United States - July 2007

Hi everyone,

Ok, I've been watching my niece typically 5 days a week all year. I drive to my brother's house to do this. He pays me for this and I plan on claiming the earnings on my tax return, especially since he's claiming what he pays me for the child care credit on his return.

I've kept very careful track of my earnings, mileage, tolls, and maintenance on my car all year.

I was wondering if there's any type of calculator or formula I could use to determine approximately how much in taxes I'm going to have to pay. I know I'll have to file a schedule C in January. But here's what I'd really like to know - if the year ended today, how much would I owe? It's more curiosity than anything.

Thanks!

2007-07-17 04:51:30 · 5 answers · asked by CatTech 3

If so what percetange can they take for back taxes owed?
Or will they just cart me off to the pokey?
Is this a big deal or should I go see the tax man before I make a move.
I had a 100 fee turn into 4,000 dollars,and I had about 20 grand total gambling winnings from last year I need to pay on,any advice?(that 100-400 was from about 3-4 years ago)
Please don't rip me a new one thoughful answers appreciated and I thank you in advance for your time.

2007-07-17 04:35:55 · 5 answers · asked by FYIIM1KO 5

again, my husband screwed up on last years W4 form. I am changing it now so we hopefully will break even and not owe anything. I am checking the box for married but withhold at a higher single rate. If I chose 5 allowances, does that mean they are going to keep even more money from his weekly checks? Please explain this to me!!!

2007-07-17 04:21:04 · 4 answers · asked by Lyss 2

2007-07-17 04:01:33 · 3 answers · asked by Chris H 1

I am enrolled in a cafeteria plan for daycare. When my regular lady is gone, I have my Mother-In-Law watch my boy and pay her. How much can I pay her for before she has to claim it on her taxes?

2007-07-17 03:33:40 · 5 answers · asked by Anonymous

I live in Maryland and work in Virginia.

2007-07-17 02:52:36 · 3 answers · asked by Anonymous

OK so my husband and I purchased a timeshare last August.

SOO far and it seems like all travelling that we'll be doing under it is for business.

Can I write it off as a business expense? What about 30 years from now when we're old and retired and still using it, it'll be long paid off but will it cause issues?

2007-07-17 02:14:23 · 3 answers · asked by Nic. 3

I inherited a house from my father, through his irrevocable trust. He died, almost to the day, when we get our taxable assessment from the Michigan township where we live. Should I use the township assessor's value instead of paying an assessor, to calculate the value of his estate? It's simpler, and saves me a few bucks. Or should I get the house assessed now to pay lower taxes on the 'stepped up' value of the home later, when I eventually sell it, probably in 7-10 years. Will getting an assessment on the house's past value be a big headache down the road? A big expense?

2007-07-17 02:08:27 · 7 answers · asked by Anonymous

Please tell me if any of this interest would be on schedule B.
*Investment interest on stock margin account
*Auto loan interest (auto was paid for by a home equity loan on residence)
If these don't go on Schedule B would either of them go on Schedule A? Thank you!!

2007-07-16 19:39:44 · 1 answers · asked by angel_rat_83 1

2007-07-16 19:18:49 · 3 answers · asked by Jon D 1

*Contributions to Perpetual Perpetuity Catholic Church
*Tuition to Perpetual Perpetuity Catholic School for son
*Contribution to an educational savings account

2007-07-16 18:02:00 · 4 answers · asked by angel_rat_83 1

If yes, what are the tax implications?

2007-07-16 16:36:25 · 1 answers · asked by HEALTHYWEALTHYWISE 1

I want to receive my gross income and put in the bank and pay Uncle Sam in quarterly installments. What exactly do I need to fill out on my W4 form?

2007-07-16 16:13:37 · 8 answers · asked by Rick E 1

2007-07-16 15:37:55 · 2 answers · asked by lil_red41 1

2007-07-16 14:27:39 · 2 answers · asked by Sam 2

2007-07-16 14:01:37 · 3 answers · asked by Bill D 1

I was given money for a down payment. I know that the giver of the gift may be subject to gift tax, but do I declare it as income and pay tax on it as well?

2007-07-16 13:25:46 · 7 answers · asked by Stuck_in_Finance 1

I am currently young, but curious what tax laws would apply with withdrawing this money if I moved out of the country and obtained citizenship elsewhere...

2007-07-16 13:00:33 · 2 answers · asked by Ben B 2

2007-07-16 12:26:24 · 2 answers · asked by Anonymous

2007-07-16 12:16:47 · 5 answers · asked by Jarvis O 1

My husband works with his father, which owns his own company. As of right now, my husband is responsible for his own taxes. Now his father is talking about putting him on salary taken out taxes, and at the end of the job, and after overhead, giving a bonus. My husband works alot of hours as of now, and makes a good living for our family. I have tried to look online about small businesses, so maybe I could learn alittle more about it so I would seem so dumb when he talked about all this in front of me. But, of course it all cost a pretty penny to take this courses. So if anyone has any answers that I could use I would appreciate it.

2007-07-16 11:49:43 · 1 answers · asked by sharilyn i 1

Will i get more on my refund next year? I'm claiming Married w/ 1 dependant. Also any guestimates on what i would get?

2007-07-16 11:40:21 · 3 answers · asked by Anonymous

I work with a wedding consultant who pays me a percentage of every wedding I work, so I never know how much I will be paid. How do I know when and how much I should pay for quarterly taxes?

2007-07-16 10:52:00 · 3 answers · asked by Shelli A 1

I have recetly made a dramatic jump in tax brackets. In other words I just graduated form college and now have a good job. How do I keep the "gubment" from taking it all?

2007-07-16 10:36:53 · 7 answers · asked by Anonymous

I'm looking at a 1031 exchange for a property in the area where I plan to retire.

After the exchange completes, how long must I rent the new property out before I can move in and make it my primary residence without incurring a penalty or taxes related to the exchange?

2007-07-16 10:19:23 · 5 answers · asked by Anonymous

Due to some massive tax credits and deductions I was in the 10% tax bracket last year. Due to further investment in a business, I'm looking at the 10% bracket once again. If I withdrew $100K from an IRA rollover (it used to be a 401k, now it's an IRA) what would I be hit with? 10% tax plus the 10% penalty or would I be hit with my tax rate at the time of accumulating the 401k (33% or so).

Thank you Yahoo Answer Community in advance!

2007-07-16 08:42:35 · 6 answers · asked by Anonymous

just a question, i'm 19 so i'm not really familiar with taxes...if you are accepting payments from people on an item thats electronic delivery, for example like webdesign layouts etc...if you are not charging people taxes on it, it's just 1 set price, do i have to pay taxes on it?

2007-07-16 08:39:17 · 4 answers · asked by Anonymous

I have a significant stock sale that will occur in November. Income from this sale will create withholdings < 90% of my 2007 taxes. I cannot take advantage of safe harbor b/c last year's tax was very high.

If I make an estimated tax payment after the sale in November, will I be penalized for not making payments in previous 2007 quarters? If so, is there anything I can do to prevent this?

2007-07-16 07:45:21 · 4 answers · asked by on.base 1

2007-07-16 07:42:32 · 7 answers · asked by mistagauge7 1

2007-07-16 06:28:29 · 6 answers · asked by jay p 1