the Uk and no amazon and Ebay dont have what I want.

2006-12-22 02:14:22 · 2 answers · asked by RIC624 1 in United Kingdom

2006-12-22 02:00:06 · 7 answers · asked by Joseph R 1 in United States

2006-12-22 01:39:31 · 5 answers · asked by Liz 1 in Other - Taxes

I'm worried about getting hit with the Alternative Minimum Tax. I believe the standard deduction for a married couple jointly filing is something like $62,500. As long as my deductions are lower than that, will I be okay? I'm worried about losing my deduction for my property taxes. I won't be able to afford them if I can't deduct them.

2006-12-22 01:10:09 · 4 answers · asked by Brooke22365 4 in United States

2006-12-22 00:40:53 · 4 answers · asked by Azeem 1 in Other - Taxes

I only went to the states once this year for less than 30 days. I am single, and do not send money into the states. I make much more than the 80k cap. What should I do.

2006-12-22 00:22:05 · 5 answers · asked by Anonymous in United States

529 plan and tax free gift

2006-12-21 22:38:58 · 5 answers · asked by Shouxiang M 1 in United States

2006-12-21 20:28:48 · 4 answers · asked by Natasha H 1 in United Kingdom

Does anyone know if H&R Block takes the fees that you owe them for doing your taxes out of your refund? Do I need to make sure I have money with me...or will they take it out?

2006-12-21 20:24:00 · 5 answers · asked by GreatDivide 1 in United States