Taxes - December 2007

2007-12-04 15:52:19 · 2 answers · asked by Terry Y 1 in United States

My wife and I have always claimed 0 dependants and gotten the maximum amount taken out of our checks every week. I recently realized that in essence, we've been giving the government interest free loans for years. I decided that I would rather claim 10 dependants and withhold NO taxes. If I instead invested that money into a secure high interest savings account (such as a 4.5% savings account) I could instead reap the benefits of my earned income, and pay Uncle Sam his due January of the following year. I also wouldn't have to worry about waiting for the inept IRS to give me my refund, as it would be on hand.

Well, someone informed me that this doesn't work. They said Uncle Sam feels like he should have his portion throughout the year, not at the end. So my question would be, is there any way to LEGALLY do this? If I have to file a W-4, is there a way to possibly pay quarterly, so that I can earn interest on it as long as possible, then turn it in at the last minute?

Thanks!

2007-12-04 15:31:17 · 3 answers · asked by Chris W 1 in United States

I know that the 16th authorizes the government to levy taxes on income, that is not the issue, the issue is that wages earned from working is not income, it is technically an equal exchange of capital for labor. This may seem inconsequential, but I wanted to know if anyone has evidence to the contrary. Peace.

2007-12-04 14:57:48 · 11 answers · asked by Bennehanna T 1 in United States

Im the senator of NY in mock congress in my gov. class and im trying to create a bill that the tax cuts should be equal for everyone. Can someone help me learn more about this, if we make it equal for everyone, does that mean property tax goes up or sales tax?, what else should be taken into consideration? This is obviously a republican view and its just for my government class so don't get nasty please lol.

2007-12-04 14:53:28 · 3 answers · asked by little_miss_sunshinee 1 in United States

We were seperated the following tax year but not divorced, he was audited for filing single with 2 dependents. I filed with turbo tax and did the status and dependents according to how it guided me. Well it did not get into enough detail with turbo tax and it guided me wrong stating that he could file the kids on his taxes if they lived with him for 6 months out of the year. My two children are by someone else and he claims them every year with no problem. The IRS said that since they were not his blood relatives he could not claim them and now he is disqulified from the earned credit for 5 years. This coming January we have to file married joint and I was wondering if we would get the earned income tax for my kids even though he is disqualified.

2007-12-04 14:50:15 · 5 answers · asked by mychellturner 1 in United States

2007-12-04 14:48:17 · 5 answers · asked by parkeni 1 in United States

Im looking for a preferably free site that will give me states of tax deliquent properties and when they come up for auction. Thank you for your time.

2007-12-04 14:31:12 · 2 answers · asked by bettngrl 1 in United States

Can i claim my boyfriend of two and half years on my tax returns if he is 100 % dependant on me the only catch is that he is still married their divorce is not final yet?

2007-12-04 14:03:38 · 3 answers · asked by Neva L 2 in United States

2007-12-04 13:27:21 · 3 answers · asked by Real Man 2 in United States

If I am a single parent of a 7 year old, and didn't work last year but helped take care of my grandma and mom, will I be able to file income tax for the year 2006. I am a full time college student.

2007-12-04 13:26:26 · 3 answers · asked by curt 1 in United States

In Detail
1. How much % of tax deduct for married from the pay check?
2. Is above % will include FI Tax,SSTax,Medicare Tax,NJ State Tax and NJ SUI/SDI Tax.
3. what is meant by NJ SUI/SDI Tax

2007-12-04 13:16:32 · 4 answers · asked by Anonymous in United States

EXERCISE 10-1
Current liabilities

Rock On Magazine Co. sold 11,400 annual subscriptions of Rock On for $35 during December 2008. These new subscribers will receive monthly issues, beginning in January 2009. In addition, the business had taxable income of $140,000 during the first calendar quarter of 2009. The federal tax rate is 35%. A quarterly tax payment will be made on April 7, 2009.

Prepare the current liabilities section of the balance sheet for Rock On Magazine Inc. on March 31, 2009.

