United States - September 2007

I make about 6000 dollars a year and don't pay taxes because of this low income. If I increase my income to 9000, will I then have to pay taxes? Oh, and I'm an independent contractor to a tutoring agency.

2007-09-25 08:39:22 · 4 answers · asked by curious 1

2007-09-25 08:18:38 · 4 answers · asked by Anonymous

Last week, I had asked a question regarding the taxability of a non profit corporation. In retrospect, I now realize that perhaps I should have been more specific.
I live in a community that is governed by a Homeowner's Association.
I have been told, that the Homeowner's Association is required to file an 1120H with the IRS. In the past, the association has never been required to pay income taxes. However, in filing the 2006 tax return, we were required to pay approximately $3,650 in tax to the IRS.
What would have caused this? Under what section of the IRS code would I find additional information regarding Homeowner's Associations and what might or might not be taxable?

2007-09-25 08:16:07 · 3 answers · asked by RUSerious 7

i do not have original forms

2007-09-25 07:58:12 · 3 answers · asked by Frankie 1

2007-09-25 07:10:17 · 1 answers · asked by RKill187 2

So I scratched $1000 on a 2 dollar ticket. I sent it in 3 weeks ago and got my check today. I figured I would owe taxes on it and they would take it directly out of the check. Well I was wrong it came as the full amount. Now I figure I have to claim it on my income, but is there a way I can just pay the taxes on it now instead of having to pay money at tax time? NJ is the state btw.

2007-09-25 06:28:30 · 9 answers · asked by gvizzacco 3

They're both pass-through entities that can't retain earnings, so... Can I set up a non-profit (non-501c3) for anything I want to? I'm interested, in particular, about creating an online business that helps consumers find resources. If there's no functional difference, why wouldn't the non-profit angle be more attractive?

2007-09-25 06:26:43 · 8 answers · asked by aaron p 5

Stupid me didnt report my unemployment from 2006 on my tax return. WHat is going to happen? What should I do?

2007-09-25 05:17:57 · 9 answers · asked by Anonymous

I purchased my home in April of 2006 for $675,000, no money down. It is now worth roughly $525,000 and I am facing foreclosure. I have not re-financed and my understanding is that I have a non-recourse loan. Will I owe the IRS taxes when my property is foreclosed on?

2007-09-25 04:40:51 · 7 answers · asked by J William 1

My mother will begin working but unlike most people she is simply going to get a check of about 500 per month from her employer. No taxes will be taken out, no fica, no social security.. just straight 500 gross pay.

I know she will have to file a tax return at the end of the year with IRS but that would only be for federal and state tax..

But my question is:

Will she be forced to pay medicare, fica, social security on her own or can she not pay that?

I assume this is kind of like being self employed in that you do have the option to pay social security, fica, etc but you do not have to by law?

2007-09-25 04:31:40 · 5 answers · asked by unhappy 1

I have been recieving emails almost every day- the address is donotreply@irs.gov, saying that I am owed a tax refund. When i click on it, it asks for my bank account or debit account info and says the funds will be direct deposited. It does have legitimate links to the irs wesite, but it still seems shady to me. I am actually owed a refund (but its from the state of pennsylvania, where i was in school- i had to prove that PA wasnt my state of residency). So basically i was just wondering if anyone has recieved these emails and whether it was a scam or not. How can i found out?

2007-09-25 03:47:17 · 9 answers · asked by Kristi 5

2007-09-25 02:51:04 · 8 answers · asked by Anonymous

went bad with the dealer, it was used 3700, i owe 455, bad trans and probably bad motor, anyway long story short, can I use the reciepts that I have saved for my taxes this coming year along with my w2's. I have every reciept plus other ones. Can I use them all on my taxes?

