Taxes - April 2007

this is a stupid question, but what exactly are taxes?

2007-04-12 11:51:40 · 3 answers · asked by :) 4 in Other - Taxes

If so, how much revenue would be generated?

2007-04-12 11:47:08 · 12 answers · asked by Anonymous in United States

2007-04-12 11:40:50 · 6 answers · asked by the kid 2 in United States

If I were to work for a tutoring company that pays hourly on a contracted bases and they don't take any taxes out of the paycheck, how would that work on your taxes come tax time? It sounds great, however I don't want to get "screwed" at tax time and have to pay a boatload in taxes on that income. Just trying to figure out if it is worth it to work on this basis....thanks for all the help!!

2007-04-12 11:19:56 · 4 answers · asked by Meg B 1 in United States

I've been filling out the tax forms, and I worked as an independent contractor last year AND had a different job using a W2. I've figured out the taxes for the W2 job, and I think I've completed the taxes for the independent contractor job (using 1099-MISC and Schedule C). I'm just wondering it there are any deductions that can be applied to the self-employment tax. I've already made my deductions on business related expenses (car expenses, supplies, unpaid debt owed to me), but I was wondering if there's anything else. I am eligible for the Lifetime Learning Credit, but from what I understand, that's only deductible for the W-2 job.

Is there a way to claim dependents or exemptions from self-employment tax? I have two exemptions. If not, why is it that self-employment tax doesn't use exemptions?

I know it's a lot of questions...just trying to figure things out. Thanks!

2007-04-12 11:03:49 · 3 answers · asked by annabanana4883 3 in United States

Our Tax system has needed a major overhaul for years. I have been a strong supporter of the national sales tax. With a national sales tax everyone pays their fair share. If you spend, you pay, if you don't, you save. This eliminates paper work required to be filed by individuals for federal taxes and would probably reduce the size of the IRS. I don't believe the IRS can be completely eliminated because some agency has to be in charge of the collection of these taxes.

At a 10% national tax rate, $100,000,000,000 .00 of spending would produce $10,000,000,000.00 in tax revenue.

What does that mean for the consumer? Let's see. A night out for dinner and a movie would cost around $100.00. Most local tax rates are around 6.5 to 8.5% , so lets use 7.5% as the average. With the national sales tax, a $100.00 night out would become $117.50, but keep in mind that the 15% income tax would now be going home with you. Therefore on $100.00 of income you would pay $15.00 in income tax plus $7.50 sales tax when you spend that $100.00 for a total out of pocket of $122.50 as opposed to the $117.50 you would pay with a national sales tax. A savings $5.00.

You do the math....

2007-04-12 11:03:41 · 7 answers · asked by T-Gar 1 in Other - Taxes

Our income increased this year due to increase commision. I would have thought acct. would have seen this coming but now he says we owe 15,0000 + federal tax. We did the proper withholding etc. What could my husband have done differently to avoid this. Is it our own stupidity or acct. error or just fact of life. The accountant says it's this AMT tax. Seems to me it would be better to just earn less or atleast my husband needs to plan better cause we have not got 15,000. And he wants to use my inheritance to pay it till he gets paid again next year. Am I being ripped off and by who. Help please...

2007-04-12 11:03:33 · 5 answers · asked by lyda 1 in United States

Hi,
have completed the 1040EZ, but I do not know which other form I need to complete. I am preparing this form my brother. Please let me know.

2007-04-12 10:00:28 · 4 answers · asked by alicia 1 in United States

My husband has tax lien judgement 5 yrs ago and he hasn't paid it off yet. We've filed income tax return for the past 3 yrs and the IRS never sieze the tax refund money. How can I find out if the lien still exist? and how can I settle it with the IRS?

2007-04-12 09:59:00 · 5 answers · asked by poohbearprince 2 in United States

Please keep in mind, filing for 2003 NOT for last year. What is the postmark date for this and still be eligble for refund?

2007-04-12 09:53:33 · 1 answers · asked by ? 6 in United States

If so, where can it be deducted, on which form/schedule?

