Taxes - August 2007

I worked 78 hours in one week. 38 hours were time and a half. My government deductions were 27% of my pay versus 17% when I work straight time 40 hours. I understand that FICA and MEDICARE are a flat 6.2% and 1.45%, respectively. I understand my taxed amount per year to be based on my AGI and that what is taken from my paycheck is an estimate of 1/52nd of that year (52 weeks; I'm paid weekly). Many of my friends say that working many hours of OT is not worth it because the goverment takes more. The government is taking more according to my paychecks...from 10.9% with 16.25 OT hrs to 14.3% for 38 OT hrs. It seems like there is less tax incentive to make more especially if you have few itemized deductions as a result of no investments or property. I made 29% more take home pay so more time is more $, obviously. Let's say Chris made $1000 gross in straight time and ot and Mike made $1000 gross in straight time. Question rephrased: Do they pay the same amount in taxes?

2007-08-18 06:58:36 · 6 answers · asked by John G 1 in United States

They send me $850,000.00 Dollars through Parcelflight courier07, and they refuse to send me my check, If any one know about it, when I claim my money I will pay you $10,000.00 Dollars when it done!

their E-mail is parcelflightcourier07@yahoo.co.uk


Please answer my question!

2007-08-18 06:56:16 · 2 answers · asked by yahua75 1 in United Kingdom

This is a general academic question.

The politics and government immigration forum has spirited discussions about these sort of things, but if there is any tax expertise, it does not show.

Since people seem most concerned about aliens getting benefits, I am wondering if imposing a special tax to offset these concerns might be a valid policy option.

2007-08-18 06:54:24 · 3 answers · asked by BruceN 7 in United States

I am a student.
I need to open a Trading account with AXIS (UTI) or HDFC or ICICI banks.
But I know PAN is compulsory for opening a trading account.
Actually I need the account as soon as possible to start trading the next moment.
You need to guide me,
1. how to get a PAN easily.
:::::: Online? / Offline?
:::::: Is there any option for through Account Opening Bank?
:::::: How many days it will take to get the PAN?

2007-08-18 06:34:54 · 2 answers · asked by Anonymous in India

I am no longer able to see to drive anymore so I would have to use public or alternitive transportation. I live in Oklahoma City, OK. Is thre some way I could deduct on my taxes?
Thank You

2007-08-18 06:21:20 · 3 answers · asked by Anonymous in United States

hi there,
i am starting a new job and earn 14250 a year. how much tax and NI a month will i have to expect to pay? its my only job and i'm a foreigner, but from the EEC! ta!

2007-08-18 03:59:45 · 2 answers · asked by izzissima 1 in United Kingdom

I live in a not-too-great neighborhood in South Milwaukee, Wisconsin. My taxes for 2006 were $2,400 based on a $100,000 assessed value. (I paid $150K for the house in 2005). I had my upstairs remodeled and, like an idiot, I did things the legal way and pulled permits. When the work was completed I got a notice from the city that said, "We notice you recently pulled a building permit. We're now going to stop by and reassess the value of your property so we can make sure you're paying as much in taxes as is humany possible." After their re-evaluation my property value went from $100K to $183K so my taxes will be up to about $4,400.

Don't get me wrong. I understand that someone has to pay for the services the city provides but I'm not prepared for my taxes to almost double within a one-year period. Is my house more likely to catch on fire or be burglarized after the remodeling? So why should my taxes go up so much? Is there anything I can do?

2007-08-18 03:15:39 · 5 answers · asked by Jim 3 in United States

I am now living in Guernsey, channel islands, which i know is technically part of the uk, but have their own tax laws and tax codes,
does this mean i can claim my tax back from england?
I worked part of this tax year, from april till june and earnt £3931.00 in this tax year portion, i also paid £510 tax in this current year in England

2007-08-18 02:48:37 · 8 answers · asked by alex c 2 in United Kingdom

I have a sister living in Battle Creek, Michigan and her monthly income come from SSI and FIA totalling $1000.00. Is there any other programs out there that can help her? She has 4 children under the age of 18. I won't go into the jist of her ordeal, but let's chalk it up to a guy who did bad... Thank you.

2007-08-18 02:29:29 · 3 answers · asked by Raven98 2 in United States

I live in North Carolina and have a few questions about filing taxes for 2007.

1) I know you can't claim exempt on the purchase price of textbooks, but can you claim the shipping and handling to receive and return the books?

2) I have a $2500 scholarship--do I have to claim that?

3) Can I claim daycare costs if it is a drop-in care for my taxes because of school?

4) I have already recieved the Hope Credit that you can only get once, but is there any other tax break offered?

5) I receive GI benefits---are these tax deductable and will I get some form in the mail for tax time for this?

6) I had to purchase a computer in June of 2006 for my online courses which I started classes in April of 2007--- can I claim the computer under school exspenses for 2007? If I can, where can I find information on that to show my tax person?

I think these are all the questions... I am a full-time student and do online courses. Thank you.

