Taxes - April 2007

I'm currently a college student. I'm going to be working part-time--20 hours a week--for $7.76/hour and I'm going to be claimed as a dependent under my mom. I've already handed in my W-4 and put exempt on it, so should I just leave it or change it?

Oh yeah, if I should change it, what should I change it to and how do I go about changing it.

Thanks

I'm guessing that I'm going to be working twenty hours a week for the remainder of the year since I will be here for Summer as well.

One more question: When they say I have to file a tax return if I make over $5,150 earned income, does that mean if i make more than $5,150 starting from January 1st until December 31st of the same year? For example, if I work 20 hours every week from now until December 31, 2007, I stand to make about $4,966, which means I do not have to file a tax return, right?

2007-04-19 15:33:56 · 2 answers · asked by blah b 2 in United States

at my job, every hour on the books you get $1 in tips taken out per hour. But I guess you get that all back when you do your taxes. Someone please explain how this works, do you have to fill anything out or do you just get it back? Do you need to keep the slips or is it already on record? Also when you are 18 but still a student and living with your parents what taxes do you get back and how?

2007-04-19 14:24:46 · 3 answers · asked by Anonymous in Other - Taxes

Like if you make under $8000.00 a year do you have to claim those taxes.

2007-04-19 14:24:05 · 5 answers · asked by lovely 1 in United States

I was waiting on a W2 that didn't come til today. I have finished my taxes, and I'm getting a refund. Will I have a penalty when I file them?

2007-04-19 14:01:02 · 5 answers · asked by Anonymous in United States

This is for a 2004 fed tax return? Can someone explain?

2007-04-19 13:59:25 · 3 answers · asked by Anonymous in United States

2007-04-19 13:41:40 · 4 answers · asked by ttommyfunkenstien 2 in United States

I am starting a new job and have to fill out a W-4. I am married. I want more money back on my checks rather than my tax refund. What do I claim? I have no children and will make about $25,000. Please help me

2007-04-19 12:19:22 · 1 answers · asked by gabbin_gabos 1 in United States

2007-04-19 12:15:43 · 2 answers · asked by Anonymous in United States

If I make around 20,000 a year,I'm a single Mom of two(just had another baby) how much of a refund woud I get when tax season comes again?

2007-04-19 11:56:24 · 4 answers · asked by AJ 1 in United States

The other week, I got a $452 refund check for my Federal Tax Return. With it was a printed card from the IRS called "Notice 54, rev. January 2000 -- About your Refund Check."

It said: "The amount of the enclosed refund check is different from the amount shown on your return. You should be receiving a notice in a few days that explains why the amount of the check is different and what additional information, if any, you may need to provide to the IRS."

There was more text, but the jist of it is above. The reason I'm so confused is because when my accountant gave me hard copies of my tax returns (after e-Filing them), the amount of my Federal refund was shown to be $452. And that's the SAME amount that I received the other week on my refund check. So why is the IRS telling me there's a discrepancy, when there actually ISN'T??

On top of that, it's been about 2 weeks, and I never got the explanatory notice I supposedly would be getting "in a few days". WHAT is going on?

2007-04-19 11:53:42 · 7 answers · asked by scary shari 5 in United States

I have an internet business located in TX. I ship to customers in and outside of TX. Am I supposed to charge taxes on the shipping costs? And if so, do I charge it to customers outside of TX, or just in-state customers?

2007-04-19 11:40:34 · 5 answers · asked by ladybug 4 in United States

My Employer is paying out "gross" amount bonuses to all employees and is telling us we are responsible to pay taxes on them for 2007 - They are issuing 1099-Misc for these bonuses and not reporting them on our W-2 - can They do this and should I pay estimated tax payments now to avoid penalties

2007-04-19 10:43:20 · 6 answers · asked by A Marie 1 in United States

Say if I'm making $35000 and I keep that money all to myself,I'm wondering if sales taxes are higher as a result as well.With that in mind,would I actually still have more purchasing power with the same salary as in say Colorado?

2007-04-19 09:00:19 · 5 answers · asked by Anonymous in United States

2007-04-19 08:51:45 · 6 answers · asked by willywonka1999 2 in Other - Taxes

2007-04-19 08:46:40 · 2 answers · asked by blackcheff 1 in United States

what is a tax lien and how does it work? what exactly can they do?

