Taxes - February 2007

Hi,
I have resigned my job today. In the my offer letter the following sentense is written:

"In addition to your monthly salary, you will receive a one-time hiring bonus in the amount of $5,000.00, less all applicable taxes, which is repayable in full should you voluntarily leave the company within one year of your hire date".

I joined the company on Mar 6th 2006. So my one year will be completed on Mar 5th 2007. But i given 2 weeks notice today which lead to 16th Feb as my last date.

Now my HR says that i have to repay my bonus, no exceptions !!

Now how much i have to repay. Is it $5000 or $2800 i got after tax ? What does full mean here ?

Giving back $5000 is weird. I can give back what ever i got in my hand.

If at all i give $5000 will i get $2200 from IRS back?

Please help.
Thanks

2007-02-05 14:53:34 · 2 answers · asked by NeedInfo 1 in United States

Suppose a person staying in India till 5th August 2006, leaves India on th 6th of August 2006 and is out of India untill 31st March 2007 (FIRST TIME ABROAD), will he be considered as Non- resident Indian for the income tax calculation purpose? The income that the individual has accured outside India, will it be taxable or non -taxable? The income in the form of Salary will be accured by the individual, is from the project fund that has been funded by international organisation for humanitarian purpose?

2007-02-05 14:43:33 · 3 answers · asked by Digvijay 1 in India

I am self-employed and pay for my medical insurance. For 2005 I was able to reach the 7.5% needed to deduct medical expenses. For 2006, I had crappy insurance where I had to pay everything upfront and they would reimburse me 80% (drugs, procedures, visits, etc . . . ) I would count the 20% that I still had to pay towards my medical deduction but never the 80% I got paid back. I have since switched to an HMO (which is kinda crappy in itself) but at least I don't have to pre-pay.

My dilemma is I have two large medical expenses that I prepaid but have not been reimbursed the 80% by my ex-insurance. I am in dispute over them trying to get them reimbursed with no such luck. Should I just deduct the full amounts because I paid the bills in 06 and their future reimbursement is uncertain? Will it matter if I eventually do get reimbursed in 2007?

2007-02-05 14:40:06 · 3 answers · asked by Emma S 2 in United States

I need to know if there is an amendment to this years tax form so I can claim the interest and tax's I paid in 2005. I only made 5 payments that year and could'nt itemize.

2007-02-05 14:38:43 · 4 answers · asked by dhaas517@sbcglobal.net 1 in United States

2007-02-05 14:35:11 · 1 answers · asked by gigi 1 in Other - Taxes

The reason I'm asking is because I heard of a place that you can go to, and from your information they can find out if the IRS actually owes you money, from old W-2 that you never filed for some reason or you just didn't know. I would like to know if anyone can help me because I just started filing taxes and I wasn't aware you can put the house too. So I'm trying to see if I can Recover that lost money.

2007-02-05 14:32:20 · 2 answers · asked by Rose 1 in United States

2007-02-05 14:17:20 · 4 answers · asked by the_earls_80 1 in United States

I filled my return with TurboTax & it says that my federal taxes have been rejected because my birthdate is wrong with the social security administration! Is there any way that TurboTax itself is wrong? I've had the same Social Security card forever and I'm pretty sure I know my own birthday.

There doesn't seem to be a way around all this with the TurboTax other then to "correct" the error, which just means changing my birth date to something false.

Please Help!!! What do I do?

2007-02-05 14:12:43 · 3 answers · asked by Khall 2 in United States

I filed my taxes with my wife but we didn't realized that she worked last year. Now we have her W-2 but I have already filed and recieved my refund. Can I file it still for this year or do I have to wait til next year to do it?

2007-02-05 14:10:44 · 7 answers · asked by lpn1yr 1 in United States

for a car costing around 30-40g..how much would taxes amount to if you won one for free?

i heard during the 'oprah give away' many people decided to sell the cars because of the large tax costs

2007-02-05 14:08:01 · 4 answers · asked by Julio 4 in Other - Taxes

My 2 year old daughter has lived with me for 8mnths now (we used to live with my dad) I want to claim her I am self employed i babysit can i claim her? my dad is trying to claim her but he has not done taxes yet so i am trying to beat him to it !

