United States - September 2007

is FICA = Social Security + Medicare taxes deducted from my paycheck? Or is it something else?

Am I missing anything?

2007-09-27 04:12:25 · 4 answers · asked by Alekz 1

I am currently in a masters program. I pay $8400/ year for tuition. My employer remiburses up to $5000/year. Therefore, I am paying a net cost of $3400 out of pocket. Can I claim the $3400 as a tax deduction? No one claims me as a dependent.

2007-09-27 04:06:22 · 3 answers · asked by Scotty H 3

My only income is SS and I borrowed from 401K due to financial hardship, will I still have to pay taxes since my SS is only income and I'm on SS disability

2007-09-27 02:54:45 · 4 answers · asked by vmell6224 2

I’ve been self-employed for about a year now and I have recently started keeping more detailed expense records. Because I use my home and personal automobile for business related purposes a lot of my ‘personal’ and business expenses are crossing and I’m having a hard time figuring out how to keep my records. As I understand it, my Internet, Cell Phone, Rent, Electricity, and Mileage are all or partially deductible on some level. My problem is that currently I am using my personal checking account to make payments for all of these things. I do have a Business checking account that I recently opened as a Sole Proprietor under my SSN but haven’t started using it just yet. My question is should I use my business account to pay my Internet, Cell Phone, Rent, and Electric bills in addition to my fixed operating expenses and other standard business related payments? The only conflict I could see is that in some cases only a portion of those expenses are deductible. Will that be an issue?

2007-09-27 01:53:45 · 6 answers · asked by Keezee 2

Actually my question is this :

My friend is offered a "free ride" to a private school. All they need is her proof of independence from her parents, which means a few years worth of tax returns from both her parents and herself.

Her only problem is she's unwilling or unable to talk to her parents to get such paperwork.

So the question is, what other way can she prove her independence? I think subpoena is overkill, but can she have a divorce/emancipate from her parents? Is there anything you can do to show you don't live with them (far away), thus independent?

2007-09-27 01:46:42 · 4 answers · asked by Smartass 4

Who is responsible for providing a W-4 @ the beginning of employement? And if I'm not provided with a payslip on each payday, how can I obtain current witholding information? By law?

2007-09-27 01:36:21 · 3 answers · asked by rockydogg97 1

2007-09-27 00:32:29 · 3 answers · asked by bigg_mike_01 1

Please list the year and approximate pay, just curious of how I stand, I'm going into my 3rd year with them and made (after bonus) $11.25/hr year 1, 19.52/hr year 2, and will be making base of $15 something for year three (80% of year 2). Thanks!

2007-09-27 00:27:32 · 1 answers · asked by Scott 1

I don't mean the interest - I'm worried about the principle. I want to know if by being named a co-owner, would the IRS expect me to declare any part of the savings balance as income, perhaps as a gift to me? I am not withdrawing any money at all.

2007-09-27 00:22:57 · 3 answers · asked by Tony 1

I just learned that beginning in 2008, full-time students up to age 24 likely will have to pay income taxes on unearned income, such as interest, at their parents' top income tax rate.

http://www.hansonbridgett.com/newsletters/EstatePlanning/EstatePlanJuly07.html

This law seems unfair to me and unworkable in many cases.

The existing "kiddie tax" applies to all taxpayers up to a given age.

Why, for Pete's sake, is Congress applying higher tax rates only to full-time students? Why not part-time students or ski bums?

What if a kid is on his own, alienated from one or more parents, living off his savings, loans, grants, gifts from grandparents (or even others), trying to get an education, and can't meet the earned income test in this new law (can anybody paying room, board, tuition, etc. of over $20,000/year), how does he get access to his parents' tax returns, especially if the parents are divorced?

Age 18 is adulthood. It's not age five.

Is Congress nuts?

2007-09-26 21:40:26 · 2 answers · asked by seeking answers 6

2007-09-26 19:55:14 · 2 answers · asked by Where's The Brain 3

As far as I know, H-1B holder can indeed open an LLC or a Sole Proprietorship. However, they cannot work for this company (unless this company sponsors an H-1B visa for them), but only be a passive investor. I consider opening a consulting business and I wish to declare the deductibles on my tax return. How can I operate it as a "passive investor"? How can I declare deductibles without actively working for the company? your insights are very much appreciated!

2007-09-26 19:40:38 · 1 answers · asked by GA 1

If I won $1,000 on a slingo drawing (online gaming site) how much would the IRS take and where/how do you report it? Would it make a difference if it were only $200?

