United States - October 2006

I know that one of the requirements for being able to deduct educational expenses, regardless of whether or not it qualifies the employee for a new trade or business, is that the employer requires the further education in order for the employee to retain his/her current employment status. In this case, the employee in question is the sole officer and employee of an S corporation. He has an Illinois Real Estate Broker's License and decided that it would be beneficial to also obtain a CPA license to use in conjunction with the RE Broker's license. Can he require himself to obtain a Master's of Science in Accountancy degree to get the 30 qualifying hours for the CPA exam, thus allowing him to deduct the expenses?

2006-10-13 14:52:45 · 4 answers · asked by Anonymous

Okay I got my first pay cheque in the US, in Texas.... What are these tax terms..... What the hell is W/H TAX??!?!?! HELP !!!
Do I get any of it back ?!?!?!?!?! maybe?

FICA-OASDI
FEDERAL W/H TAX
FICA-HI

2006-10-13 13:52:31 · 5 answers · asked by swma76 2

I am under 18 and I am filling out a W-9 form because it is required for us referees in Austin, TX. Do I sign the part in Part ll or does my parent/guardian? No bad answes plz

2006-10-13 13:34:20 · 3 answers · asked by A 3

2006-10-13 12:02:56 · 4 answers · asked by ameylee 1

2006-10-13 10:54:48 · 2 answers · asked by james s 1

I work at a grocery store and so many people come in there with like 6 kids, their nails done, and they are buying steak and icecream with food stamps! It makes me so mad because they don't have a job or are just having kids to get foodstamps! Im sick of my taxes going to people like that. How do you feel about it?

2006-10-13 10:15:07 · 12 answers · asked by jkeys00 3

Let's say I have 80K in adjustable gross income, and a capital gain of 200K from sale of a non-primary residence real-estate that we have owned for more than one year. The filing status is "married filing jointly."
Here is a link to the 2006 tax schedules:
http://www.irs.gov/formspubs/article/0,,id=150856,00.html

Will I pay "$8,440.00 plus 25% of the amount over 61,300" for the 80K plus 15% of the 200K capital gain?

Or will I pay "$42,170.00 plus 33% of the amount over 188,450" for the entire $280K? So is the 15% capital gains tax an extra tax on the 200K?

I think I'm getting confused because I thought short term capital gains were taxed at a regular tax rate, but long term capital gains got the 5% or 15% tax rate. So how is the 15% applied in combination with the rest of my adustable gross income?

Thank you for any information that you can provide.

2006-10-13 09:43:28 · 4 answers · asked by quizzable 1

I have a list of all of the issues that I have purchased over the last 20 years. The comic books were "bagged and boarded" prior to their sale. I have not sold all of them yet. They are not being sold as an entire collection. So far, 100 of 4000+ comics have been sold.

2006-10-13 09:29:29 · 9 answers · asked by mlviola 1

2006-10-13 09:02:20 · 3 answers · asked by Connemara E 1

I need help. I've done tons of research but neet to know if anyone can point to to a definite answer. I spent 17 months building a house only to find out 2 weeks before closing on it that my husband was being let go from his job. He works in a highly specialized feild and we had to move to another state to find work for him. Needless to say we sold put the house up for asle the same day we closed on it. We bought it for 398k and since it too 17 mos to build sold it for 560k. We owned the home for 3 months before we sold it. My question is are we eligible for any kind of tax break on the capital gains because of the unforeseeable circumstances (moving for a job)? The irs mentions this, but doesnt go into detail. I need to know so i can plan in advance or find out if i am going to be stuck with a huge tax bill. My profits went into our new house in the new state, so I need to start planning now.

2006-10-13 08:48:00 · 11 answers · asked by Anonymous

It's actually a large lone so I can pay off my bills, I will have to pay it back, but how do I put all this money in my acct. without the IRS snooping arould?

2006-10-13 08:38:20 · 11 answers · asked by Anonymous

I am a college student and it is my first time doin them.

2006-10-13 07:42:18 · 6 answers · asked by cowboyup 2

Hello my wife is deaf and partially blind we are forking out almost 5k on service dog training. Does anyone know or can reference anywhere I can find out if this would be tax deductible? Also does anyone know if Hearing aides are tax deductible?

2006-10-13 06:38:32 · 3 answers · asked by ncblkgy 3

My wife worked before we had kids,and had almost all the s/s credits she needed to draw s/s when she retires. She is going back to work now,17 years later. Will she have to start from scratch,and lose all those credits? Or will she be able to pick up where she left off,and earn the few quarters of s/s that is needed?

