Taxes - November 2007

i recently got my first paycheck from work and the total amount was around $480. subtracting the tax, it was like $400.69. i live in VA and i'm 15.

does the amount of tax sound about right? $70 seems like a bit much... i was looking on the net and i saw that my tax should only be at like 2%...

2007-11-09 13:08:44 · 2 answers · asked by T 4 in Other - Taxes

I also heard if you get any sort of medical assistance, you cant get claim them, or you wont get anything, my son has medicaid.

2007-11-09 13:02:43 · 7 answers · asked by ♥ Stephanie Louise♥ 4 in United States

Should I keep track of how much money I take in, so I can pay 6% sales tax to the state of Michigan? How do I report this? Do I get any discount because I paid tax on the materials I used to make the items I will be selling?

2007-11-09 12:18:49 · 9 answers · asked by neciebez1 1 in United States

Franklin Roosevelt, a Democrat, introduced the Social
Security (FICA) Program. He promised that: participation would be voluntary; participants would only have to pay 1% of the first $1,400 of their annual incomes into the program; the money the participants elected to put into the program would be deductible from their income for tax purposes each year; money put into the program would only be used to fund the Social Security Program and no other government program; and that the annuity payments to the retirees
would never be taxed as income.

Who took Social Security from the Independent "Trust Fund" and put it into the general fund so Congress could spend it? Lyndon Johnson and the democratic Congress.

Which party eliminated the income tax deduction for FICA withholding and starting taxing Social Security annuities? Democratic.

Which party started giving annuity payments to immigrants that hadn't paid into the fund? Jimmy Carter and the Democratic Party.

2007-11-09 11:58:17 · 6 answers · asked by Anonymous in United States

I have heard something about the possibility of no tax on cap gains if you are in a low tax bracket,, any info on this?

2007-11-09 11:57:20 · 1 answers · asked by sassysmom 1 in United States

I know I can claim him as a dependent. But can I also deduct some of his expenses that I pay? His only income is social security disability, amounting to $700 per month. I chip in about $2300 per month to cover the rest of his expenses.

2007-11-09 11:02:09 · 13 answers · asked by thatpeg 2 in United States

I was told that the job may only be temporary. I am currently on unemployment, how do a go about stopping my unemployment? Also, how would I pay taxes on the money they will be paying me?

2007-11-09 10:38:38 · 4 answers · asked by robert b 1 in United States

I just been given a job offer, after nearly 2 years of not working. I will be making 18/hr. Due to this being mid November of a year what deductions can I make to give my money the most. Like claim 17 dependents for remainder of year and then lessen it to the correct amount in Jan. I know I can claim exempt status. Any other suggestions?

Please only those that are FAMILIAR with Human Resources/Salary please answer. Thank you!

2007-11-09 10:38:04 · 7 answers · asked by wisconsheepgirl 2 in United States

2007-11-09 10:15:21 · 4 answers · asked by george e 1 in United States

Okay i dont understand how this works
i have a son that is two months old now
and i know i claim him on my taxes
but some people told me i should get money
and others say we get tax credit?
which i dont understand what that is

Can anyone explain this to me?

2007-11-09 09:56:47 · 4 answers · asked by ♥ Stephanie Louise♥ 4 in United States

How could you do this and still be in good standing with the IRS?

2007-11-09 09:42:13 · 12 answers · asked by Doesntstayinvegas.com 3 in United States

it is not a rental property. it is my second house

2007-11-09 08:39:59 · 5 answers · asked by desiboyv 1 in United States

real estate taxes on personal residence $6000
sales tax $1000
property tax on my car $2000
state income tax $5000
self employment tax $4000

2007-11-09 07:39:03 · 3 answers · asked by ssss 1 in United States

My boyfriend's sister has 3 kids and she wants me to claim one of them when I file my income tax this year. I don't know anything about how things work but some how she says she would get more money back this way. I don't mind helping her out, she needs all the help she can get! But I don't want to get into any kind of trouble. Is this a type of fraud? She would have my boyfriend claim one of her kids but he's already claiming 2 of his younger brothers (they have a huge family). Their scenario is that she doesn't work and her husband has worked only half of the year. Please give me any advice? Thanks in advance!

