Taxes - November 2007

I work in CA and want to change the number of witholdings on my W4 form from one to three witholdings. The whole year ive had one but i find myself caring after my mom now and w4 recomends i add two more. but will that affect me when I do my taxes soon?

2007-11-06 02:42:14 · 2 answers · asked by Bella 1 in United States

What are the implications of selling a home below the price you paid for it. How can you write that off on your taxes and does it make sense to do so.

2007-11-06 02:41:40 · 5 answers · asked by Anonymous in United States

If I made 45,000 after taxes this year, and claimed 1 dependant until April, then in April I claimed 3 dependants, and I don't have any right offs such as a mortgage, just rent totalling 685 a month, do you think I will get any money back at the end of the year? I really hope so b/c I need it! I am married and she doesn't work, due to the babies, so I would file married.

2007-11-06 02:39:20 · 3 answers · asked by Olivia 3 in United States

2007-11-06 02:37:27 · 6 answers · asked by Anonymous in United States

When i first filed for Chapter 13 bankrupt i was told that the law firm fees will be $2,500 and $90 for the over the telephone financial counselor , for a total of $2,590.00 . My attorney lost the case and said not to worry I'll just re-filed your case. So i signed all of the documents without reading them ( i thought i could trust my attorney no need to read) , well i got had. Now the same law firm tells me i owe them an additonal $3,550 so in all I would have paid them totally $6,000.00 and the financial consultants /counselors a total of $140.00. so in all i am out of $6,140.00. In the begining all of my bills only came to $10,300 which included my 2nd mortage and credit cards.
I know i signed the papers without reading but is there any re-course. I really feel i been had. Now i am in debt for much more and all the payments are going to the Trustee to pay all of my bills which is fine but I hope someone can help me understand this better and at least give me some hope.

2007-11-06 02:35:23 · 1 answers · asked by beverly c 1 in United States

I have taken out student loans and have recieved a few hundred dollars in grants. I have 3 kids and a wife that stays home full time. We usually get back a nice return, as I pay in a lot. Will I get a bigger refund this year being a full time (online) college student and still working 65 hours a week? Or will they take more than usual? I know nothing about it.

2007-11-06 02:30:36 · 8 answers · asked by Jules 2 in United States

FOR MY 2007 FAFSA I FILED AS HEAD OF HOUSEHOLD. IF MY FATHER WANTED TO CLAIM ME AS A DEPENDENT ON HIS TAXES WILL HE BE ABLE TO DO IT?

2007-11-06 02:28:27 · 2 answers · asked by chloerochelle102887 1 in United States

If so please explain why

2007-11-06 02:14:51 · 6 answers · asked by Anonymous in United States

I have health insurance totaling $65 per week. I think that's taken out BEFORE my gross income is taxed. I'm just trying to figure out if my employer is taking out enough taxes on me.

2007-11-06 01:49:02 · 2 answers · asked by Amber 1 in United States

Good morning
I recently withdrew 89,000 from my 401k as a hardship w/d and paid tax as ordinary income plus 10% penalty. Fine. My company offers a pension plan that uses annual income to calculate payments. Since the 89,000 w/d was counted as ordinary income, I should be able to add it to my income in the current year (60,000 normal annual income) to come up with 149,000 in annual income for pension calculation in 2007. Comments? thank you very much for answers. Due to complexity of this topic, If possible pls cite US tax code or cases supporting your answer

2007-11-06 01:38:40 · 2 answers · asked by Steve F 1 in United States

I am on medicaid and do not want to get kickedoff, so can I invest this into something that will make it not claimable as income. This is an inhertance but given as a gift.

2007-11-06 01:30:06 · 5 answers · asked by sandra b 1 in United States

I'm trying to guesstimate how much my federal income tax return might be. When using a tax estimator, it asks for the federal income tax amount withheld. Is FICA included in that?

2007-11-06 01:21:32 · 0 answers · asked by Amber 1 in United States

The IRS increased the mileage allowance in 2007, I was wondering if they increased the car allownca as well.

2007-11-06 01:04:16 · 2 answers · asked by michele h 1 in United States

Will this affect my tax return for the upcoming year? I usually claim Head of Household and qualify for the child tax credit but have always claimed 0 on my W4. Will changing this affect my tax return?

2007-11-06 00:06:57 · 6 answers · asked by Anonymous in United Kingdom

i have 10 children total,1-8yr old daughter with downes,all home or privately schooled,not accepting any financial support from our gov.wondering if it is right that i have to pay approx.4000.00 to taxes

2007-11-05 23:52:12 · 6 answers · asked by j_walshjr 1 in United States

When I did my taxes last year I used turbo tax and itemized,I mean they held my hand through the whole process and I put the numbers in the corresponding boxes and that was fine with me.I got one of my best returns back,now a couple months ago I got a letter from my state saying I owe 960.00.What gives?Am I at fault or is Turbo Tax to blame?

2007-11-05 22:35:59 · 5 answers · asked by scott g 1 in United States

into the details it just so happens that it is their own charity (Jamie Oliver and Sharon Osborne to name but two).

How do they do this please, can ordinary folk do it?