2006-10-13 06:15:17 · 3 answers · asked by q1mixer 2

The details:
I am going to have a fairly large capital gains this year. I understand that if I am in the 15% or lower tax bracket, then my capital gains will be taxed at 5%. If I am above 15%, then my capital gains will be taxed at 15%. (I've held it for more than 1 year)

Therefore, If I can get into the 15% tax bracket, I will save 10% on my capital gains taxes. Let's say the capital gains was $200K, and my adjusted gross income looks like it will be $9K over the 15% tax bracket cutoff for my non-captial gains tax income. Therefore, if I could get in the 15% tax bracket I would save 20K on my captial gains taxes because it would only be taxed at 5%. So if I donated $9K to charity and it put me in the 15% tax bracket, I would still be $11K ahead.

However, is this possible? From looking at the IRS website and last year's Turbo Tax, it is not clear to me if charitable giving can actually put me in a lower tax bracket.

Thank you for taking the time to answer my question.

2006-10-13 04:44:48 · 6 answers · asked by quizzable 1

2006-10-13 03:06:59 · 10 answers · asked by teddy_pebbles 1

I'm doing research because I live in NY and my husband and I are tried of the ridiculously high tax rates. I just wanted to look at a list of the states from low to high as far as what their tax rates are. If anyone can help me I would greatly appreciate it.

2006-10-13 02:59:34 · 3 answers · asked by schmoopie1111 1

I have a relative that is giving me approximately $225K. The relative will be cashing in savings bonds. Some of the bonds have my name on them (around $50k), the rest just have the relative's name.

How does the taxes work in this situation. What is the relative's tax burden, and mine? How do we report it? Is there any way to avoid taxes (ie: one time gift allowance)?

I am in the state of Texas, so there is no State Tax. The relative is in Louisiana, so there is a State Tax.

2006-10-13 02:12:02 · 3 answers · asked by Anonymous

2006-10-12 22:58:33 · 2 answers · asked by Anonymous

I am new to filing as an independant contractor. I read I will need to file quarterly but also saw this on a site:



Who Must Pay Estimated Tax

If you had a tax liability for 2005, you may have to pay estimated tax for 2006.

General Rule
You must pay estimated tax for 2006 if both of the following apply.

You expect to owe at least $1000 in tax for 2006 after subtracting your withholding and credits.
You expect your withholding and credits to be less than the smaller of;
90% of the tax to be shown on your 2006 tax return, or
100% of the tax shown on your 2005 tax return. Your 2005 tax return must cover all 12 months.


Now does this mean that if I am able to qualify for the eic that I will not have to pay quarterly because I would be owing less than $1000 in taxes? Sorry if this is a dumb question, just so lost on how to file as an independent contractor. Hope all this makes some sort of sense.

2006-10-12 19:12:14 · 6 answers · asked by Jen 1

I'm looking to download this form free of charge. Any link that would help? LOS ANGELES, CALIFORNIA.

2006-10-12 16:48:31 · 4 answers · asked by Smokey76 3

first credit card, job informatoin any other info.

2006-10-12 16:32:48 · 19 answers · asked by Guest... 1

2006-10-12 15:27:56 · 8 answers · asked by tndelger 1

state of massachusetts. 6 kids will inherit. do they pay or does dad's estate pay?

2006-10-12 15:27:21 · 8 answers · asked by guybee99 1

What would you recommend as a software program to track my investments?

I guess i could use Excel, but are there especially good programs to track my investments?

2006-10-12 15:09:45 · 1 answers · asked by nathan_strahl 1

If I live and work in Sugarland, Texas (Fort Bent County near Houston) and make $61,000 annually, how much should I expect each pay check (bi-weekly) after all applicable taxes? I would be filing as single, with no deductions (the option that takes out the most taxes). How do you arrive at the figure and where can I get this information online?

2006-10-12 14:26:19 · 3 answers · asked by iamstidi 1

IRS QUESTION! What is a W-9 used for?
a company is reimbursing me for something i paid in advance for them. now they want to pay me but want me is sign a w-9 why is that. will I have to taxes on that?

2006-10-12 13:37:48 · 8 answers · asked by Anonymous

I will have paid this amount above for this year .how will that effect my taxes at the end of 2007 when I file. Im not sure how the interest is deducted. Please explain

2006-10-12 12:22:54 · 5 answers · asked by Waterworking 2

2006-10-12 11:56:52 · 1 answers · asked by corpcheck1 2

2006-10-12 11:44:17 · 3 answers · asked by jezZzca 1