Taxes - January 2007

Hi, My company had a very very good year and my boss gave me a large Christmas bonus. The bonus was a little over 1/2 my annual salary. Usually, federal withholding takes about 16% from my monthly paycheck... but on the bonus.. this surged to 26%. Most of the others.. SS, Medicare stayed about the same. Are X-mas bonuses taxed at a higher rate?

Thank You For your help, Brian

2007-01-01 12:30:19 · 1 answers · asked by Anonymous in United States

2007-01-01 11:59:58 · 13 answers · asked by Michael S 1 in United States

He looks a dead cert to move from the Treasury to the top job - will this be good for Britain ?

2007-01-01 11:47:42 · 1 answers · asked by LongJohns 7 in United Kingdom

i have made 4318.54 dollars and my tax is 728.64 this is year to date
FITWH.....289.27
MED.....62.63
SOC.....267
OH.....44.19
OHMTV.....64.80
SO I WAS WONDERING HOW MUCH DO U THINK ILL GET BACK BECAUSE IM WANTING TO BUY A PS3 AND IM WANTING TO HAVE MONEY IM ONLY 16 THATS WHY ITS SO LOW AND I WANT THE PS3 SO I DONT CARE IF U DONT LIKE THE PS3

2007-01-01 11:24:02 · 3 answers · asked by jcoffey15 1 in United States

2007-01-01 10:42:21 · 13 answers · asked by Nutsogood 1 in United States

I did not pay taxes on my unemployment in 2003/2004. I got a letter the end of 2005 stating I owed I contacted the IRS and was told that they would stop my return. They did not and I was approved for a rapid return. I was lucky! I do not owe much sos the interest and penalties are minimal. Will the IRS stop my rapid Refund this year.

2007-01-01 10:14:49 · 6 answers · asked by Anonymous in United States

New estate tax laws provide increased exemptions. How does this work with the use of the marital deduction trust prior to implementation of new tax laws in 2001?

2007-01-01 09:18:36 · 2 answers · asked by Roy R. 1 in United States

2007-01-01 09:09:21 · 2 answers · asked by JADA B 2 in United States

my lil girl is 11 month old i am the only working parent (wife doesnt work yet) do i really need to have my babys ss# to claim her on the taxes? or do i also put the mothers name too?

2007-01-01 09:05:00 · 8 answers · asked by Anonymous in United States

if so does the employer give you a form or how do you go about doing this?

2007-01-01 08:58:04 · 18 answers · asked by grady c 1 in United States

Can I file my taxes on first week of January or do I have to wait?

Thanks,

Slim

2007-01-01 08:57:44 · 5 answers · asked by Anonymous in Other - Taxes

thanks in advance

2007-01-01 08:50:50 · 6 answers · asked by aviationquestion 1 in Canada

can i get a reinbursment on my truck that i bought for my buiss. if so how?

2007-01-01 08:44:39 · 5 answers · asked by grady c 1 in United States

will unemployment insurance be open on tuesday january 2,2007

2007-01-01 08:32:25 · 4 answers · asked by bonehead11572002 1 in United States

2007-01-01 08:32:18 · 1 answers · asked by VINCENT C 2 in United States

2007-01-01 08:27:51 · 4 answers · asked by Anonymous in United States

As above.

2007-01-01 08:24:14 · 9 answers · asked by Spikey_Jay 2 in United Kingdom

2007-01-01 08:20:03 · 1 answers · asked by Moi 2 in Other - Taxes

Did my preliminary taxes, I was married in March 06. Wife and I have a son together. Logic would tell me to file married/jointly. However my wife and I both come out with larger refunds filling Single/Head of Household. How does the IRS know that we got married this year unless we tell them?

2007-01-01 08:08:04 · 7 answers · asked by TLARA01 1 in United States

2007-01-01 07:55:15 · 2 answers · asked by grady c 1 in United States

I worked 96 hrs/$17 hr.However the way we are pd is shown as $6 hr plus bonus to= $17hr. Overtime=$9 hr. plus bonus to =$17 hr.