2007-11-05 18:44:13 · 9 answers · asked by georgeygirl 5 in United Kingdom

My insurance company is giving me a check and will be reported as a 1099-MISC to reimburse me for the taxes i will have to pay the IRS because of a mistake that was made by them.

Being that this check is being dispersed to me to repay the tax consequences I will incur due to their mistake, I want to make sure im not going to be responsible for any additional taxes on this reimbursement amount.

Can anyone clarify how this amount will be treated or if there are any special steps or notations i should make when I file my return?

2007-11-05 15:58:50 · 6 answers · asked by BoilerRoom 2 in United States

my employer will not allow me to report tips to have taxes deducted from my paycheck. Is this Legal in Pa.? If so, is there a way I can fill out my W-4 form to save me from paying out at the end of the year? Can I guestimate how much I will make each pay period and enter that amount in the extra $$ withheld each pay box on the W-4 form? My employer is foriegn and is tax exempt I guess because they told me not to worry about reporting tips. They said I do not need to because it is a family owned business. Is there any possible way this is true? I have asked several other servers (that are not tax exempt) how they report their tips and they all said they don't. This really bothers me. What they do is their business but, I have a little girl and cannot afford to pay out at the end of the year. Any help or any ideas on where to get help would be greatly appreciated. Thanks to all in advance!!!!!!!!!!!

2007-11-05 15:44:24 · 9 answers · asked by BefTweety 3 in United States

I'm thinking about hiring employees even though I'm in business as sole proprietor. I plan to change to LLC when resources allow. Need to know how much % I should set aside for employee overhead costs. I have heard 15% and 25% and need to know before I enter into an agreement for aditional work that will require more help. If I pay said employee $15 hr. how much would I need to charge to cover state - fed amounts? I also plan on getting an accountant after I know this is in contract, and will be able to afford their service. If I'm not mistaken self employment taxes are around 15%, but does that rule hold true for employees, or is it more?

2007-11-05 14:41:23 · 4 answers · asked by offi90 2 in United States

2007-11-05 14:38:09 · 3 answers · asked by only me 2 in United States

Are the homeowners stuck with paying the 50% gift tax as if they won a Corvette on a game show? How do they afford the increase in their property taxes after the show has increased the value of their homes? These people couldn't afford to make the improvements themselves....that's why the show does it for them. But, that's JUST like winning money/prizes on a game show. You have to pay gift taxes on that stuff. How many families have had to sell the house because they couldn't afford the increased property tax due to the increased value of the house??

2007-11-05 14:26:05 · 5 answers · asked by skonk2 1 in United States

Im 16, ill be making more than 10k this year from selling computers and such over ebay... but i dont want to file as self employed and have to pay all those social security taxes and all that stuff....

So if i get a job and still make less at the job than by myself would i still have to file as self employed?

2007-11-05 14:25:43 · 5 answers · asked by Anonymous in United States

2007-11-05 14:01:56 · 4 answers · asked by Elle 3 in United States

Goodwin Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $13,944. All sales are subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable and sales. (Round your answers to 0 decimal places. For multiple debit/credit entries, list accounts in order of magnitude.)

March 16 DEBIT CASH $13,944
......................CREDIT SALES $13,247(incorrect!
CREDIT SALES TAXES PAYABLE $697 (incorrect!)
The only thing incorrect is the 2 numbers. What am I doing wrong?

2007-11-05 13:58:36 · 2 answers · asked by Anonymous in Other - Taxes

Let's say I purchased and sold stocks short term since May. My total losses are $-3000
Next month (Dec) if I were to make a profit of $5000, would the tax due be:
5000
-3000
------
+2000 x 25%= $500?

OR

5000x25%=$1250?

I've looked this up, but found nothing as cut and dry as the above example. Is it that simple or am I missing some factors?

By the way, I fall into the 10-15% tax bracket.

2007-11-05 13:42:00 · 6 answers · asked by james24 3 in United States

hi,
How do I get my super back when I leave Australia to head back to the UK I also do no want to pay someone to do this for me. thanks

2007-11-05 13:39:06 · 3 answers · asked by sourcit 1 in Australia

I have heard that if a couple has more than 6 children they are not required to pay Federal taxes. Does anyone know if that is true?

2007-11-05 13:33:37 · 6 answers · asked by delzaray 1 in United States

2007-11-05 13:29:14 · 5 answers · asked by MS R 1 in United States

Job #1 has very flexible schedule, and job #2 has semi flexible schedule. Job#2 is managing a very quiet gallery basically sending email/answering calls/sending out flyers. Most of time, I am just sitting around, but I need to be there. And I can definitely do another part time (job#1), but they want me to work full time now (this is off site telecommuting job for blogging website)

Question I have is......Am I even allowed to do that?
When they mail out W2 forms at the end of year, would they automatically know I am also employed at another company?
Do I need to inform both employers? I see this many times, usually more of top level people who hold title of director or manager or chairman to 3 or 4 companies.

Also......How will I be taxed? Combine both W2, and tax on total?
Thanks.

2007-11-05 13:07:33 · 5 answers · asked by questionsunanswered 1 in United States