Taxes - September 2007

2007-09-27 00:32:29 · 3 answers · asked by bigg_mike_01 1 in United States

Please list the year and approximate pay, just curious of how I stand, I'm going into my 3rd year with them and made (after bonus) $11.25/hr year 1, 19.52/hr year 2, and will be making base of $15 something for year three (80% of year 2). Thanks!

2007-09-27 00:27:32 · 1 answers · asked by Scott 1 in United States

I don't mean the interest - I'm worried about the principle. I want to know if by being named a co-owner, would the IRS expect me to declare any part of the savings balance as income, perhaps as a gift to me? I am not withdrawing any money at all.

2007-09-27 00:22:57 · 3 answers · asked by Tony 1 in United States

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2007-09-26 23:54:54 · 3 answers · asked by BHARAT P 1 in United Kingdom

I just learned that beginning in 2008, full-time students up to age 24 likely will have to pay income taxes on unearned income, such as interest, at their parents' top income tax rate.

http://www.hansonbridgett.com/newsletters/EstatePlanning/EstatePlanJuly07.html

This law seems unfair to me and unworkable in many cases.

The existing "kiddie tax" applies to all taxpayers up to a given age.

Why, for Pete's sake, is Congress applying higher tax rates only to full-time students? Why not part-time students or ski bums?

What if a kid is on his own, alienated from one or more parents, living off his savings, loans, grants, gifts from grandparents (or even others), trying to get an education, and can't meet the earned income test in this new law (can anybody paying room, board, tuition, etc. of over $20,000/year), how does he get access to his parents' tax returns, especially if the parents are divorced?

Age 18 is adulthood. It's not age five.

Is Congress nuts?

2007-09-26 21:40:26 · 2 answers · asked by seeking answers 6 in United States

2007-09-26 19:55:14 · 2 answers · asked by Where's The Brain 3 in United States

As far as I know, H-1B holder can indeed open an LLC or a Sole Proprietorship. However, they cannot work for this company (unless this company sponsors an H-1B visa for them), but only be a passive investor. I consider opening a consulting business and I wish to declare the deductibles on my tax return. How can I operate it as a "passive investor"? How can I declare deductibles without actively working for the company? your insights are very much appreciated!

2007-09-26 19:40:38 · 1 answers · asked by GA 1 in United States

If I won $1,000 on a slingo drawing (online gaming site) how much would the IRS take and where/how do you report it? Would it make a difference if it were only $200?

2007-09-26 17:40:35 · 8 answers · asked by wendyladi98 1 in United States

I'm 15 and i have 2 years experience as accountant do u think i can get a job at this age...do i have enough experience?

2007-09-26 17:14:06 · 5 answers · asked by Anonymous in United States

Yes, see! did kind of forget to pay my state taxes and i got my check like garnesht! does anyone here had that problem and how can fixed that?? really need some advice ; perhaps some one in here knows something about laws???? thanks eve.

2007-09-26 16:45:23 · 5 answers · asked by francisco h 1 in Other - Taxes

I have a tricky situation at hand. For 2007, the social security deductions from income are 6.2% upto the first 97500 of the income. So, the maximum SS tax one pays per year is $6045.

I was with employer A till August. After that I moved to employer B. My SS contributions at employer A were $5800. Now, my question is, how would the employer B come to know that I am nearing the maximum Social Security contribution and they should stop SS deductions after that? How would B know that I have already paid $5800 while at emplyer A?

2007-09-26 16:11:16 · 6 answers · asked by zapatazoom 1 in United States

2007-09-26 15:34:24 · 5 answers · asked by Nu 2 in United States

should all Americans have tax cuts??

2007-09-26 14:23:39 · 4 answers · asked by Phil 1 in Other - Taxes

i graduated from highschool and i work at ihop and i'll be earning $525.00 every two weeks. how much tax will they take out?

