Taxes - March 2007

On December 2005, there was a 3 for 2 stock split of JetBlue airlines. I had 100 shares before the split and 150 after the split.
I need to calculate the Tax basis of this stock. How do I determine that ? Thanks for your answers !

2007-03-15 16:13:32 · 4 answers · asked by businessnd 1 in United States

are there any new law for married couplles I heard a while ago that they were going to give married folks more money or a tax cut, i am not sure what its called.

2007-03-15 16:06:45 · 4 answers · asked by WellaTeam 2 in United States

2007-03-15 15:46:54 · 1 answers · asked by sillymonkey 1 in United States

Hi everyone we own a pool service biz and made about less than 50k in profits and my new accountant without reviewing everything says that we might need to pay about 9K, I was shocked since i thought the first year we didn't have to pay much since we really didn't make much, we actually refinanced our home to start the biz and now the payments are so high that we are close to foreclosure,and now he gives us that bad news, i am so dissapointed and thinking if its worth having a small biz because this year has been so tough and if we did make aournd 50k we will have to pay so much back, is this how it usually goes?

2007-03-15 15:45:37 · 3 answers · asked by WellaTeam 2 in United States

i am co-owner of a s-corp where, my parnter and i are 50/50. we currently need to pay ourselves 12,000.00 per month. we have payroll set up at 4,000.00 per month with ADP each, but the other 8,000.00 is needed to be allocated as best it can without high tax consequences. we do expense about 3,000-4,000.00 as "expenses" and 333.33 goes to a roth, and about 1,000.00 goes to simple IRA, but what about the rest... what are your guys recommendations as to where to "pay" ourselves without actually being paid and taxed up to kazoo.

all ideas, would be helpful and some direction would be greatly appreciated.

2007-03-15 15:39:31 · 2 answers · asked by D S 1 in United States

Could someone please verify if my calculation of India income tax below is correct? If not, I would appreciate if the correct detailed calculation & explanation could be provided. Thanks!

April Income Tax Calculation (Male employee < 65 yo):

Basic Salary (Regular Income): 22,500
Overtime (Irregular Income): 1,500
Annual Regular Income (after projection) = 22,500*12 = 270,000
Annual Taxable Income = 270,000 + 1,500 = 271,500
Based on tax slab, Marginal Tax Rate: 30%

Income Tax Calculation on REGULAR INCOME:
Annual tax on regular income = 5,000 + 20,000 + (270,000 - 250,000)*30% = 31,000
Education cess = 31,000*2% = 620
Annual tax = 31,000 + 620 = 31,620
Income Tax in April for Regular Income = 31,620/12 = 2,635

Income Tax Calculation on IRREGULAR INCOME:
Tax on irregular income = 1,500*30% = 450
Education cess: 450*2% = 9
Income Tax in April for Irregular Income = 450 + 9 = 459

So, Income Tax in April that the employee has to pay = 2,635 + 459 = 3,094

2007-03-15 15:37:52 · 2 answers · asked by chan_tp79 1 in India

Married 12 years - husband is self employed. In 2000 I found out that he had not actually filed the taxes and after I threaten divorce he did file and pay (as far as I know) for 1995 - 1999. At that time I said I would never again file with him or have anything to do with him financially. No bank accts. credit cards etc. only our home is in both our names. He hasn't filed taxes in maybe 5 - 6 yrs as best I can tell. (I've been snooping while he's out of town) I printed out his financial statements and it appears that his income has been about $225,000 a year! I feel so stupid! I don't even have enough change for coffee or lunch money for my son! I confronted him and he said not to worry about the taxes and that his income is gross not net. I'm scared to death! I filled out legal separation papers and will file but I can't figure out a way to physically leave him. Am I going to spend the rest of my life paying for his taxes. Can they seize thing from the me and the kids?

2007-03-15 15:30:35 · 10 answers · asked by Annabelle W 1 in Other - Taxes

I've been hearing more and more about this and it kinda makes me ask..is there one?..You work for those dollars no, why pay TAXES for that..just asking.

2007-03-15 15:29:32 · 8 answers · asked by florincostacheusa 1 in United States

2007-03-15 15:27:15 · 3 answers · asked by Shana L 1 in United States

My fiances mom sent him one to sign but it has her name and info, why does she need his signature. We can't ask her because she's a little shady. Also 2005 & 2006 someone else claimed him on their taxes and he had trouble getting his return. Could this be related?