96 hrs X 17.= $1632

First stub shows:
80 hrs @ $480
46.75 hrs @ $420.75
Bonus $1.75
Total hrs 126.75 hrs
Total pay $902.20

Deds:
Ins $143.07
Aflac $ 65.72
Fed Tax $8.00
State Tax $21.29
Local Tax $6.93
Soc. Sec. $42.99
Medicare $10.06
Unemploy $.81
Total Ded 298.08 +after tax ded Aflac Life Ins. - $24.69
Mileage +$729.80

Net Pay $1308.44

2nd stub shows same hours and earnings @ $1632 minus mileage of $729.80 for a total of $1640.

Is this legal? What are my earnings? How do I claim mileage since I'm not really being paid mileage? My hr. rate when hired was to be $19 hr and never given anything as to why it is different? What do I do? Is there a solution? Any help appreciated, contact me at user ID above @ yahoo.com.

2007-01-01 07:54:13 · 2 answers · asked by dlm1ok 3 in Other - Taxes

I am planning on putting some money into a Roth IRA before April 15th, in order to take advantage of the tax credit for lower income people who amass retirement savings.

Let's say I get the Roth IRA, and then close it out 6 months later:
What will I have to pay a penalty on?
Just my earnings, or will there be a penalty on the entire amount I had invested?
Will I have to pay back the tax credit that I took for putting the money in?
Does the tax credit I am speaking of still exist, or did it expire?

Thank you for your help.

2007-01-01 07:40:37 · 1 answers · asked by waefijfaewfew 3 in United States

Hi,

I own an apartment in central Montreal. I am a UK citizen living most of my time in the UK so I rent out my apartment most of the time.

I recently received an invoice from 'Comite de gestion de laTaxe Scolaire' totalling nearly CAD1000 for the last two and a half years.

I don't understand what this tax is for and where a) I should be paying it as a non-Canadian resident or b) if it should be me (the property owner) or my tenant (the resident) who is legally responsible for paying it?

Anyone with experience in this area able to help me out?

Thanks!

2007-01-01 07:35:27 · 2 answers · asked by ukjamesscott 1 in Canada

a friend had a fundraiser for me last year to help pay for my medical bills due to my disability. how/where do i put this info on my tax form and how much should i expect to pay in on this money- $6000?

2007-01-01 07:28:46 · 2 answers · asked by drunkinpoet 4 in United States

2007-01-01 07:27:09 · 4 answers · asked by ora_b_70714 1 in United States

My wife started making regular deposits in a 401k plan offered by her new employer in 2006.

Question: Is the money she invested in the 401k Plan tax deductible in 2006? In other words, do these contributions count as taxable income....or are they tax exempt?

If contributions to 401k plans are tax deductible, is there a limit to what we can claim on our federal income tax form each year if we file a joint return?

2007-01-01 07:24:07 · 10 answers · asked by Im2hard2please 2 in United States

so when i do my taxes,how will it effect me?And what forms do i turn in when i do my taxes. Will this be used as income against me even though i didnt pay my loan off by 10 thousand dollars. I had to sell before foreclosure this was best deal.Plus i fell short in my payments to the governement so i owe them around 800 they will garnishment from my return.I worked alot of over time this year it pushed me in a higher tax brackets scared i will owe for once,i do have a son that i claim. I know i can ask my tax person tomorrow , but i want to know right now,,thanks

2007-01-01 07:21:33 · 1 answers · asked by heartzz_ablaze 3 in United States

My boyfriend and I live together. We have 1 child together and he has 1 child from a previous relationship. Whats the best way to file to get the most money back? I worked all year and made the most money. He only worked about 3 months of the year as he took some time off to build a house.

We were wondering if we could both file head of household and each claim one kid. I mean, since we are not married we are technically roommates anyways. Is this possible or is there another way to do it?

2007-01-01 07:12:23 · 9 answers · asked by hopeISalive 2 in United States

I want to have a vehicle paid for (yes a 6000lb gvw) and perks paid to me instead of the biz proceeds because they will be spent on operating costs like trips to trade shows etc. I have a PC repair biz.

2007-01-01 07:07:03 · 3 answers · asked by tallskinnybrunnettesrsxy 2 in United States

i have already called 1800-829-1040,1800-829-19540also i need the number to the irs offset to tell whether or not your taxes will be kept.there is a toll free number i just lost it and dont know how to get it back

2007-01-01 06:46:54 · 5 answers · asked by linda h 1 in United States