Taxes - June 2007

I'm fourteen, and this summer I'm working as a counselor at a local summer camp. This is my first time officially working. I'm a bit confused about the W-4 paper. It has to do with tax returns, I know that. But do I have to do anything differently because I am a minor? And can somebody please explain to me all of the math?

Thank you.

2007-06-17 07:14:36 · 2 answers · asked by rocker_grl705 2 in United States

I hear the fed puts interest on all the money it loans. Which is basically all the money in the entire country, therefore a perpetual debt that is impossible to pay off.
I hear ALL of our income tax goes straight to paying off the interest (debt) generated by the fed. I also hear our income tax gets divied up amongst certain programs. Can it be possible both are true at the same time?
If the government has to pay for programs, uses our income taxes for it....what pays back the interest levied on the money loaned out by the fed to begin with? They could just SAY it goes to certain programs, which it might, but the end result is that it ends up being the same amount that is going back to the fed to pay off the interest. Such as if in reality you owe Johnny (the fed) 1$, but you pay Uncle Sammy (IRS) 1$ so he can pay it to Johnny's interest for borrowing 2.85$ on something (all programs claimed to be paid directly by income tax) that's already been paid for through other taxes.

2007-06-17 07:02:33 · 2 answers · asked by Toomanygaps 2 in United States

through my work because I already have it privately with my family. Is this medicare thing some general thing everyone pays along with the state and social security taxes or what?

2007-06-17 06:02:59 · 6 answers · asked by Anonymous in United States

2007-06-17 02:59:24 · 13 answers · asked by rajasenthilnathan p 1 in United Kingdom

2007-06-17 02:51:51 · 1 answers · asked by RAchel B 1 in United Kingdom

I make somewhere between $10-12K a year working abroad, which is not taxed by the US government. I also have student loans back home.

Should I have filed a tax return last year? My mother's lawyer told her it wasn't necessary but now, for other reasons, I need to supply one, and I didn't file.

2007-06-17 02:09:46 · 4 answers · asked by nomadic 5 in United States

I always wondered about this. What do you think?

2007-06-17 01:59:50 · 12 answers · asked by Lunarsight 5 in United States

My husband has just started his new business and I am confused about the two different taxes we have to report. What is the difference between sales and use taxes?

2007-06-17 01:15:35 · 5 answers · asked by Faith 1 in Other - Taxes

if i'm renting a room in a house. should i pay the council tax or the landlord has to pay it?
if, i should, do i have to contact them or they'll contact me??

2007-06-17 01:10:05 · 5 answers · asked by KarlosCharlos 2 in United Kingdom

What should be the next step in handling this situation?

2007-06-17 00:45:06 · 9 answers · asked by flygyrl101 1 in United States

I am doing a favor for a non-profit company. I am working on filing their tax return which I found out was due May 15th. There is a penalty for late filing. I heard that there was a form I could fill out asking the IRS to waive the penalty. If so, what form is this, and what do I need to say to get them to waive this penalty?

2007-06-16 22:08:03 · 2 answers · asked by MasterMmmm 5 in United States

Any other advice, on the legal side of things, would also be greatly appreciated, thanks.

2007-06-16 21:32:10 · 3 answers · asked by tattyhead65 4 in United Kingdom

Lets say I receive $10,000 or more today or within the month or within the year from self-employment(I work for myself). I'm also a dependent, full time college student, under 23, never filed taxes before, and live in Texas.

1. What form or forms do I have fill out?
2. Since I'm a dependent do my parents fill out something as well?
3. When do I and/or my parents have to report it?
4. What is the limit I can make before I am no longer considered a dependent?

I thank all that help me find out this information.

2007-06-16 18:35:16 · 6 answers · asked by ? 2 in United States

If i do not pay by June 18, they will charge interest. Please help. I just got letter today and do not have much time... IRS sucks....

2007-06-16 18:16:49 · 6 answers · asked by Lover23 1 in United States

2007-06-16 17:58:49 · 6 answers · asked by Mark W 1 in United States

2007-06-16 17:39:45 · 7 answers · asked by shhhhhhhhhh 3 in United States

in other words if a poor family makes 10k a year and the tax rate is 10% then they would pay $1000. If a rich person makes 10 million a year they would pay $100,000.

2007-06-16 16:03:33 · 2 answers · asked by Anonymous in Other - Taxes

My goal is to get into a lower tax-bracket through the use of tax-deferring tools. I make approximately $40,000 a year, of which about $7,000 is overtime. I am single and live with several roommates. I believe I fall into the $30,650-74,200 tax bracket (Schedule X-Single). What would I need to do to get into the Head of Household bracket? ($10,750-41,050, Z-HoH) Is that a marriage thing or would I be eligible if I lived on my own?