2007-03-15 13:58:34 · 7 answers · asked by texas mom 5 in United States

How do I obtain an instruction book and the forms to file for contract labor plus W-2's?

2007-03-15 13:12:15 · 4 answers · asked by mly101 1 in United States

I am about to purchase a smallholding in Wales. It consists of the main farmhouse with an attached but totally independent annex. Total asking price is £365k. To reduce Stamp Duty would it be viable to split the purchase price i.e £150k for the annex and
£215k for the farmhouse. Would this arrangement be legal from a tax point of view ; and/or incur substantial legal/ land registry difficulties. The vendor is willing to negotiate if within the law.

2007-03-15 12:58:59 · 4 answers · asked by littletoe 1 in United Kingdom

I did it on turbotaxonline, but I ran out of ink.

2007-03-15 12:47:45 · 9 answers · asked by juju 3 in United States

gas
house three bedroom like in major cities
a henkein beer
what is cheap there rather than other world
a coke cane
what about medical is free there or what
car insurence per month
rent a bedroom or basement
what is minimum wages in australia

2007-03-15 12:29:00 · 3 answers · asked by World Cup Cricket 2007 2 in Australia

The people I am going to babysit for want to claim what they pay me. Do I need to fill something out, or some kind of paperwork?

2007-03-15 12:27:19 · 3 answers · asked by Anonymous in United States

My boyfriend received a settlement after he sued a company he worked for. The reason he sued was because they didn't pay him for nearly 3 months after he worked for them (he is an independant contractor). Is this money taxable by the IRS?

He called the Labor Board and they said no. Our tax prep guy says yes. Who's right?

2007-03-15 12:16:14 · 2 answers · asked by tomato 3 in United States

2007-03-15 12:07:42 · 2 answers · asked by Anonymous in Other - Taxes

Can i open 401K with my employer now before April 17, 2007 and contribute to 2006 tax year and get tax deductions?

2007-03-15 11:46:42 · 3 answers · asked by Senthil 1 in United States

in the "other income" section, I have other income that quaifies as being tax exempt. Do i enter that amount anyway, or leave it out b/c its exempt?

2007-03-15 11:29:00 · 3 answers · asked by jezabella 3 in United States

We went to the largest tax resolution center in America for help.
It seems they are getting kickbacks etc. from the IRS because
all they seem to offer is Offers in Compromise. We would
like to have total debt elimination because we have proof
positive that we should deserve some relief and even a refund.
Anyone out there have problems with problem resolvers?

2007-03-15 11:11:49 · 2 answers · asked by Janell B 1 in United States

2007-03-15 10:53:39 · 5 answers · asked by GreenGrasshopper 2 in Other - Taxes

looking for irs forms

2007-03-15 10:51:34 · 4 answers · asked by raquel_pr@sbcglobal.net Gynealog 1 in United States

I think she can still use him as a exemption and claim married filing joint even though hes in jail and has no income. I can't find anywhere it says she can't use him as an exemption, even on the IRS site.. Any one familiar with this type situation?

Thank You

2007-03-15 10:40:58 · 5 answers · asked by tomlh2463 1 in United States

In order for me to qualify for this I need to meet this requirement::

"The mortgage or home equity loan must be secured by your home. This means that you specified your home as collateral for the loan."

I wasn't aware that there was anything else I could "specify" as collateral for my loan. If I don't pay my mortgage, the bank gets the house. It's that simple.
So, can I go ahead and take this deduction?

2007-03-15 10:14:33 · 6 answers · asked by Anonymous in United States

2007-03-15 10:14:31 · 7 answers · asked by Tina D 1 in United States

2007-03-15 10:05:44 · 5 answers · asked by Everyone 2 in United States

2007-03-15 10:05:28 · 4 answers · asked by ucoaroonz 1 in United States

who is a trusted company to do my taxes online? that also does a rapid refund !

2007-03-15 10:02:08 · 5 answers · asked by Anonymous in Canada

When taking deductions, I have to enter the name of my mortgage lender. My mortgage payments have switched around to different loan servicers over the span of my home ownership. For instance, right now and for the past year and a half, I have been making my payments to Home Eq Servicing. The Loan was issued by Wells Fargo, when teh house was bought origionally. So do I enter my current recipient, or the origional Wells Fargo?

2007-03-15 09:57:43 · 7 answers · asked by Anonymous in United States

i placed my stock option form in 2006 tax file by accident and did open the letter until i start preparing last year tax filing. I called the company but got the run around.

2007-03-15 09:53:37 · 2 answers · asked by Anonymous in United States