2007-11-09 07:27:04 · 13 answers · asked by Jo 5 in United States

is it true when I turn 62 and receive social security, do my kids who are under 18 years of age receive money from this

2007-11-09 07:26:19 · 7 answers · asked by tlk123@sbcglobal.net 1 in United States

I am a part owner (50%) of a house of a house but I am not on the loan. Can I use the interest expense from the loan on my tax return?

2007-11-09 06:33:38 · 5 answers · asked by JustSomeGuy 1 in Other - Taxes

I am a single mother with two children. I have been claiming 7-9 exemptions on my paychecks so that the least amount of taxes are taken out. My children live with me full time all year round. I just want to make sure I will not get into trouble down the road. I usually get back a decent amount on Federal and owe 200.00-300.00 on State taxes.

2007-11-09 06:33:36 · 6 answers · asked by Anonymous in United States

If I fax my contact info to RAIVS will they be able to contact me? I need some info for a bankruptcy that is pending and waiting on this info.
Thanks!

2007-11-09 06:27:47 · 2 answers · asked by p2andr 1 in United States

1. life insurance premiums.
No

2. property insurance on your personal residence.
No.

3. Losses on the sale of personal property.
No.

4. Commuting expenses to and from work.
No.

5. Attorney fees for a divorce for former spouse.

yes.


this is my answers please correct me if i am wrong.

2007-11-09 06:25:35 · 5 answers · asked by ssss 1 in United States

John works a 40 hour a week job and is thinking of taking on a second weekend job. However, he's concerned that the small income he'll make at the second job will just be a waste because it'll knock him into a higher tax bracket and just screw him over during tax time. John has a wife and one child to claim, but will not qualify for EIC. Will taking on a low-income second job really not be worth the time because of this?

2007-11-09 06:25:02 · 10 answers · asked by cottagemama 3 in United States

I just got an inheritance and I live in NYC. What is the percentage of taxes I would have to pay the IRS?

2007-11-09 06:19:01 · 9 answers · asked by snicks 2 in United States

I had a retirement account through an employer that I converted to a Roth IRA when I left the company years ago. I now need to make an early withdrawal. I know my contributions can be withdrawn without penalty, but how about the employer contributions make when I still worked there? Can they be withdrawn without penalty as well? Any help would be greatly appreciated...

2007-11-09 06:06:48 · 4 answers · asked by Tagline265 2 in United States

My fiance and I both own our houses. When we get married, we intend to sell both houses and buy a new one to move in together. Of course, there's a good chance that the timing won't work out between buying and selling houses. I want to avoid any capital gain issues (or any other tax issues, for that matter). What do I need to watch for? If my house sells early, how long can I "sit" on the proceeds of the sale before I have to invest it in a new house? What other "gotchas" do I need to be aware of?

2007-11-09 06:01:04 · 6 answers · asked by joedeshon 3 in United States

My husband is going to be a 1099 as a salesman. We also have a business in my name. He wants his checks as a 1099 to be made to the business. This way, I'd pay taxes through the business, but get a bigger tax break since it would seem that I'm the only breadwinner of the household. I'd claim him. He'd look like he made no money as a 1099. But isn't the 1099 linked to his name, whether the checks were made to him or our business? Is this a dangerous situation with a posed risk? I'd appreciate some advice. Also, I live in the United States.

2007-11-09 05:30:17 · 17 answers · asked by Anonymous in United States

2007-11-09 04:34:54 · 8 answers · asked by Anonymous in United States

It's a loan you can apply for that will get you a partial amount of the refund they anticipate you will get. You have to have your paycheck stub to get it though. I know it starts around the holiday time, but I was wondering when?

2007-11-09 04:11:30 · 8 answers · asked by stuck@work 2 in United States

2007-11-09 03:46:11 · 2 answers · asked by Kelly S 1 in United Kingdom

I'm starting a sole proprietorship, but was wondering if there's a way for me to know how much money to hold back each month so that I don't have a huge tax bill at the end of the year? Or a way to pay a little in each month?

2007-11-09 03:33:06 · 3 answers · asked by Anonymous in Other - Taxes

years 2008 - 2010?

2007-11-09 03:13:39 · 3 answers · asked by 4705pruner 1 in United States

I have 0 Taxable income so I dont have to pay any taxes but have qualified dividends. I do the worksheet line 44 but I keep getting 0 for taxes after I do it. Does this sound right?

2007-11-09 03:00:42 · 5 answers · asked by wo123 2 in United States