In August my 401K kicks in, and I'll be putting the full 6% in, about $2,400 a year deferred I believe. Some calculator I found on Quicken.com says at about my rates, "Investing in a 401(k), instead of receiving the money as taxable salary, cuts your annual income tax by $792.00."
What else can I do to get into a lower bracket? IRA? (which type) maybe talk to my employer about a HSA? Those are tax-deferred I believe. Any other tools I can use that would benefit me down the road? Other ideas? I'm grateful for all help, thanks.

2007-06-16 13:45:20 · 5 answers · asked by gglwebster 2 in United States

I owe a bit of money to the tax collector,is it possible to make payment arrangments with them?any suggestions?

2007-06-16 13:20:54 · 4 answers · asked by ericfaul2003 4 in United States

I am trying to find out a way to compare my current NET income to what I could potentially NET back home. All of the salary comparison websites do not accurately calculate my tax exemption status and cost of living (lower) here in Germany.

My guess is that I'll need to almost double my salary as I'm not paying most taxes here in Germany. Here's some more info about my situation.

1. Income tax exemption - I don't pay US or German income taxes. I'm exempt from both. I'm not paying US state income taxes either. This probably saves me at least 30% every year.

2. Sales taxes - I only pay sales taxes when I eat at a restaurant or shop for groceries on the economy (a german grocery store). I mostly shop at the commissary on base...and they sell everything at cost...you can't get groceries cheaper anywhere else. All other goods (utilities, clothing, cars, electronics, etc) are tax exempt. I prepay for gasoline (current US national average price without sales tax).

Any suggestions?

2007-06-16 12:48:41 · 2 answers · asked by jpollar 2 in United States

Then he would have $9,000 left to live on. The millionaire would have $900,000 left to LIVE on!!! The billionaire would have $900,000,000 left TO LIVE ON. What would these rich people care???

2007-06-16 12:37:06 · 5 answers · asked by Anonymous in United States

2007-06-16 12:30:08 · 4 answers · asked by B 6 in United States

Why do you think that is a rule (Section 63(c)(6)) that if you are married and file separately and one spouse elects to itemize their dections the other can not take a standard deduction?

2007-06-16 12:25:54 · 3 answers · asked by angel_rat_83 1 in United States

2007-06-16 12:21:37 · 3 answers · asked by angel_rat_83 1 in United States

What does a punity sales tax mean to the income of the rich who pay no income tax. (Florida and maybe more? ) Sales taxes really hurt the low and middle income people and mean nothing to the rich. (And don't give me that "if you work hard you too can become rich C...)
Let's get back to requiring an income tax so the rich will have to pay their fair share.

2007-06-16 11:55:02 · 11 answers · asked by Anonymous in United States

my father has an Rv and it was his dream to have one. but see we live in south carolina and vehicles such as RVs the taxes are very expenses to expensive for my father. would you move to another state to keep the RV and not pay taxes? i need some advice, and if you wanna see the RV- www.alfaliesure.com its the alfa see ya edition. and its very very nice!!!!!!!

2007-06-16 11:44:18 · 6 answers · asked by AMANTILLADO 2 in Other - Taxes

For some time now, I been getting e-mails asking me to help families get there money back after the death of the loved one. Isn't that embezlling. Now I'm winning all these lotteries, around 6 of them at the same time. They say my e-mail address came up with the numbers. Is all this legal? Would I be getting into something that illegal?

2007-06-16 11:24:48 · 10 answers · asked by valsartistic5 1 in United Kingdom

My father has a large tax lien on his house about 80,000. My mother and him hold title to the house. He has been trying to settle but it is going slow. I am hearing conflicted information about taxes and liens. Is it true that the IRS can come in an force you to sell the house even though my mother is innocent in the matter? Is there such as thing as an innocent spouse? What can be done to resolve this issue?

2007-06-16 11:03:53 · 4 answers · asked by Danielle 2 in United States

Im making up a budget to see what i can afford and just wanted a more accurate take home. I believe BAH is tax free but how much of my pay is taxxed my 2463 per month. Im from arkansas (resident) and omw to texas where i will register for residency. Hope you all can help.

2007-06-16 10:14:14 · 1 answers · asked by Anonymous in United States

I am very confused. I have to file her 2004 taxes as he passed away Feb. 2005. My father died in 2003 but my mother did it for him.
I am using taxbrain.com and don't see an option anywhere for someone like me who is filing for someone else who passed away. Do I just file as though I were her? Will the refund come to me and if so, what happens when the payment to IRS comes FROM me? Will they start asking questions?
What if I can't find all the forms to file for her? I don't know everything she did but have some ideas.
Lots of questions here! Please help streamline this for me. Thanks!!

2007-06-16 09:36:15 · 4 answers · asked by justellemJimsaidhello 1 in United States