Taxes - September 2007

2007-09-06 10:21:28 · 21 answers · asked by Karen O 1 in United States

2007-09-06 10:13:45 · 5 answers · asked by patrikios2 1 in United States

When you have a job and you are having medical coverage deductions taken out of your paycheck... do these deductions get taken out before taxes are calculated - like 401K. Or are they taken out of your net pay?

I had some back pay owed to my company for health coverage, and the money taken out of my paycheck for that changed what I owed for taxes this pay period. (because the back pay being taken out dropped me down a tax bracket for this particular paycheck)

I told my husband it's because medical coverage deductions are pre-tax, but he disagrees.

He thinks my company handled it incorrectly such that it appeared like I earned less this period, instead of the money I owed being taken out as a deduction, and he thinks our total taxes paid will end up short at the end of the year because of this.

2007-09-06 09:09:09 · 8 answers · asked by nephthys76 5 in Other - Taxes

I want to start a website and eventually put some google ad sense on it. Should I start it as a business from the beginning or wait until I make money. I hear sometimes you can claim something as a part time business and then claim a loss on it and you can write off expenses at the end of the year.
Is this true?

2007-09-06 09:08:15 · 2 answers · asked by Anonymous in United States

ok... i put 100,000 into my savings.. bank gives me a 3% interest rate. end of the year i accumulated 2,672.18. i was informed that we had to pay taxes on the interest gain. if so how much tax is taken and why? and if i have more money would i have to pay more taxes becuase of being in a new tax bracket? lets say lik 500,000 dollars?

2007-09-06 09:04:07 · 8 answers · asked by big H 4 in United States

sometimes when I go to the convenient store I get taxed on it when I buy a coffee and some cookies. so I get confused. I know prepared food is taxed such as donuts or a breakfast sandwich but what about junk food (candy, chips, cookies, nuts etc.)

sometimes I'm told that it's taxable sometimes they don't tax me.

If it helps I live in houston texas.

Thanks.

2007-09-06 09:03:43 · 3 answers · asked by Anonymous in United States

I have a few CD's that pay me a small amount of interest each year. I report this on my income tax as interest income.

I am told if I invest my money in a Municipal Bond Fund I will not be taxed the same rate as interest income because this will be capital gains.

What percent will I have to pay on capital gains on my income tax?

2007-09-06 08:50:38 · 3 answers · asked by Im2hard2please 2 in United States

My client has a rental property and he refinance the property and paid loan fees and closing cost . Can I deduct these expenses on Schedule E? thanks

2007-09-06 08:39:09 · 1 answers · asked by Anonymous in United States

Im 23 years old and pay over a hundred dollars per paycheck towards social security. The program is doomed and theres no way I will get a check every month when I retire so why should I be forced to pay? Should'nt we be allowed to opt out and put the money we save towards are own retirement plans or spend the way we wish?

2007-09-06 08:15:51 · 11 answers · asked by Steven Colbert 4 in United States

2007-09-06 08:13:34 · 4 answers · asked by Anonymous in United Kingdom

2007-09-06 07:40:33 · 5 answers · asked by octobervicky 1 in United States

For TRADITIONAL IRAs (not Roth IRAs), the maximum one can deposit into thier IRA is US$4,000.00 during year 2007 (exceptions for those over 50).

Does anyone know what the maximum will be for year 2008 for TRADITIONAL IRAs? I have "heard" but not seen the law that might raise the deposit to US$5,000.00.

I have already read the IRS' website but no info is available there on this subject for 2008 (yet).

Please, can anyone direct me to a source that might be able to answer my question?

Intelligent answers only. Thanks.

2007-09-06 07:16:57 · 3 answers · asked by Terry E 4 in United States

Okay, like I'm going to donate my car to a charity because I just want to get rid of it fast and people are taking forever to make up their mind to buy it. Now, they say I can get a 'tax deductible'...what does that mean?

