United States - August 2007

If so is there a limit and would you have to prove it with a reciept or something?

2007-08-04 05:12:19 · 7 answers · asked by Romell M 1

My husband has recently become an independant contractor and I'm left to figure out the tax aspects of the deal. I know that 15.3% of the income is withheld for SS and Medicare, but what is % then for the actual Federal Withholding? I am guessing it's around 5% for the Ohio and school district, so any help yuo can give me would be GREAT!!!
Thanks!

2007-08-04 04:39:24 · 5 answers · asked by Anonymous

if I get married and still owe taxes can they take my wife's income tax return to off set what I owe?

2007-08-04 02:58:34 · 5 answers · asked by mattbf2003 3

2007-08-04 02:45:09 · 3 answers · asked by M. S. 1

Where in our system is it stated in writing that we have to pay taxes? Websites please!

2007-08-04 02:13:30 · 4 answers · asked by mel28shore 2

my girlfriend and I were curious how much would she possibly get back? She gets $13 an hour but she works overtime alot and for a two week check it would be $1400 and $300 goes to taxes roughly what kind of return would she see at that rate?

2007-08-04 01:49:12 · 5 answers · asked by biking for life 4

This question is strictly based upon the tax-rate for a full-time employee on salary vs. a full-time employee paid hourly.

Please assume that they have the same tax information and earn the same amount of money when the salary is converted to an hourly rate or vice versa.

2007-08-04 01:44:35 · 8 answers · asked by The Dude 3

I'm planning to buy some Jessica Simpson cosmetics from eBay. The seller's location is in Canada and I plan to ask the seller to ship the items in my relatives' address in the US. I wonder if they'll be charged of custom taxes and if they have to go to the post office to get the items. Thanks! =)

2007-08-03 23:12:53 · 2 answers · asked by Bambi 1

I have a friend that works for cutco and he does not get a pay check stub, he says he don`t have to pay any taxes one this money. I though you had to pay taxes on all money made? Or will he be hit at tax time?

2007-08-03 22:52:46 · 5 answers · asked by ida s 1

Tax deductions generally come when earnings are reinvested, back into the businesses. Based on projections, the year should end in a 225K to 275K net profit (this incorporates costs + a maximum IRA). W/ tax-code section-179 in play, a business can deduct ~100K w/in a single tax/yr rather than via the typically longer, multi-year depreciation process. New equipment purchases should absorb ~ 100K; this in turn will allow the business to act on the benefits of section-179. Efficiently utilizing the remaining ~200K is the challenge. Developing & exercising viable & legitimate investment/deduction opportunities is in a sense the goal. Most ideally, I had hoped that the additional funds could serve as a business investment in the form of a business property down-payment (i.e., for a new corporate office). A balloon down payment, to my understanding, however, can not be, as in section-179, taken as a deduction entirely w/in the same year. I am requesting feedback on the topic, and I hope that those with stronger backgrounds/experience will shed light on my self and the group. Clever (above-board) strategies that promote tax deductions are certainly welcome.

2007-08-03 22:50:21 · 2 answers · asked by CU4T&Z 1

Tax deductions generally come when earnings are reinvested, back into the businesses. Based on projections, the year should end in a 225K to 275K net profit (this incorporates costs + a maximum IRA). W/ tax-code section-179 in play, a business can deduct ~100K w/in a single tax/yr rather than via the typically longer, multi-year depreciation process. New equipment purchases should absorb ~ 100K; this in turn will allow the business to act on the benefits of section-179. Efficiently utilizing the remaining ~200K is the challenge. Developing & exercising viable & legitimate investment/deduction opportunities is in a sense the goal. Most ideally, I had hoped that the additional funds could serve as a business investment in the form of a business property down-payment (i.e., for a new corporate office). A balloon down payment, to my understanding, however, can not be, as in section-179, taken as a deduction entirely w/in the same year. I am requesting feedback on the topic, and I hope that those with stronger backgrounds/experience will shed light on my self and the group. Clever (above-board) strategies that promote tax deductions are certainly welcome.