HOW DO YOU DO THIS I NEED TO KNOW

Current liabilities:
Federal income taxes payable
Advances on magazine subscriptions
Total current liabilities

2007-12-04 13:16:21 · 2 answers · asked by mmmhmmmm 2 in United States

2007-12-04 13:05:26 · 10 answers · asked by gemeneye25@prodigy.net 1 in United States

curious (we were learning bout this in history so :)

no politics involved or anything just a question
thanks, i appreciate it!

2007-12-04 13:03:12 · 4 answers · asked by ♥ mimi ♥ 7 in United States

2007-12-04 12:49:50 · 4 answers · asked by mizzredd78 1 in United States

I'm thinking of doing my taxes this year. I plan to buy Turbo Tax, and a book called 1001 Tax Deductibles and research which ones I am elegible for... but is it better for a professional to do it?

2007-12-04 12:02:04 · 6 answers · asked by greenconfidence 2 in United States

I have to purchase an order and need to know exactly what value it is.

2007-12-04 12:00:56 · 3 answers · asked by Live Laugh Love 6 in United States

I invested 13,000 dollars through an online trading company and have made many trades over the past 8 months. My current balance is around 14,500. How would I figure out the taxes that I have to pay on the money that I made(1,500) ? Please give me as much detail as possible.
Thanks

2007-12-04 11:58:17 · 3 answers · asked by B 1 in United States

Please, no lecturing, I know I've done a horrible thing, I didn't request my money back right away. Now, finally, in Dec of 07 I have finished my return. I had an accountant that jacked me around, henceforth I started doing it myself. I have w-2 income, 1099s, and business, so it takes forever! Now, that I'm finally done, if I send this in, will I still get my money back?
Thank you!

2007-12-04 11:49:49 · 4 answers · asked by Anonymous in United States

Who has the legal right to do this? Can credit card companies do that? My boss told me that only the IRS can do that if I mess up my taxes.

2007-12-04 11:29:37 · 5 answers · asked by Anna Rexia 5 in United States

I own two companies, each is a totally separate LLC. One is a real estate business with a large mortgage. The other is a retail profitable retail business. I want to sell the retail business and use the proceeds to pay the debt from the real estate venture. Can I do this without paying capital gains taxes on the sale of the first?

2007-12-04 11:28:57 · 3 answers · asked by Anonymous in Other - Taxes

Theoretically, if I get paid twice a month, how much money will I actually take home post tax / social/ medicare, etc etc, if I make $13,000 in one paycheck? I live in Southern California.

2007-12-04 10:52:34 · 3 answers · asked by Anonymous in United States

I want to file bankruptcy in March of 08. I wouldnt file until after I cashed my income tax check so that I could pay to file. My question is, if I get a 5000 dollar income tax check, I spend a 1000 on the bankruptcy, do I get to keep the leftover 4000 and spend it on whatever I want? And what about the following years when I file my income tax, do they get taken as well? I would be filing a chapter 7 I believe. If thats the one that writes off your debts.

I live in Kansas

2007-12-04 10:47:20 · 7 answers · asked by Anonymous in United States

2007-12-04 09:30:50 · 3 answers · asked by Anonymous in United States

Does one have to claim dividends received from stock on taxes if that person automatically has those dividends reinvested?

2007-12-04 09:10:03 · 3 answers · asked by Entrepreneur 3 in United States

2007-12-04 09:04:22 · 2 answers · asked by boggie31778 2 in United States

2007-12-04 09:03:01 · 2 answers · asked by Faith E 1 in Other - Taxes

I'm just dumb when it comes to this.

2007-12-04 08:47:44 · 6 answers · asked by cwaller0513 2 in United States

ppl that are on death row... do some of our tax money go towards them??

2007-12-04 08:30:03 · 3 answers · asked by ThE BrAiN 2 in United Kingdom

My previous question did not contain enough details.
Married filing seperately/no dependents/no deductions/under 59 years old
Earned 86K in salary and bonuses
Cashed out 58K from 401k
20% withheld from 401k cash out
Federal taxes witheld YTD is 20k

Thank you very much to the folks who responded to my earlier positng of this similar question

2007-12-04 08:26:22 · 3 answers · asked by notsobrite 1 in United States