Taxes - February 2007

If some one is hired as Consultant or Retainer after retirement(reaching age of 60 years) in India, some companies offer lump sum compensation and deduct TDS at 5.2% and ask one to pay Service tax at 14.5% which may be reimbursed by the company. My questions are-
1. What is one's liability towards Income Tax?
2. Is Service tax paid deductible from one's income or tax due?
3. In case Service tax paid by individual is reimbursed by company, is this amount to be considered in total income ?
4. What other expenses are allowed deductable from income for Income tax e.g. Depreciation on car, interest on car loan etc.
5. How often one has to pay service tax in a year and filing of return?
6. What are the advantages to a company to hire as consultant as well as to individual?
Thanks
VK.

2007-02-21 19:04:14 · 4 answers · asked by Anonymous in India

2007-02-21 17:43:54 · 1 answers · asked by Anonymous in United States

2007-02-21 17:12:13 · 11 answers · asked by Anonymous in United States

2007-02-21 16:20:37 · 7 answers · asked by Letty 2 in United States

my wife has a filing date the 5 of march ,, i just made the taxes
seperately they came up back that i was getting $50 back,
they guy says its cause we still married , those this make sense..
anyone out there who knows a probable cause ,, he made them in turbotax by the way..

2007-02-21 16:07:49 · 5 answers · asked by M. W 1 in United States

2007-02-21 16:01:55 · 11 answers · asked by savagechia 1 in United States

2007-02-21 15:49:01 · 4 answers · asked by angela j 1 in United States

my hubby needs his last w2 he worked through a temp agency and they never mailed him his w2. IS THERE ANY WAY TO VIEW IT ONLINE?

please help!!!!!!!!!!!!!

2007-02-21 15:25:52 · 6 answers · asked by Anonymous in United States

2007-02-21 14:34:33 · 5 answers · asked by Monica 3 in United States

bought house 374k 11 years ago
own 950k presently, made lot of improvements.

sell it for 1,200,000.00

what is my tax liability issues or gains i can claim????

2007-02-21 14:32:00 · 2 answers · asked by systeck10980 1 in United States

I'm trying to figure out how I paid $867.24 to socical security tax W/H out of $13,987.76 Socical security wages, when my total wages for the year, as stated on my W2, was listed as $12,427.76 with federal income tax W/H of only $302.00. Also, the W2 from my other job (which was held for part of the year) is showing the same scenario. How can my W2 list my SS wages as higher then my total wages?

2007-02-21 13:38:50 · 6 answers · asked by jpuff_pchu 1 in United States

2007-02-21 13:11:18 · 1 answers · asked by JOHN S 1 in Other - Taxes

Does anyone know where to start on how to find out about property taxes and what would be cheaper to do deck vs. pavement? I'm sure it is different in different states and counties, but I don't know where to start. I live in Ohio.

2007-02-21 13:09:02 · 2 answers · asked by Niki M 1 in United States

1. SENT IN TAXES ON FEB 5TH.
2. PAPER FORM
3. OPTING DIRECT DEPOSIT

2007-02-21 13:03:54 · 5 answers · asked by Kevin 1 in United States

I am just wanting to know, we have three kids and are getting back 5100.. yeppie.. anyways just wanting to see what other people have or pay in

2007-02-21 12:47:54 · 5 answers · asked by crystal s 2 in United States

2007-02-21 12:45:25 · 9 answers · asked by Brenda M 1 in United States

The IRS wants me to provide more informtion regarding own daughter, they said my refund is being reviewed. No one else can claim my daughter..she stays with me, I am the only person in her life..what do they need from me? Has anyone had this happen to him before?

2007-02-21 12:24:25 · 7 answers · asked by Know what I mean? 1 in United States

2007-02-21 11:33:26 · 10 answers · asked by e-kiss 2 in United States

I have $3500 coming to me in 8-15 days via direct deposit to my bank account. However, I need $3100 within the next day or so. Is there anyone that does this?

2007-02-21 11:33:14 · 6 answers · asked by Matt B 1 in United States

My parents are 63 and 64 and both are disabled and receive benefits. I provide for their living expenses. If I declare them as dependents on my taxes will this then affect there benefits and will I become liable for their additional medical expenses or past debts?

2007-02-21 11:32:07 · 3 answers · asked by S H 1 in United States

2007-02-21 11:10:23 · 4 answers · asked by crystle200 1 in United States

IF I CLAIM $100 IN LOTTERY LOSS WILL I BE GIVEN A FULL $100 REFUND AT THE END OF THE YEAR WHEN I DO MY TAXES?

2007-02-21 11:03:25 · 6 answers · asked by jahel318 1 in United States

give the following information ,determine the maximum credit limit available on home equity loan.
market value of home $120,000
maximum% of value 75%
balance due on existing morgage 55,000

2007-02-21 10:54:45 · 4 answers · asked by Anonymous in United States

In 2006 i received $2000 money back from the fed for 2005.now in 2007 i am doing my taxes for 2006 do i have to claim the money i got back in 2006 for 2005 as income for 2007???

2007-02-21 10:52:36 · 7 answers · asked by SILVINO R 1 in United States

I'm doing my taxes and wondering if I qualify for the Telephone Tax Refund. I've had a cell phone with Cingular since 2002. I'm not sure if I was paying "Long distance" tax, but I would make the assumption I was.

Has anyone run into this? Can I call Cingular and ask them to verify it?

2007-02-21 10:31:17 · 5 answers · asked by Anonymous in United States

I checked the status on irs.gov and it says it is scheduled to be mailed on on March 2nd.. my question is.. is that exactly when they will send it out or just an estimate? Do they sometimes send it out earlier or even later? And when they send it out, how long does it usually take in the mail? Thank u in advance!

2007-02-21 10:22:02 · 6 answers · asked by ? 4 in United States

I did my return on H&R blocks software. All was fine until i went to do my state return and it inputs everything i used on my federal for the state. It showed my state being an ungodly amount ($7800). I quickly retraced my steps and found the problem. The problem was when i put in my different city locations ( construction worker) it added the state tax each time but it was for all the same state. Apparently the tax software didn't catch it and i caught it too late. So now i have 1030 dollars too much in my account. What do i do?? thanks

2007-02-21 10:07:35 · 5 answers · asked by Marques S 1 in United States

I'm thinking about e-filing with H&R block but I want to know the timeframe before I do it.

2007-02-21 10:04:32 · 3 answers · asked by Anonymous in United States

2007-02-21 09:56:42 · 8 answers · asked by FrancoDog 1 in United Kingdom

Today I got my first pay check from the church I work for. They took out no taxes what-so-ever.
At one place on the check stub I am listed as a "volunteer custotian" in another place I'm listed as "vendor".
Should I be leary of this pay arrangement?

2007-02-21 09:31:29 · 2 answers · asked by diuadkha h 1 in United States