2007-04-12 09:52:37 · 6 answers · asked by llb585 1 in United States

2007-04-12 09:47:01 · 3 answers · asked by Brian D 1 in United States

My mom has been saying there is a flat $10,000 tax applied to those who make $100K or above. The tax is for mental health. I can't find any corroboration of that online. I found a 1% tax on incomes over 1 million for mental health. Can anyone well versed in tax law clarify this for me? Thanks.

2007-04-12 09:36:32 · 4 answers · asked by Kari 4 in United States

Fans of flat tax think that tax revenues can rise even when flat tax is lower than recent income tax rates. How could this happen and why?

2007-04-12 09:34:22 · 6 answers · asked by mj58 2 in United States

2007-04-12 09:30:32 · 11 answers · asked by Alan G 1 in Other - Taxes

2007-04-12 09:24:39 · 13 answers · asked by Anonymous in Other - Taxes

2007-04-12 09:11:42 · 4 answers · asked by ? 6 in United States

Why is it not so obvious that if the governement needs money the wealthiest should pay up. Is in't it fair to say that the wealthiest live a more "American Dream" than anybody. If money is needed how much can you get from a poorer man making 10-50 k year salary than some one making a ridiculus couple million.. What do they need it for? honestly. How poor can you get has a limit...... 0 how rich can you get is infinite.

2007-04-12 08:57:13 · 20 answers · asked by mickjill 1 in Other - Taxes

Do they have to pay the full amount or are there any breaks that they come under?

2007-04-12 08:56:28 · 3 answers · asked by Anonymous in United Kingdom

What address?

2007-04-12 08:55:44 · 4 answers · asked by Jocelyn B 1 in United States

2007-04-12 08:47:20 · 6 answers · asked by BEATRICE H 1 in Other - Taxes

I MADE GOOD MONEY LAST YEAR BUT WITH RENT, CAR PAYMENTS, CHILD CARE AND RAISING 3 KIDS I BARELY SURVIVED LAST YEAR NOW MY TAX GUY IS SAYING I OWE $9,000 TO IRS HOW IS THAT POSSIBLE????????

2007-04-12 08:45:12 · 10 answers · asked by 1099 nightmare 1 in United States

My husband - a U.S. citizen, recently sold his portion of property in Greece that his father gave him over 25 years ago. Does he have to pay capital gains tax on the income from the sale of the property?
My head is spinning trying to read through all the tax laws!

2007-04-12 08:43:27 · 5 answers · asked by DetailSpaz 3 in United States

2007-04-12 08:42:15 · 14 answers · asked by BEATRICE H 1 in Other - Taxes

2007-04-12 08:40:36 · 2 answers · asked by Jan N 1 in United States

can you claim the money you have paid into the escrow account , or just wait till next year to itemize property tax.

2007-04-12 08:37:41 · 4 answers · asked by Anonymous in United States

I would normally attach the detail with a paper return and I don't want to enter everything in the return.

2007-04-12 08:31:10 · 3 answers · asked by jrtcpa@sbcglobal.net 2 in United States

There is no law that states that Americans are required to by law to pay taxes for their wages, but why do we pay them? To my understanding the income generated from paying taxes on our wages go to a private bank (The Federal Reserve Bank) that the U.S. government is in dept with.

2007-04-12 08:24:44 · 9 answers · asked by Proud Momma of 4mth old Boy 3 in United States

This is someone else's quote but I personally feel the same way...What are your thoughts?


"The Government is a service. I would prefer an Invoice, with an explanation of the services rendered. Just like I get from my electric company or any other vendor.

And I would also like the ability to switch to a competitor if they were more effective and efficient.

People vote more responsibly when their own pocket-book is involved."

2007-04-12 08:23:37 · 8 answers · asked by babebear 2 in Other - Taxes

I am self employed and work as an internet affiliate marketer. One of the companies I get paid by is based in Canada. Last year I made $8k promoting them. I have been told that they won't/can't send me a W-2 form because they aren't based in the US. What do I do? I have the check stubs that they sent me along with there monthly checks. Do I use those to file taxes?

2007-04-12 08:21:05 · 11 answers · asked by mrwee 2 in Other - Taxes