Taxes - July 2007

I own a small business in New York City. We are incorporated as an LLC. My partner commutes into the city and wants the company to pay for an apartment in the city for him to stay in during the week. Is this a deductible expense for the business? Is it considered personal income for him?

2007-07-02 08:28:53 · 4 answers · asked by Anonymous in United States

I've been told that I can, but I'm not sure, and I don't want to end up owing the government money. I'm 21, a full time student (though I'm taking next semester off), and making a little under 12,500$ a year before taxes. (if I were to continue the hours I'm doing now). How do I find out if I'm tax exempt or not?

2007-07-02 08:15:27 · 3 answers · asked by Anonymous in United States

I know someone who has said they made more than they did to get a bigger EIC tax refund. This person has an otherwise spotless criminal record, and is a single mom of two kids. She wants to come clean about it, but is afraid of the consequences. She did it to help her family, not just for personal gain.

2007-07-02 07:47:02 · 9 answers · asked by freckles84403 2 in United States

Stupid question, I suppose, but I don't know that much about the tax law.

If someone works as an I.C., filing out a W-9, and received a 1099, does one pay into the SS system on his income taxes?

Is it required, or is it optional?

2007-07-02 07:42:38 · 5 answers · asked by chieromancer 6 in United States

I have been going to see lots of doctors and therapy for my back. I cannot mow my own lawn and have a lawn svc do it for me was wondering if anyone might know if I am able to write this off on my taxes towards my medical?

2007-07-02 07:04:03 · 4 answers · asked by ??? 2 in United States

they said were with american standard financial and there was a processing fee of $359

2007-07-02 07:03:06 · 5 answers · asked by Anonymous in United States

I live check to check, and i only plan to do this to like 4 or 5 checks just so i can have some money saved up, that way I am not broke a week before my next check... so tax time will the money that was not taken out, be taken out of my tax return ???

2007-07-02 06:41:20 · 4 answers · asked by omarortiz99 1 in United States

2007-07-02 06:20:02 · 3 answers · asked by cathy m 1 in Other - Taxes

i need my latest tax stubs for some loan info, and i have misplaced them. how do replace them or what can i do?

thanks!

2007-07-02 06:04:33 · 1 answers · asked by Elisheva 4 in United States

I have a trading investment account. I need to pull out a certain percent of my earnings into a separate tax account so that I will be ready for Uncle Sam when the time comes. What is the absolute highest that I could possibly be taxed, worst case scenario?

2007-07-02 05:37:44 · 3 answers · asked by marcella-bella 2 in United States

I 've been with my company for 4 years now. We have a non arrears (exempt) and arrears (exempt) payclass schedule. Because arrears is always 1 week behind I'm told, I got into this situation:

Working as a supervisor, paycheck on 6/15/07, was $14.65/hour but EXEMPT, $1010.00 (usual semi monthly amount)

Effective 6/25/07 I was NON-EXEMPT and began punching the clock again for my new position as a patient account specialist.

Paycheck received on 6/29/07 was for $466.00 (half of the usual semi-monthly amount) as I only got paid for 5 days and am now back in the arrears pay group.

I understand the difference between exempt and non-exempt, what I don't understand is how I only got paid 5 days because of where the effective date of my new pay class, the payroll dates and everything falls. Can you take a look at this and explain to me like a dummy?

Thanks.

2007-07-02 05:27:27 · 2 answers · asked by Anonymous in United States

if I am making $2583 per month...I get paid b-weekly which means before taxes I make $1291.50 every two weeks. How much in taxes is going to be taken out of each of my checks?

2007-07-02 05:02:43 · 5 answers · asked by stakekawa 3 in United States

Should there a different tax on commissions than that of a regular hourly paycheck?

2007-07-02 02:17:13 · 5 answers · asked by lb_kj 3 in United States

I want to earn Socialy security credits, Hence want to run a payroll anually. I pay estimated tax. Can I run my own annual payroll? I want to run it manually. No s/w please. If I know the Medicare, SS, FUTA tax percentage guidelines, Can I do it myself? pls explain with an example. Assume my gross salary is $4000. Can you break it down and let me know my net Income. Thanks in advance

2007-07-02 02:11:06 · 3 answers · asked by nmd 1 in United States

i understand that you are allowed to claim only as much in loses as you have declared in winnings, how do you prove the loses?