2007-08-03 22:47:45 · 3 answers · asked by CU4T&Z 1

I am paying monthly installments on back taxes less than $25k ($38k with interest and penalty). I was turned down a few years ago on my offer of compromise and my appeal was denied, both on technicalities in my opinion. Is it possible to now negotiate a reduction like another offer in compromise?
I have been paying all other tax years on time with no problem.
Firms that offer such IRS negotiation services....are they legit or a ripoff for someone in my situation now? How much would they likely charge to do this if it is possible?

2007-08-03 21:56:55 · 2 answers · asked by ras d 1

Me & my wife bought our first business(a tiny 600 sqft neighborhood market that sells groceries, beer & wine and lottery). We don't have any employees. We just do it ourselves. The market is located in LA county just south of city of Los angeles. Should we hire a CPA to do our taxes and accounting or can we do it ourselves? Is it hard to do it ourselves? Is there a free help online or someplace so that we can do it ourselves? What should be careful about?

2007-08-03 18:47:04 · 6 answers · asked by Anonymous

2007-08-03 18:43:33 · 6 answers · asked by angel_rat_83 1

2007-08-03 18:07:58 · 4 answers · asked by angel_rat_83 1

Or How about if the Sole Proprietorship spends all the income the business makes. Is there any point in noting it since there isnt any additional income?

2007-08-03 16:15:33 · 6 answers · asked by Anonymous

someone bought my house for back taxes. i was told i can get the difference from what they paid for the house and what taxes i owe. the difference is almost 50,000. this was 2 years ago. do i need an attorney to get it back or can i get it back my self.

2007-08-03 15:14:41 · 2 answers · asked by Anonymous

i just started a job for a carrier or messenger company, where i use my own car for my job. what can i get back at the end of the year? what receipts should i keep? i do live in california

2007-08-03 14:35:57 · 2 answers · asked by steven s 1

I like paypal, right now my employer is doing direct deposit, but I am changing my account and don't feel like giving him my new routing #. Is this okay for tax purposes, am I going to run into trouble if I use paypal for my employment status.

Regards

T

2007-08-03 12:59:10 · 8 answers · asked by XML 1

Im filling out an employee info setup sheet and it asks me to fill in the blank for both State Dependents and Federal Dependents... i can't even find the answer online! Im 21, live in an apartment with a roomate and my parents do not support me financially, and have not for years. Im single with no kids. What would be the answers???

2007-08-03 12:33:52 · 4 answers · asked by kandee143 2

2007-08-03 12:15:16 · 11 answers · asked by Chicoaa20 3

not doing bad things though!!!

2007-08-03 12:04:20 · 16 answers · asked by janet h 1

2007-08-03 12:02:20 · 5 answers · asked by janet h 1

I got married early this year. My wife is still out of US and may not be able to join me here, in the US, this year. She does not work currently in our home country either. Can I still add her as my dependent and get the tax benefits? What are the complications ?

2007-08-03 11:17:42 · 5 answers · asked by metallica rocks 1

I have stocks I received from my father over the years and would like to use it to purchase a home perhaps 2-4 years from now. Should I be selling it over the years to break it up or can I just sell it all as one lump sump before I decide to buy? What are the pros and cons of each approach? Thanks!

2007-08-03 09:34:24 · 4 answers · asked by Rez 3

2007-08-03 09:14:33 · 14 answers · asked by Anonymous

Correction to the last question... Actually I say husband, but we are not married yet. Honestly we just have never set aside the money and time really. We will someday. However, we do live together and have two girls together. We just moved to texas so we both are submitting new W2's, he has already put down 3 on his. I will start my job in a couple of weeks, what should I put???

Sorry for the previous question, we are just so used to saying we are married b/c it is just simply easier and better excepted.

2007-08-03 08:54:04 · 4 answers · asked by Hi-D 1

It would make things so much easier.

2007-08-03 08:44:50 · 6 answers · asked by Riley 3

2007-08-03 08:36:15 · 6 answers · asked by Anonymous

My husband and I have two girls. If my husband put an exemtion of 3 on his W2, does that mean that I can only put 1 on mine? Please advise how it works, I am so clueless!

2007-08-03 08:34:28 · 8 answers · asked by Hi-D 1