2007-04-19 08:45:38 · 7 answers · asked by pjmama3 2 in United States

Okay, here's some background on my situation. My husband and I have been seperated for well over 3years now. We haven't been able to get a divorce yet because of financial reasons. What I want to know is , Can my boyfriend claim me as a dependant on his W-4 form since by tax time next year we'll have been living togethter for over a year? And also, can he claim our baby that is due August 18 of this year?

2007-04-19 08:18:09 · 6 answers · asked by redneckprincess03 1 in United States

i placed a $170 wager online for a team to win the championship, and the payout is $25,000 if they win it all. it might be unlikely, but if i do win will the large deposit draw the attention of the irs? it's an offshore online sportsbook. if so, what are some suggestions to receive the funds without drawing attention? i know it's illegal to wager online, same as those who download mp3's..

2007-04-19 08:09:12 · 14 answers · asked by Anonymous in United States

2007-04-19 08:03:55 · 10 answers · asked by neonman46 1 in United States

Any

2007-04-19 07:55:21 · 3 answers · asked by deerman2701 1 in United States

How long does do you think it will take for them to cash my check? (I owe alot)

2007-04-19 07:32:53 · 6 answers · asked by Anonymous in United States

I played free lotto, and they said i won 1,000,000 in pounds. to calin i just had to fill out a attached form and re-send it to them, not really any personal info, just basic name, address, no SS# or anything such...so I took a chance, and there was no fee's string's anything required. Is this really legit, or fraud. I'm waiting for a response, I just sent it today..?

2007-04-19 07:01:51 · 5 answers · asked by Anonymous in United Kingdom

My wife is a hair stylist and recieved her 1099 MISC. as an independant contractor. I entered the info into turbo tax, and it sayed she owed 4,000.00, (without any deductions). She only made 19K. Is this accurate? and is the only way to lower what she owes to make deductions?
I make 44K a year and If I filed separtly I could get back 2k after deducting my house...hardly seems fair please help what can I do!

2007-04-19 06:52:48 · 9 answers · asked by ungerstew 1 in United States

I sent it to the Fresno, CA office.

2007-04-19 06:20:50 · 2 answers · asked by rainfingers 4 in United States

We are a very small corporation in Washington state trying to make heads or tails of our quarterly reporting...Learn as you go kind of thing. We aren't sure about the sales tax guidelines on refundable deposits, rental fees and shipping charges. Please let me know if you have any information that could help. Thank you!

2007-04-19 05:54:57 · 2 answers · asked by BMXRated 1 in United States

on what the deomcrats think

2007-04-19 05:48:23 · 4 answers · asked by kogas1chick 1 in United States

I received a IRS envelope yesterday. (Oh joy!)

And they are disputing my return for 2005.

In the letter, they say I "may" owe them $7,000.

Can someone out there tell me what steps to take to get out of this mess?

Is this basically an audit and can I negotiate some type of payment
schedule??

Should I represent myself or hire a good CPA/Tax Attorney?

Thanks in advance to all who can help me.

2007-04-19 05:21:31 · 11 answers · asked by crimsongraycoug 1 in United States

My wife and I made a 25,000 on a sale of Stock in 2006. We do not aniticipate another capital gain like this in 2007. Do we need to pay estimated taxes for 2007?

2007-04-19 05:15:23 · 7 answers · asked by srgummere 1 in United States

I had a few W2's from places I worked and when I filed the tax return I missed a W2. What should I do?

2007-04-19 05:03:16 · 7 answers · asked by optik_0v3rd0se 2 in Other - Taxes

Hurricane Floyd produced torrential downpours and flooding across New Jersey. Hardest hit was the Raritan River Basin in
the north-central part of the State, which received seven to eleven inches of rain in less than 24 hours. The main stem of the Raritan River at Bound Brook set a new peak of record on 9/17/99 at 42.13 feet.

Now the money to fix it is mine and yours, assuming you're not one of the one-third of Americans who pay ZERO taxes or actually have a NEGATIVE tax bill (meaning you get income back through various tax credits). The government has no money that isn't provided by we, the taxpayers. It is a limited pool of funds and is intended for legitimate governmental purposes. Using it to substitute for individual accountability and the common sense, everyday risk management we each should exercise regularly is not one of those legitimate governmental purposes. What's next? Should the government pay your deductible when you have a car accident?

2007-04-19 04:31:48 · 12 answers · asked by Anonymous in Other - Taxes