2007-07-02 01:16:50 · 3 answers · asked by jerry s 1 in United States

THEY SAY THAT I WON THE LOTTERY UP THERE AND I HAVE TO PAY TO GET THEM TO MAIL IT TO ME?

2007-07-01 23:53:20 · 21 answers · asked by BIRD 1 in United Kingdom

or does it cost them to process it?

2007-07-01 21:59:09 · 4 answers · asked by Anonymous in United Kingdom

I have U.S. green card.(living in Michigan)
I'm about to earn $100 check from Google.
I'm just wondering about how much tax I have to pay.
And what if I say I'm a foreign publisher so that I don't pay tax.(I just wonder)
in the end, how do I pay the tax.

2007-07-01 21:39:18 · 2 answers · asked by Anonymous in United States

Last year I made some capital loss in the shares , where as this year i am having some short term gain..Can i adjust last years loss against this years profit?

2007-07-01 21:29:57 · 5 answers · asked by Anonymous in India

does he have to pay taxes on the money collected and given to him we are in Illinois if that makes a difference thank you in advanced for your anwsers

2007-07-01 19:57:28 · 4 answers · asked by youhoo it's me 4 in United States

like soccer vids and i will be selling them

2007-07-01 18:20:11 · 3 answers · asked by bob b 1 in United States

I have Rs.20,000 with me to invest in shares and debentures. which are the best shares to buy so that i can get the maximum benift in 3 months.

2007-07-01 17:26:32 · 6 answers · asked by Anonymous in India

Origianl question: http://answers.yahoo.com/question/index?...

I received three answers to that question which disagree. I think that is because I did not state my question clearly. Here is a better effort: I own a house which I rent out. The renter wants to buy it. He has his financing in place waiting to write me a check for the total amount. I found another house to buy to replace this rental with, which I will also rent out. I have the cash to pay for it. Can I do this transaction myself, and do a 1031 tax deferred exchange legally without hiring an intermediary, or am I forced by law to hire the intermediary?

2007-07-01 16:40:34 · 3 answers · asked by hiker 2 in United States

2007-07-01 16:16:39 · 3 answers · asked by Bearwithme 7 in United States

I have a corporation I don't use but I would like to use it to get a credit card. If I am not using the corporation so I assume I wont need to pay taxes, but could I get a credit card using the EIN and not worry about any consequences.

2007-07-01 15:26:43 · 3 answers · asked by itsmetibbs 2 in United States

I'm 19 and am working part-time starting this week. I will make about $161.25 per week, and if I continue to work every week until the end of 2007, I'll make about $4,677 if I overestimate to be safe. This is also my first job, and I'll be a full-time student come Fall. I have no summer school this summer. I want to know if I can check the exempt from tax withholding box, or whether to put 0 or 1 in personal allowances. I've been reading a lot of answers from this site about this, but I'm still confused to it all. I guess I have to start somewhere.

2007-07-01 15:06:24 · 6 answers · asked by Anonymous in United States

I dont have any software. I want to do it manually.Need help with the same. I dont want to use an accountant becasue of the fees they charge.

2007-07-01 14:59:14 · 3 answers · asked by nmd 1 in United States

I bought a house last year. It just occured to me that could I have claimed all (or portion) of my closing cost in '06 tax filing? If so, is there any way I can redo it?

2007-07-01 14:54:47 · 3 answers · asked by Olu 1 in United States

If I don't put the profit from that sale into another property in the next year (and I continue to live in NY), will I be hit with a capital gains tax by NY state?

2007-07-01 14:18:33 · 5 answers · asked by Jamie G 1 in Other - Taxes

If I make 30,000 with my LLC and half of the profits go to buying a service from an international biz. can this be deductible? It will be the company that buys it.
Also, my LLC daytrades so it would be under capital gains rates.

2007-07-01 13:59:12 · 1 answers · asked by easeofdisease 1 in Other - Taxes