Taxes - May 2007

I'm married filing joint, my wife raises our two kids and does not work. make 85k a year. I max out my 401k -15.5k, six months into the year. I think I remember mt accountant saying I can contribute 4k to a roth and recieve a credit for my wife, but I'm wondering if I can contribute as much as 15.5k to a retirement for my wife. I might not be able to afford to but it gives me something to shoot for. It seems like I should be able too. I mean If we broke my 1 salary over two jobs we could totally do it so it seems only right since we are married filing joint. Any info is appreciated. Thanks.

2007-05-04 15:44:28 · 3 answers · asked by Anonymous in United States

I'm talking specifics! Sales tax, income tax, property tax, state tax, etc. Please provide the link. I will definitely reward best answer to the person who does this.

2007-05-04 15:42:50 · 2 answers · asked by Chelsea G 2 in United States

The individual does not own a business either So , the 1099 is not from a personal business.

2007-05-04 14:50:21 · 4 answers · asked by Sinfully_Wet 1 in United States

My company (located in NY) is now making us keep track of any days that we work outside of New York State. If, for example, I go to a 1 day business meeting in Massachusetts they deduction Massachusetts income tax from my wages for one day. If I want to get that money back at the end of the year, I have to file a tax return with Massachusetts. They are doing this for all business travel to all states.

2007-05-04 12:23:23 · 3 answers · asked by Angie 6 in Other - Taxes

2007-05-04 12:05:40 · 4 answers · asked by G R 1 in United States

I'm looking to understand the total yearly income from a W-2. Is for example the Soc Sec wages (#3) the exact indicator?

2007-05-04 11:33:17 · 5 answers · asked by Shauno 2 in United States

2007-05-04 11:30:04 · 3 answers · asked by Kenny D 1 in United States

I'm interested to learn how to use the so-called "529" plan to save taxes to pay for my own education or my kids' education? I've absolutely no idea what is this about, until I read your article that mentioned this possibility. Any info provided would be greatly appreciated. Thanks.

2007-05-04 10:21:01 · 5 answers · asked by dynaxty 1 in United States

I am not working, as I am back in school and my only income is help from my parents. I am too old to be a dependent. I am not sure how to report that income, since the only place I see to report it on the return asks for an employer ID -- but reporting no income seems wrong, so.... ?

2007-05-04 10:16:31 · 8 answers · asked by Anonymous in United States

2007-05-04 10:01:35 · 7 answers · asked by tony r 1 in United States

2007-05-04 09:55:52 · 6 answers · asked by just a girl 2 in United States

At what point would a self-employed individual be able to start paying a lower rate of SE tax?

2007-05-04 09:35:19 · 3 answers · asked by Koji Kabuto 2 in United States

2007-05-04 09:30:12 · 5 answers · asked by Choppygutz 2 in United States

My husband & I file separately. He owes back taxes, I don't. Can IRS take our home if the house is in both our names?The house ain't much, but it's paid for. How can they take half a house?

2007-05-04 08:57:21 · 4 answers · asked by D J 4 in United States

I understand the implications with the wash-sale rule with stock and option's trading, but it is interesting to see how it works with debit spreads, where for example you buy one 50 December call of XXX and in the same time sell one 55 December call of XXX.

2007-05-04 08:03:59 · 5 answers · asked by malivo 1 in United States

First off,I don't believe or support the war in Iraq (never did, never will), and now my state legislature is looking at using some taxpayer money ($2 million in a state with population under 1 million) to fund what has previously been a private crusade. The "Not Even Once" line of shock-and-scare tactics to keep kids off drugs adverts have previously been funded by a private entity, and now we're being FORCED to provide monies for it--again, a policy I don't believe in (scare tactics, from the research I've seen, don't work anyway).

So my question is this--are there legal ways I can voice my opposition to these policies by removing my unwilling funding of them?

2007-05-04 08:03:06 · 10 answers · asked by djjohnnychrome 2 in United States

I've been informed by the British America Tobacco lottery committee that I've been selected as a winner in the lucky dip conduted among thousands of mail id holders, for which I have not volunteered.Now they claim 850 US dollars from me towards the courier charges,insurance and VAT to receive my prize amount of 1,25,000 US dollars. Is this a genuine case?