2007-02-05 14:07:52 · 5 answers · asked by s v 1 in United States

2007-02-05 13:52:40 · 4 answers · asked by Anonymous in United States

I work for a small family owned bussiness and my employer has not ever taken taxes out of my checks. She told me in the begging that she would start to take taxes out after 3 months of working there but she never got around to it. I just assumed that I was being payed "under the table". Now she is telling me that she is claiming me and giving me a W9 form to fill out. She told me that I don't have to file and the IRS won't come after we because I'm a "small fish". My question is doesn't she have to pay into my social security fund??? And isn't a W9 suppossed to be filled out at the start of your employment so that the worker knows to set taxes aside. I know that it is against the law not to claim that I worked but it is going to screw me. So no answers saying that it is illegal. I just want to know what my boss is doing wrong so that I can convince her to not claim me. I don't have the money to pay the taxes I didn't think that I had to pay.

2007-02-05 13:47:00 · 5 answers · asked by George 1 in United States

What do you think about tax?Do you feel like you need to pay more tax? What do you think needs more tax money on? Notice:this is a survey. VERY important! Thanks!

2007-02-05 13:45:09 · 3 answers · asked by Anonymous in United States

I need to file federal and state taxes for Ohio and New York. I'm taking the standard deduction, so should I even bother with software at all?

2007-02-05 13:34:26 · 2 answers · asked by Anonymous in United States

2007-02-05 13:33:55 · 6 answers · asked by jesuisjean13 2 in United States

My W-2 tax return shows single under federal and married under State.I went to personnel dept of my working place to correct them , cos last year i file married filling jointly.They said they can only correct it for the year 2007, and not 2006.What can I do if i want to correct it for year 2006( so that I can change the single to married filing jointly , husband working , wife not working)

2007-02-05 13:31:05 · 4 answers · asked by yankieby 1 in United States

My boyfriend is 28 years old and full-time student, and have no income. We lived together entire 2006 and I supported him for 100%. I know I can claim him as a dependent, but I'm not sure about filing status, single or head of household?
According to Publication 17, one of Head of Household requirements is "a qualifying peron lived with you in the home for more than half year. Is he my qualifying person? Please help.

2007-02-05 13:18:40 · 2 answers · asked by wadadligirl 1 in United States

I called my former employer to ask about my W2 and to make sure that they had the correct address to send it to. The person I spoke to told me that the company was withholding my W2 because I owe $40 for a uniform. I returned all of the uniforms and everything else I had about a year ago! She then proceeded to tell me that it would actually be $20 and not $40.
Either way, is this even legal? It's been almost a year since I returned everything and left the company and never heard anything about any missing uniforms! What can I do?
Thanks, zO.

2007-02-05 13:15:43 · 9 answers · asked by zO. 1 in United States

I've done my own taxes for the past couple of years, but I really don't feel up to it this time around. Do they add up your work related and charitable receipts at H&R Block or will they just look at me like I'm crazy?

2007-02-05 13:07:09 · 3 answers · asked by wrtrchk 5 in United States

I need to know the percentage of people who file tax returns in all of canada

Any idea?

2007-02-05 12:47:30 · 5 answers · asked by lhadley91 2 in Canada

2007-02-05 12:46:13 · 5 answers · asked by Anonymous in United States

My son is 19 and a fulltime student. He made a little money last year. When he received his w2, I said I would take care of it. I had selected single for him on his return, Well what I did is that I put him as the taxpayer, when it should have been myself, because when I went to file mine it was rejected, because I had my son as the taxpayer on his return, so now I have to file an amended 1040 x return. I am just not sure how to fill it out correctly Any help would be so appreciated at this point. Thank you.

2007-02-05 12:38:44 · 3 answers · asked by ladyfromri 2 in United States

2007-02-05 12:32:14 · 2 answers · asked by Shari D 1 in United States

Turbo tax has no customer service numbers. Its a good service but i can't figure out how to add my house on the taxes.

2007-02-05 12:24:19 · 6 answers · asked by Anonymous in United States

Hi, I have a question regarding tax rate. I am a Canadian and trying to buy U.S stocks. If I gain money from stocks, I have to pay tax depending on how much profit I made? I am wondering what percentage has to go to the tax. I am going to use Questrade and I am a college student.

2007-02-05 12:22:55 · 3 answers · asked by hwoarang_rk 1 in Other - Taxes

2007-02-05 12:22:33 · 3 answers · asked by lexy 2 in United States

2007-02-05 12:21:00 · 3 answers · asked by trace27 1 in United States

do you think Osam Binladen is still alive? Or is he dead?

2007-02-05 12:17:49 · 7 answers · asked by ashley_tisdale2006 2 in United States

I tried H&R Block but they want about $45 to do both federal and state, I was wondering if there is a better deal out there. Thanks!

2007-02-05 12:13:48 · 5 answers · asked by ♥♫♥ Crystal ♥♫♥ 4 in United States