2007-09-06 06:41:06 · 1 answers · asked by TriNStylZ 5 in United States

2007-09-06 06:27:56 · 4 answers · asked by ablaylock1980 1 in United States

I have Cerebral Palsy and live with my mother. No I do not get benefits. They give you such a hard time I said forget it and now I want to PROVE that I have NOT worked. Social Security said go to unemployment office???? Social Security should have a record or NOT HAVE income shown. I think they are giving me the runaround as this IS what they do best.

2007-09-06 06:07:59 · 10 answers · asked by SS 2 in United States

2007-09-06 05:55:41 · 11 answers · asked by roger_kalsi 2 in United Kingdom

Do Partnerships file Quarterly tax deposits,or do they pay taxes at the end of the year w/schedule K-1 (1065)?

2007-09-06 05:38:29 · 5 answers · asked by Anonymous in United States

2007-09-06 04:45:13 · 9 answers · asked by Anonymous in United States

I see that self employment tax is 15.3% .. is that how much (or maybe 20%) I should hold out of my check in order to pay taxes?? I've seen people suggest holding back as much as 30% of your earnings ... why so much if the self employment tax is only 15.3%??

2007-09-06 04:16:32 · 5 answers · asked by FD27 2 in United States

I know I will get back federal withholding but what about oasdi withholding??

2007-09-06 04:08:01 · 7 answers · asked by KELLY C 1 in United States

I'm married with a young child but my husband is claiming her.

2007-09-06 04:04:20 · 8 answers · asked by Darcy 1 in United States

If my house was destroyed by Hurricane Rita and I am paid under my homeowner's insurance

X for Property damage
Y for contents replacements and
Z for living expenses,

is any of this taxable as income?

Thanks.

2007-09-06 03:56:33 · 2 answers · asked by Anonymous in Other - Taxes

i need adresses and street names

2007-09-06 03:12:47 · 5 answers · asked by Tripod 1 in United States

It ism y first job and I did not know how to fill out a W4 and Now im just scared that i will have to pay them back? or not get anything back. Im worried Please help!

2007-09-06 02:49:21 · 4 answers · asked by Anonymous in United States

Has anyone received this notice and how hard was it to fix? I believe I have enough documentation to fix the issue but assume it will be a hassle. The instructions say to send in documents correcting the problem and statement describing what happened. Will they just send a notice back verifying that my fix resolves the problem? How long can I expect? Any help is appreciated!

2007-09-06 02:27:56 · 3 answers · asked by transypat 2 in United States

I know all the different checks to see if someone is self emlpoyed or employed and this person is pretty much deemed to be self employed, BUT they receive a basic salary as well as commission.

How does this affect things?!?!?

2007-09-06 01:48:45 · 7 answers · asked by Anonymous in United States

does income made in the stock market get taxed the same as the income I make at work? I know about the long term capital gains stuff but what else.

Does it matter what tax bracket I'm in as to how much it gets taxed? Do I have to pay state tax, social security etc??

Say I Make 100 dollars in the stock market and I was in a 25% tax bracket and took out the hundred I made before a year what would I be left with?

2007-09-06 00:22:27 · 5 answers · asked by icpooreman 6 in United States

is this is a state assessed property tax? i get a statement from the County, but wasn't sure if this was on behalf of the State? Wanted to clear up that this is not a county, but rather state assessed tax.
is this a one time event, in that following payment of the supplement tax, we should receive only 1 annual statement..

2007-09-05 23:01:01 · 4 answers · asked by IJustWantToKnow 1 in United States

My brother is working cash in hand and has been for over a year... With no contract.. (he likes the job etc and for obvious reasons hasnt questioned the employer!)

I worry for him that if the Inland revenue came calling, it'd be him that got in trouble..Though he's adament it'd be the employer.... Who's actually liable for fraud in this situation?? Both?

2007-09-05 22:17:11 · 11 answers · asked by KB 4 in United Kingdom

Me and my fiance' are planning on getting married this Oct.We already have a 2 yr old son.
I recently was approved for the best financial aid offer ever. will my fafsa be based on his taxes next year? i have 2 more years of college to go and really can't afford to have to pay for it on my own and by next year even if he will be making some pretty good $$, we would like to buy a house and get our life started already.

2007-09-05 19:47:11 · 9 answers · asked by miramiraonthewall 2 in United States