Taxes - June 2007

Flat Tax - taxes your income. You pay a fixed amount of tax (e.g. 19%). You might have to pay payroll taxes. You may not get deductions from mortgage interest payments. Flat tax doesn't get rid of other hidden taxes (i.e., social security, medicare, gasoline tax, sales tax, tobacco tax, alcohol tax, property tax, etc.). You may still pay capital gains taxes as income.

Fair Tax - taxes only when you spend (19-23% sales tax paid once). You don't pay income taxes anymore. It gets rid of hidden taxes such as social security and medicare. It gets rid of capital gains taxes when you sell your house or when you save your money, or when you invest your money. It lets you keep your entire paycheck (you pay no payroll taxes). It allows you more money to spend. It allows you to save money without any taxes on your savings. It also doesn't tax used items (eg. used cars, eBay items, etc.), and gives you rebate on necessary items (eg. food, clothing, etc.) http://www.fairtax.org

2007-06-07 04:31:27 · 9 answers · asked by Think Richly™ 5 in United States

im working two days a week, do i have to file income tax?

2007-06-07 02:42:35 · 5 answers · asked by Blue J 1 in Other - Taxes

Our neighborhood association (the social entity, not the governing association) is looking to gain recognition as a non-profit organization in Wisconsin. Do you know what is required? We often try to get donations for door prizes and drawings, but find it's difficult when we don't have a tax-exempt donation letter to provide to the businesses. Any assistance is appreciated!

2007-06-07 02:28:20 · 2 answers · asked by Anonymous in United States

I'm getting remarried. If we file taxes "Married: Filing Separately" am I still able to claim child care credit for my children from a previous marriage, or do I forfeit that right? Thanks!

2007-06-07 02:19:39 · 8 answers · asked by S W 1 in United States

2007-06-07 02:17:12 · 1 answers · asked by cmchambers99 1 in Other - Taxes

2007-06-07 01:00:01 · 3 answers · asked by usteve529 1 in United States

I need to have more taken out each year...thanks

2007-06-07 00:29:48 · 4 answers · asked by Jolene0111 1 in United States

I would be grateful if someone can give me some general facts and figures about the UK Tax Industry as well as the UK Tax Recruitment industry.

Thanks Friends

2007-06-06 22:36:34 · 4 answers · asked by Anonymous in United Kingdom

We have our gross and net salary. But there are those who take all of it home.

2007-06-06 20:56:31 · 12 answers · asked by JuDyLicious 3 in Other - Taxes

Would it raise red flags with the IRS if usually my husband and I file separately, and I claim our kids. This year I don't plan on working, and I want him to claim me and the kids as dependants, would this be okay being that when I get a job I want to go back to filing separate from him ?

2007-06-06 20:11:22 · 4 answers · asked by Cherry C 2 in Other - Taxes

Accounts Receivable Tax
Building Permit Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Tax
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Service charge taxes
Social Security Tax
Road Usage Tax (Truckers)
Sales Taxes
Recreational Vehicle Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Tel telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Tax
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Non-recurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Tax
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax.

2007-06-06 19:59:10 · 9 answers · asked by Nella R 1 in United States

The family unit in England is eroding as we once knew it. If we look at a simple process, is raking in tax the reason.
Everyone, quite rightly, was encouraged by Margaret Thatcher to become property owners.
There are now countless millions out there co-habiting,or "living over the broom" as my gran would say!
Inheritance tax kicks in when an estate is over £300,000.
The rise in property prices is excluded from inclusion in the advertised rates of inflation, and guess what, the In. Tax threshold tends to go up by about the rate of inflation.
Property only passes free of I.T. to a spouse.
So it appears to be to the benefit of the Government to get us all to "live over the broom"
Or am I just too cynical?

2007-06-06 19:16:19 · 8 answers · asked by Anonymous in United Kingdom

If, I withdraw my retirement money early I am charged a certain percent to withdraw it. Then, I am taxed again when I have to claim the money on my end of year taxes, 1040 form.

2007-06-06 17:00:44 · 10 answers · asked by DRAGGON 2 in United States

i opened an investment account online for $2000. with that money i've bought and sold stocks totaling to about $40,000. i made a little money at first but ended up in a loss in the end. now the irs is charging me about $10,000 in unpaid taxes. how can that be when i only have $2000 to begin with and actually lost money?