2007-08-18 02:25:31 · 3 answers · asked by Raven98 2 in United States

I got married in Sept. 2006. My payroll changed my tax status to Married 1. I ended up owing the IRS in April, 2007. (My husband never changed his status from Single 1.) My accountant suggested that I file as Married, but withhold at a higher single rate. After a pay period or two, I noticed that my payroll dept. did not do this. They claimed that their paychex system does not have a check box for that option. They switched my status to Single 1. I feel that not only is too much money being withheld from my paycheck, but also, can't I get into trouble for filing as a Single 1 when I am married? Does anyone have any recommendations for how my husband and I should file? (Our accountant last year did a Married, filing separately return. My status was Married, 1 at the time. My husband was Single 1.)
Thanks.

2007-08-18 01:14:13 · 4 answers · asked by Donna S 2 in United States

When I stayed at home to look after my kids, and therefore didn't pay tax, I didn't have to pay tax on the interest I earned on my current and savings accounts. I have now gone back to work. Now that I am a tax payer, how do I reverse this? Do I need to go to my bank or get some form from the tax office? Is there something I can fill out online? Really not sure what to do. Please help.

2007-08-17 18:31:20 · 9 answers · asked by Anonymous in United Kingdom

If I do have to pay taxes is there a time limit to put the money towards another house without paying taxes?

2007-08-17 18:22:43 · 8 answers · asked by Kim 1 in United States

My income is going to be $38,500. I have two dependables (elderly parents).

I would like to know approximately how much I can expect to have left after taxes.

This is my first job so I don't know much about this stuff.

2007-08-17 18:11:29 · 4 answers · asked by Susannah 1 in United States

I live in Rhode Island, and just started a new job at a boat yard. How would i go about figuring out how much I would make after all taxes are taken out...?

2007-08-17 17:01:12 · 3 answers · asked by Anonymous in United States

rental, and a few thousand for retirement. I think the bill will be like 50k...Any suggestions???...Would bankruptcy work to protect my few assets. I am willing to pay till the day I die, but this bill will not be covered.
Thanks for any help

2007-08-17 16:51:25 · 9 answers · asked by la rae w 1 in United States

2007-08-17 15:53:15 · 6 answers · asked by lleslie158 1 in United States

When I crossed the border back into Canada from NY state, I declared my purchases and paid Ontario sales tax (and GST) on my purchases. Since I paid NY state sales tax at time of purchase, can I get a refund, since I've paid sales tax twice?

2007-08-17 15:16:17 · 3 answers · asked by Anonymous in United States

I filed my taxes as single both years that I was married. Now I'm in the middle of a divorce. Is she entitled to ordinary business income listed on schedule K1?

2007-08-17 15:00:31 · 3 answers · asked by Techguy2661 2 in United States

2007-08-17 14:17:15 · 3 answers · asked by Julia V 2 in United States

I want to collect donations through a website to help pay for my insanely high student loan payments. A lawyer on one of those ask a question sites told me it was considered income. How do I pay taxes on it properly?

2007-08-17 14:11:47 · 4 answers · asked by M K 2 in United States

I want to start keeping records for my fuel expense I spend going to work. Besides receipts and odometer readings is there anything else I need to record. Also will I get all of this money back I spend or how does it work?

2007-08-17 13:20:57 · 4 answers · asked by LOFT1009 5 in United States

im only 16 if that counts

2007-08-17 11:52:01 · 9 answers · asked by LOL!!! 3 in United Kingdom

I am 18 years old and I just got a job that pays me aproximately $15,000 a year. My parents claimed me as a dependant on their taxes and I am a full time student so I understand that I can't claim myself. I want to know if I can still get any of my tax money back. My main question is about some business expenses, I got a phone line and a headset telephone that I use strictly for business and was hoping that I could write them off on my taxes but now Im not so sure if I can even file taxes. I'm new at this. Somebody please help me.

2007-08-17 11:20:37 · 6 answers · asked by shelly 2 in United States

There's four of us, and we need to figure out how to get someone to do our taxes(and possibly books), and how much that costs. Can anyone shed some light on both issues? We're an LLC based in California.

2007-08-17 11:07:10 · 3 answers · asked by peter 1 in Other - Taxes

i lost my state ID this past weekend and i need to cash a check.. in texas they mail your id upon request and a fee but it takes about 2 weeks.. i have an old Ident-a-kid ID from when i was 16-17 years old.. im 19 now.. think the bank will take it?

2007-08-17 11:06:09 · 3 answers · asked by Mikey 1 in United States

how many hr. should I work a day, how nuch salary should I make a year? what mean 4 points for a year keep works 10 years to get 40 points, than you can retire?

2007-08-17 10:51:28 · 1 answers · asked by ding-chen@sbcglobal.net 1 in United States

I just received my second pay check and my employer says I need to do my taxes myself. How do I go about doing this and is it legal that my employer isn't doing them himself? I never filled out a W form and I get no benefits, but for a college student the pay kicks butt. I'm not complaining, just asking if this is legal. And what are my chances of the IRS noticing if I don't figure out these tax details?

2007-08-17 10:21:54 · 1 answers · asked by Anonymous in United States

2007-08-17 10:09:32 · 1 answers · asked by Alice 3 in Other - Taxes

2007-08-17 10:00:14 · 2 answers · asked by Adolfo G 1 in United States