2007-09-26 17:40:35 · 8 answers · asked by wendyladi98 1

I'm 15 and i have 2 years experience as accountant do u think i can get a job at this age...do i have enough experience?

2007-09-26 17:14:06 · 5 answers · asked by Anonymous

I have a tricky situation at hand. For 2007, the social security deductions from income are 6.2% upto the first 97500 of the income. So, the maximum SS tax one pays per year is $6045.

I was with employer A till August. After that I moved to employer B. My SS contributions at employer A were $5800. Now, my question is, how would the employer B come to know that I am nearing the maximum Social Security contribution and they should stop SS deductions after that? How would B know that I have already paid $5800 while at emplyer A?

2007-09-26 16:11:16 · 6 answers · asked by zapatazoom 1

2007-09-26 15:34:24 · 5 answers · asked by Nu 2

i graduated from highschool and i work at ihop and i'll be earning $525.00 every two weeks. how much tax will they take out?

2007-09-26 14:02:18 · 3 answers · asked by Anonymous

besides the typical CPA or Attorney, what other professions are considered "professional" for tax deduction purposes? I learned that realtors can deduct alot ! I recently became a notary public, so I was wondering if that was eligible for deductions too...travel expenses etc

2007-09-26 13:48:08 · 3 answers · asked by Lisa 1

so i work in retail in california, and every once in a while we'll get customers from oregon. since they are purchasing goods in OUR state, they have to pay our state and local taxes, and they claim that being a resident of oregon makes them exempt to all taxes anywhere they go.

do other states in the area (idaho, washington, etc.) honor the no-tax thing? why do some people from oregon think they won't have to pay california's tax even though they're shopping in california?

2007-09-26 13:31:31 · 3 answers · asked by west_xylaphone 3

2007-09-26 12:45:51 · 1 answers · asked by rafael p 1

2007-09-26 12:16:01 · 7 answers · asked by Billionare 1

Totally sum of money collected from the sell was 10,000 and I used to pay off bills. Does this sum have to be reported when I file taxes for 2007. I am a student/stay at home mom and file jointly with my husband.

2007-09-26 12:09:45 · 5 answers · asked by Shades 2

My client gave $200,000 to his daugher as a gift. I know that reciever has no tax liability so the giver needs to file gift tax because it was over 12,000. What would be his tax liability? how can we calculate the gift tax? thanks

2007-09-26 11:35:44 · 2 answers · asked by Anonymous

I am caring for a child in my home for $300/month. Must I claim the income on my taxes? If I don't, can the parents still claim the payments as childcare expenses?

2007-09-26 09:56:36 · 10 answers · asked by rain16_8 1

I am filing very late this year, and I (very stupidly) did not file an extension in April. I am pretty sure they owe me money, so is my return affected in anyway? If I owe them money, what is the penalty?

2007-09-26 09:41:40 · 4 answers · asked by ebillar 1

I have decided to cash in one of my life insurance policies. When I filled out the form they asked did I want the taxes taken out then or later. I chose for them to go ahead and take them out. Now my mom is tellin me that they will still take out more taxes come tax time b/c it is considered income. I just want to make sure this is correct..

2007-09-26 09:22:24 · 4 answers · asked by sk8angel16 1

I bought $700 worth of clothes and shoes because I got a new job and needed business attire which I didn't have at all. Can I get my money back for those purchases? Also, this new job is about 1 hour from were I live and since I've been working there, I've been spending twice if not three times as much on gas. I've been saving my reciepts, can I claim gas as a business expense as well?

2007-09-26 09:03:31 · 5 answers · asked by Group836 3

I am a business teacher at a high school and we are going over a chapter on basic taxes. The question came up as to how much students could earn during a summer job but still not have to file their own return because their parents can claim them on the parents' return.

2007-09-26 08:06:05 · 4 answers · asked by Austin S 1

I am going to court in Nov to appeal my property taxes. I bought my home in Oct 2005 for 275,000 and my property taxes are a little over $5,000 a year. A year after we bought our home it was valued at a little over $470,000. I tried to appeal then but was too late to apply. My home is 928 sq ft, 2 bdrm, 1 bthrm, I don't live in a ritzy area either ( I live in Calif). Has anyone appealed and won their case? I 'd really appreciate some advice.

2007-09-26 07:44:01 · 5 answers · asked by Me 4

I leave to go off to college January 7th and I wanted to know is there anyway I can get my W-2's back early enough to have them filed before I go away to school??

Also I worked 3 jobs this year

Thanks!

2007-09-26 07:24:00 · 5 answers · asked by kevin_binion 1