2007-06-06 16:51:15 · 6 answers · asked by Anonymous in United States

I really have to know.

2007-06-06 16:43:56 · 6 answers · asked by Invincible_one 2 in United States

2007-06-06 16:32:15 · 4 answers · asked by scurrydexter@yahoo.com 1 in Other - Taxes

Is it export tax or is he just pulling me a leg. The LCD costs 400 EUR. He also says that only afterwards I can track the item through EMS

2007-06-06 16:31:35 · 3 answers · asked by Dimitri S 1 in Other - Taxes

Can the IRS file a tax lien in the middle of negotiating the debt through the offer in compromise program?
Thanks

2007-06-06 16:19:54 · 2 answers · asked by Mr. love 3 in United States

i have no job

i make $250-$400 a year in interest throguh CDs

do i still have to file my taxes?

would i get money back or would i owe?

2007-06-06 16:00:45 · 8 answers · asked by Anonymous in Other - Taxes

I have won a promo but before my prize is released to me they said I would have to Pay taxes on the money I won because I don't live in that countryand they don't take it out of the prise money Is this true?

2007-06-06 14:10:27 · 8 answers · asked by ROSE V 1 in United Kingdom

Or can you cash it before then?

2007-06-06 13:37:29 · 7 answers · asked by Anonymous in United States

now i have not file my income tax in the last 6years,would that affect me in getting a mortgage loan??also I've never had any type of credit before,how does that affect my credit scores..

2007-06-06 13:32:10 · 4 answers · asked by joyfuljoy 1 in Other - Taxes

I've been working in NY and when I moved from NY I didn't left my alternative address, so I haven't got my W2 form for 2006 year. Whome should I connect to get my tax back?

2007-06-06 13:24:59 · 2 answers · asked by asem0525 1 in United States

I have just received a letter addressed to my Father claiming that he was over paid Child Tax Credits and he should pay this back.

However the problem is that the overpayment was over 3 years ago and they have only just contacted us.

The second problem is that he passed away 3 years ago. I believe he may have been receiving some sort of state benefit and child tax credit at the time of his death. At the registrars I believed we filled in a form stopping all benefits.

The question is am I liable for any of this? Its hard enough getting by without being liable for someone elses tax liability.

I'll appreciate it if anyone could tell me where I stand!

2007-06-06 13:08:04 · 6 answers · asked by incognito g 1 in United Kingdom

I am single, 16 years old, I get paid weekly $6.00/hour... I work about 34 hours a week.. so, how much would my paycheck end up being at the end of the week (Friday)? and how much would I get back?

2007-06-06 12:31:24 · 4 answers · asked by Anonymous in United States

2007-06-06 11:59:46 · 8 answers · asked by bubba rubba 1 in United States

It is critical to a responsive and robust economy that the USA maintain the current system of tax incentives balanced by tax rates. How else can the government provide economic stimuli when called for?

However, it is high time for some radical changes. Here a few ideas for your comments.

1. Increase the corporate rates by 25% (there has not been in increase in these rates for many years), and eliminate the current double-taxation of corporate profits by making dividends either tax exempt or subject to credit offset for taxes paid at the corporate level.

2. End all estate taxes--another flagrant example of double taxation and a Marxist concept to be sure.

3. Reinstate "Income Averaging" (remember good ol' Schedule G?). People who are working hard to advance themselves should not be penalized by having to pay taxes at the same rates as people who have been at given income level for many years. 5-year income averaging used to be the law and it is needed again.

2007-06-06 10:20:11 · 8 answers · asked by Anonymous in United States

I was financially supported by my father until mom's death and then I lived off my inheritance for a couple of years (while living in the family home)

I did some babysitting, flea market selling (estate), and web design for 2005 but I was sick as a dog during april with strep throat and didn't file taxes. I want to file taxes b/c I have been putting money into my bank account and I also want to go back to college and use scholarship money

2007-06-06 09:58:36 · 10 answers · asked by stephaniemorosi2 2 in United States

2007-06-06 09:52:39 · 11 answers · asked by TIM 1 in United States

I won $500 in this online hockey pool last year and they said that because I was a non-resident (US company run pool), they would have to withhold 30% of the winnings. I fill out a W-8 and they give me $350. Can I (should I, or is it worth it to) reclaim the $150 easily? not so easily? etc... would like to find out. Thanks!

2007-06-06 09:52:09 · 1 answers · asked by myles 2 in Canada