2007-09-26 14:02:18 · 3 answers · asked by Anonymous in United States

can school books and tuition be writen off on taxes

2007-09-26 13:54:46 · 5 answers · asked by Ross 1 in Other - Taxes

besides the typical CPA or Attorney, what other professions are considered "professional" for tax deduction purposes? I learned that realtors can deduct alot ! I recently became a notary public, so I was wondering if that was eligible for deductions too...travel expenses etc

2007-09-26 13:48:08 · 3 answers · asked by Lisa 1 in United States

so i work in retail in california, and every once in a while we'll get customers from oregon. since they are purchasing goods in OUR state, they have to pay our state and local taxes, and they claim that being a resident of oregon makes them exempt to all taxes anywhere they go.

do other states in the area (idaho, washington, etc.) honor the no-tax thing? why do some people from oregon think they won't have to pay california's tax even though they're shopping in california?

2007-09-26 13:31:31 · 3 answers · asked by west_xylaphone 3 in United States

2007-09-26 12:45:51 · 1 answers · asked by rafael p 1 in United States

2007-09-26 12:16:01 · 7 answers · asked by Billionare 1 in United States

Totally sum of money collected from the sell was 10,000 and I used to pay off bills. Does this sum have to be reported when I file taxes for 2007. I am a student/stay at home mom and file jointly with my husband.

2007-09-26 12:09:45 · 5 answers · asked by Shades 2 in United States

My client gave $200,000 to his daugher as a gift. I know that reciever has no tax liability so the giver needs to file gift tax because it was over 12,000. What would be his tax liability? how can we calculate the gift tax? thanks

2007-09-26 11:35:44 · 2 answers · asked by Anonymous in United States

I am caring for a child in my home for $300/month. Must I claim the income on my taxes? If I don't, can the parents still claim the payments as childcare expenses?

2007-09-26 09:56:36 · 10 answers · asked by rain16_8 1 in United States

I am filing very late this year, and I (very stupidly) did not file an extension in April. I am pretty sure they owe me money, so is my return affected in anyway? If I owe them money, what is the penalty?

2007-09-26 09:41:40 · 4 answers · asked by ebillar 1 in United States

I have decided to cash in one of my life insurance policies. When I filled out the form they asked did I want the taxes taken out then or later. I chose for them to go ahead and take them out. Now my mom is tellin me that they will still take out more taxes come tax time b/c it is considered income. I just want to make sure this is correct..

2007-09-26 09:22:24 · 4 answers · asked by sk8angel16 1 in United States

I bought $700 worth of clothes and shoes because I got a new job and needed business attire which I didn't have at all. Can I get my money back for those purchases? Also, this new job is about 1 hour from were I live and since I've been working there, I've been spending twice if not three times as much on gas. I've been saving my reciepts, can I claim gas as a business expense as well?

2007-09-26 09:03:31 · 5 answers · asked by Group836 3 in United States

if you are an independent contractor...where your taxes are not bein gtaken out.. can the employer still have you clock in and give you duties to do( answer phones, allow lunch breaks , etc.) or are you on your own? I guess I am clueless to what an independent contractor should do...

2007-09-26 08:54:13 · 3 answers · asked by cristelle R 6 in Other - Taxes

please be specifiic

2007-09-26 08:43:05 · 9 answers · asked by haley01 1 in Other - Taxes

I am a business teacher at a high school and we are going over a chapter on basic taxes. The question came up as to how much students could earn during a summer job but still not have to file their own return because their parents can claim them on the parents' return.

2007-09-26 08:06:05 · 4 answers · asked by Austin S 1 in United States

IS IT SOME KIND OF PAPER THAT CAN BE PREPARE

2007-09-26 07:53:06 · 3 answers · asked by Brenda R 1 in Other - Taxes

I am going to court in Nov to appeal my property taxes. I bought my home in Oct 2005 for 275,000 and my property taxes are a little over $5,000 a year. A year after we bought our home it was valued at a little over $470,000. I tried to appeal then but was too late to apply. My home is 928 sq ft, 2 bdrm, 1 bthrm, I don't live in a ritzy area either ( I live in Calif). Has anyone appealed and won their case? I 'd really appreciate some advice.

2007-09-26 07:44:01 · 5 answers · asked by Me 4 in United States