2007-05-04 07:35:55 · 3 answers · asked by lakshmanasami 1 in United Kingdom

I'm starting a new job.. my first salary job. Benefits are included and paid for by employer. In trying to figure out my net pay, is it always around 25% that is taken out? I've heard as high as 28%... craziness, sheesh!
I'm not married, do not have children nor own a home. Any ideas of what the govt. may scoop out of my paycheck and if it is consistent in that percentage week to week?

2007-05-04 07:18:20 · 4 answers · asked by Mg 1 in United States

Selling an investment property on a short sales but am required to sign a promisary note for the difference, approx $50k, am I amble to claim as a deduction on my federal taxes?

2007-05-04 07:17:14 · 2 answers · asked by Larry 1 in United States

2007-05-04 07:01:18 · 9 answers · asked by Anonymous in United States

2007-05-04 07:00:02 · 3 answers · asked by Anonymous in United States

I am a US citizen, would i have to pay taxes? also, could i do illegal things like drink before i'm 2,1 do drugs, and rip the tag off of my mattress?

2007-05-04 06:38:43 · 4 answers · asked by Anonymous in United States

I am getting married in July and my fiance has not filed his income tax in the last 3 years. If he files before we get married and owes money (and he will owe) does that make me in any way responsible for repaying any monies owed? I know there is no way he will be able to pay any money owed before the wedding. I just don't want the irs to garnish my wages or take money out of my bank account. After we are married, Does that make me responsible for the past 3 years? Does that make me responsible for any years in the future that he does not file????

2007-05-04 06:13:17 · 9 answers · asked by rhonda_kirwan 1 in United States

2007-05-04 05:51:12 · 5 answers · asked by Katie M 1 in United States

2007-05-04 04:46:10 · 5 answers · asked by systeck10980 1 in United States

We are a single-income family and we're about to have our first baby. How many exemptions should we claim on my husband's taxes? 3? Also, what difference does it make? My understanding is that they will withhold less money each month, but will we then owe money at the end of the year? Or will the extra deduction from having a baby kind of even it out?

Any insight is greatly appreciated!!

2007-05-04 03:51:06 · 5 answers · asked by Anonymous in United States

If you somehow managed to buy a lot of properties, one in each US state and one on each continent outside North America (excluding Antarctica), therefore owning 55 properties, and counted all but one as vacation property, would it be worth it? Notes: each spring/summer, you would spend 5 months traveling from US house to US house, all situated near your favorite spot(s) to visit in that state, each stocked with basic necessities like clothes and staple food, and this allows you to always "sleep in your own bed," not renting hotel/motel rooms. Then you would spend one month each year in a house on each of the other 5 continents, mostly making day trips from that location to see sites. But, for the last two months, you would live in one of the US houses. You would keep the houses for 5 years and experience the world in this way. So, would the money saved in fees normally paid by travellers who did not own so many homes make the cost of taxes worth it?

2007-05-04 02:59:14 · 4 answers · asked by Anonymous in Other - Taxes

Let's say you became an amateur property investor... and then managed to buy ten separate properties (through whatever means, don't worry about the costs of loans or whatever-- the point is that you purchased the ten properties) and got them for a somewhat reduced cost so you immediately put them up for sale for a higher price and sold them within, let's say, 3 months, maybe less. Does the amount of property tax depend on how long you own the property or the fact that you own it at all? In other words, you only owned the properties a fairly short time and they were up for sale all or pretty much all of that time, so do you have to pay property tax or is it only if you own the property for a larger part of a year or the whole year?

2007-05-04 02:48:29 · 7 answers · asked by Anonymous in United States

I have worked at my current job for seven years and we get payed vaction but my employer says i took off six months which i didnt and said i need check stubs from that year to prove it which i dont have is there anyway i can get some information from 2001 like SSA or IRS

2007-05-04 02:25:28 · 3 answers · asked by wetebony@sbcglobal.net 1 in United States

We live outside the US and far away from the embassy and they will issue one only after I get him a passport and if I bring the baby and husband with me, which is difficult. Can I put ss# n/a? Or not mention the child at all, or would that be illegal?

2007-05-04 02:19:20 · 2 answers · asked by Anonymous in United States