United States - July 2006

if my son, now 15, has a income of 10,000,and filing his own tax return, how does it have impact on my tax return?-can i claim him, if he opt not to claim on his tax return? would i be eligible to claim child tax credit?
if i am an illinois resident, how it affects on my state return? how much amt he would be paying state tax on?

i am eligible to claim him as a dependent, as i have supported him fully and living with me etc provided he dont claim.and if he dont claim on fed1040, he wont be able to claim on il1040 either.
the thing is which one best suites for a family as a whole. if he files his tax return, he would be paying tax on 5000$ @10%,considering he is not contributing to ira and not claiming himself as a dependent. whereas i would be saving tax of my bracket on 5000, but still eligible to claim him as adependent...so can reduce tax liability on3200$ by claiming his exemption.am i getting it right?

2006-07-03 11:34:05 · 4 answers · asked by belashah6 1

2006-07-03 11:02:03 · 2 answers · asked by SuzeY 5

if my son, now 15, has a income of 10,000,and filing his own tax return, how does it have impact on my tax return?-can i claim him, if he opt not to claim on his tax return? would i be eligible to claim child tax credit?
if i am an illinois resident, how it affects on my state return? how much amt he would be paying state tax on?

2006-07-03 11:00:57 · 5 answers · asked by belashah6 1

I am 14, working at a corporation that is incorporated,during summertime.AM I EXPECTED TO PAY SOCIAL SECURITY AND MEDICARE TAX?IS MY EMPLOYER EXPECTED TO DO SO?

2006-07-03 10:43:49 · 3 answers · asked by nsbball07 2

2006-07-03 09:45:00 · 5 answers · asked by Arto G 1

2006-07-03 07:09:50 · 5 answers · asked by sopranocapo2006 1

2006-07-03 05:42:15 · 5 answers · asked by Danny B 1

I'm working part-time here in PA. But I am a New York resident. When it comes time to file for taxes (early I know, but might as well find out), do I file in NY or in PA?

Thanks.

2006-07-03 05:06:16 · 4 answers · asked by JiggaMan 2

My business was a corporation in Indiana from 1999 to 2005. I filed bankruptcy on it 10/2005. I was declared permanently disabled in 2004 and will never be able to work a regular job. I have unpaid or underpaid 941 quarterly taxes due for various quarters in 2003, 2004 when I became disabled. Can the IRS garnish the $1,059 I receive from Social Security each month or are these funds exempt?

2006-07-03 05:01:16 · 5 answers · asked by Cass 1

2006-07-03 04:06:59 · 6 answers · asked by anubis m 1

2006-07-03 03:38:59 · 8 answers · asked by Tennis Angel 3

and how is it fair the families with children (who eat up lots of resources) pay less?

Why is this fair?

2006-07-02 22:30:15 · 7 answers · asked by My Big Bear Ron 6

sales tax (or any other tax) to the city, county or to the seller?

2006-07-02 15:57:54 · 10 answers · asked by Mega 1

does buying a home affect your earned income credit?

2006-07-02 15:28:37 · 2 answers · asked by pooh bear 4

2006-07-02 06:16:00 · 7 answers · asked by tasha978 1

2006-07-02 03:46:21 · 10 answers · asked by southernmd 1

2006-07-02 03:42:33 · 16 answers · asked by al g 1

I need to know it is part of our assignment to go to their website.

2006-07-02 02:57:21 · 2 answers · asked by pamela 2

what do i put on my first w4 form?
im 17
single
no dependants
but i am a dependent

2006-07-01 16:33:47 · 10 answers · asked by Anonymous

These can pay for her grad.school, and since she'll be earning money just from a part time job, her income tax on them would be so much less than mine, if i cash them in for her.

2006-07-01 14:28:00 · 4 answers · asked by mollie 2

2006-07-01 11:48:50 · 3 answers · asked by victorhugo 1

i am single no kids and 17 what do i fill out on the w4 form?

2006-07-01 10:46:41 · 5 answers · asked by Anonymous

is there a list of tax exempt items in Pennsylvania. specificaly is there tax on furniture?

2006-07-01 08:25:59 · 3 answers · asked by sisters586 2

i am a student with no income, but i have some deductions related to tuition and job seeking expenses. can i deduct these and carry them forward to next year when i have income?

2006-07-01 08:05:22 · 5 answers · asked by DS 1

I hired a live-in nanny for the summer. What computer program can I use to manage wages and tax information?

2006-07-01 05:41:32 · 5 answers · asked by ŧťŠ4

My son's girlfriend says she can claim my son as a dependent because he is disabled and lives with her and she supports him, she also says she can claim her sisters son as long as no one else claims him. In other words she thinks that as long as no one else claims someone as a dependent if you have their social security number you can claim them on your taxes as a dependent as long as they live with you and you support them. Is this correct?

2006-07-01 02:54:21 · 10 answers · asked by ogolindaq 1

2006-07-01 01:16:14 · 9 answers · asked by boo 1