2007-09-25 02:49:22 · 6 answers · asked by Keisha M 1

2007-09-25 02:44:36 · 5 answers · asked by Anonymous

2007-09-25 01:20:24 · 4 answers · asked by flutie_flutie 2

I live in Quebec Canada I work online for the United States, I get paid weekly by US check. I have never been to the United States. My boss is telling me I might not have to pay any taxes because I live in canada and work for the United States. He said I will receive a 1099 slip what do I do with that? Do i have to pay taxes to the US or Canada or both? HOw does this work I am concidered to be my own boss.

2007-09-24 21:54:24 · 5 answers · asked by kimberleigh 1

2007-09-24 20:13:16 · 3 answers · asked by Anonymous

22 years old
salary above 60k
home owner
401k disbursements

2007-09-24 19:43:18 · 3 answers · asked by Anonymous

2007-09-24 18:58:33 · 3 answers · asked by brighteyes_100percent 1

I'd like to hire an employee and i'll be paying him by personal check. I don't know how to go about the whole tax situation.
How will i know how much taxes to deduct from his paycheck*bi-weekly *? is there a site that i can go to?
where do i get the tax forms from?
Live in NYC...any help is greatly appreciated!

2007-09-24 18:53:19 · 7 answers · asked by Anonymous

I have a joint brokerage account in the US. If my account has a loss of $6000, who can file the loss? Please let me know if the following scenarios are true.
1) Both can file the loss but limited to $3000 combined deduction.
2) Both can file the loss and "each" can deduct $3000 ($6000 combined deduction).

2007-09-24 18:38:59 · 1 answers · asked by ken 1

Whenever I see debates on the value of Social Security, they always focus on retirement and how much better someone would be if they could invest 12.8% of their income in a retirement account.
This always bugs me since Social Security offers quite a few benefits that are not usually discussed.(http://www.pueblo.gsa.gov/cic_text/fed_prog/ssundben/ssundben.pdf). It's kind of like talking with someone about cars, but all that they care about is how fast it goes.

So what do you think it would cost for a private company to offer what Social Security does. Any actuaries out there who are up to the challenge?

2007-09-24 15:40:38 · 4 answers · asked by MonkeyK 2

and then she can enjoy social security benefit later even she never work?

2007-09-24 15:11:54 · 4 answers · asked by sammy 2

So I started a new full time salaried job about 2.5 months ago. I just received my first OT check (worked 30 hours of OT). Federal taxed me for 24.99% of my gross. State taxed me 8.83% of my gross. The state tax amount taken from this check alone amounts for 26.89% of my YTD withheld. Fed Tax from this check is 21.63% of my YTD withheld. Yet my OASDI and Medicare deductions are in line with the rest of my checks.

Upon calling payroll to try to understand what has happened, I am told that they calculate my tax bracket monthly and assume I make that much each month. Payroll says my tax bracket probably went up which is why it is so much higher. When I asked how one or two tax brackets changes my percent federal taken from 14.3% to 25%, they said they retro-tax me for checks I have already been payed in that month.

How is this legal? And why is my tax bracket figured monthly instead of quarterly or bi-anually? "It's in my best interest" is not an answer I'm happy with.

2007-09-24 15:06:29 · 3 answers · asked by Anonymous

?

2007-09-24 13:58:41 · 7 answers · asked by Captivated 4

Is there anything legally that I can do? I owe for tax years 01,02 & 03 - totalling over 2K including penalty & Interest.

2007-09-24 13:10:40 · 5 answers · asked by Andy W 1

I received $100,000 pre-tax for accepting a buyout from my employer. After taxes I was left with 59,000. Wow! I am single/not a home owner. How can I get some of this money back next year? It seems unfair..

2007-09-24 11:51:38 · 2 answers · asked by Elle 3

I really need to get help. who do I call for this kind of help? all my paper work has been destroyed. thanks

2007-09-24 11:00:47 · 4 answers · asked by diamond 2

2007-09-24 10:50:48 · 6 answers · asked by Derek w 2

What more can I say! I find myself in debt and the only resaon to keep on going is the fact that death taxes and to be alive is to keep on untill what

2007-09-24 10:49:32 · 4 answers · asked by Phinnies 1