Taxes - July 2007

Due to some massive tax credits and deductions I was in the 10% tax bracket last year. Due to further investment in a business, I'm looking at the 10% bracket once again. If I withdrew $100K from an IRA rollover (it used to be a 401k, now it's an IRA) what would I be hit with? 10% tax plus the 10% penalty or would I be hit with my tax rate at the time of accumulating the 401k (33% or so).

Thank you Yahoo Answer Community in advance!

2007-07-16 08:42:35 · 6 answers · asked by Anonymous in United States

just a question, i'm 19 so i'm not really familiar with taxes...if you are accepting payments from people on an item thats electronic delivery, for example like webdesign layouts etc...if you are not charging people taxes on it, it's just 1 set price, do i have to pay taxes on it?

2007-07-16 08:39:17 · 4 answers · asked by Anonymous in United States

I have a significant stock sale that will occur in November. Income from this sale will create withholdings < 90% of my 2007 taxes. I cannot take advantage of safe harbor b/c last year's tax was very high.

If I make an estimated tax payment after the sale in November, will I be penalized for not making payments in previous 2007 quarters? If so, is there anything I can do to prevent this?

2007-07-16 07:45:21 · 4 answers · asked by on.base 1 in United States

2007-07-16 07:42:32 · 7 answers · asked by mistagauge7 1 in United States

I wish to check out a property in Minster Isle of Sheppey

2007-07-16 07:41:57 · 4 answers · asked by JOHN K 1 in United Kingdom

2007-07-16 06:33:53 · 5 answers · asked by Anonymous in Other - Taxes

2007-07-16 06:28:29 · 6 answers · asked by jay p 1 in United States

About how much do I have to pay if I made 22K in sales?
Of course not all of it is mine I kept about 15K That was what I got to keep for me. All of what I sold was to people from other states because I have a website and all were from other states so I did not charge taxes. I live in California.
Please help I just want to get an idea of how much I will be paying. Thankssssssss

2007-07-16 05:25:57 · 4 answers · asked by Anonymous in United States

2007-07-16 05:15:28 · 14 answers · asked by jsteeltown1976 1 in United States

I'm a full time graduate student and an independant contractor so I'll be getting a 1099 at the end of the year. I want to pay my estimated quarterly tax at the September deadline. Would it be better to hire a tax professional with their own practice or just H&R block?

2007-07-16 04:58:06 · 11 answers · asked by kanish_k18 2 in United States

2007-07-16 04:48:10 · 4 answers · asked by me 1 in United States

How do you calculate what the withholding should be on quarterly commission?
i.e. – Commission entered as a 3 month earning?

2007-07-16 04:40:41 · 3 answers · asked by Cherie 1 in United States

It has been vacant for several years and he does not plan to buy anything else right away.

2007-07-16 04:30:29 · 4 answers · asked by Phoenix 1 in United States

2007-07-16 04:11:27 · 4 answers · asked by Anonymous in United States

July 15th, 2007
my tax document was messed up and it had to be corrected and amended.

2007-07-16 03:48:44 · 4 answers · asked by Anonymous in United States

I pay well over 50% of their support and they live with me 100% of the time. We got a dissolution. We agreed to things the judge just signed.

2007-07-16 02:44:12 · 6 answers · asked by Anonymous in United States

I need to know the effective income tax rate since 1974 for a married couple with 2 deendents. The only rates i need are those for 1974, 1984, 1994, 2004 for i can analyze the change.

Thanks

2007-07-16 02:35:26 · 2 answers · asked by applebey911 1 in United States

When filing you tax return, do business expenses just help to relieve federal tax responsbility, or is state tax responsbility included as well? Thanks!

2007-07-16 01:08:32 · 4 answers · asked by Jenn B 2 in United States

what about if people do not pay taxes at all , should they also lose their rights to vote ?

2007-07-16 00:39:22 · 5 answers · asked by Anonymous in Other - Taxes

I had a small traditional IRA, about $3000, that I just closed last week. I'm 26 years old. I didn't withhold any taxes because I wasn't sure whether or not I had to. I closed it without withholding any, so when I have to do my taxes next year, what do I have to do? Is 10% automatically going to get deducted from my return? I don't want to get in trouble and I know a certain percentage has to go back, so just wanted to know what happens next. Any help appreciated. Thanks

2007-07-15 23:38:22 · 5 answers · asked by Justin 1 in United States

My grandmother has recently discovered gas on her property, and is generously dividing her monthly EOG checks between her children. Each month, she is giving my dad (and each sibling) about $10,000. What is a guess-timation of what he will have to pay in taxes (a range) on this money? (He is retired, and has no income).
P.S. I ask because one of the siblings has told my grandmother to stop giving monthly checks (to all of them), because SHE doesn't want to have to pay taxes. But wouldn't the remaining money be worth whatever the taxes are? I am confused at her logic...

2007-07-15 21:55:56 · 8 answers · asked by self-doubting 1 in United States

I have prepared my PAN at Mumbai i am resident of mumbai and currently i am living in Pune so can i file my IT at pune IT office or i need to file it at Mumbai only which ward circle i should mentioned

2007-07-15 18:46:53 · 1 answers · asked by Anonymous in India

2007-07-15 18:29:52 · 3 answers · asked by Anonymous in Other - Taxes

I had not submitted my returns last year.What r the problems i may face while submitting this yrs return? And what is the solution.Original copies of my LIC policies for which i was claiming tax deduction has gone missing for which i have applied for a duplicate.Shall i have to furnish copies of those while filing for my return.It was being deducted thru my salary

2007-07-15 17:30:53 · 11 answers · asked by dhrubajyoti01 1 in India

2007-07-15 16:08:35 · 4 answers · asked by dugan 2 in Other - Taxes

My friend and I were having a discussion about pro athletes and he wondered what the point of huge contracts were if they were paying so much on taxes. Now granted, when it comes to the $$$ amount, rich people pay more by far, but my friend thinks that the rich pay a 50-60% tax rate. I said I highly doubted that, otherwise, what would the point be of being rich??? I have heard many times that the rate goes down after the $100K- $250K mark. So who is right???

2007-07-15 15:26:45 · 14 answers · asked by Brad 4 in United States

i need to know how much tax is in kennewick washington.
the decimal form of it so i can figure it out in calculator

2007-07-15 15:13:20 · 2 answers · asked by daven c 1 in United States

I'm not looking for the IRS code. I'm looking for the EXACT Penal code or statute or law that requires us Americans to pay a Federal Income Tax. Individual income, not corporate profits. Thank you!

2007-07-15 14:51:53 · 8 answers · asked by Anonymous in United States

2007-07-15 14:34:24 · 7 answers · asked by lumi 4 in United States

How does double taxation of corporate income occur?

2007-07-15 14:01:50 · 2 answers · asked by sabrina W 1 in Other - Taxes