United States - November 2007

Are the homeowners stuck with paying the 50% gift tax as if they won a Corvette on a game show? How do they afford the increase in their property taxes after the show has increased the value of their homes? These people couldn't afford to make the improvements themselves....that's why the show does it for them. But, that's JUST like winning money/prizes on a game show. You have to pay gift taxes on that stuff. How many families have had to sell the house because they couldn't afford the increased property tax due to the increased value of the house??

2007-11-05 14:26:05 · 5 answers · asked by skonk2 1

Im 16, ill be making more than 10k this year from selling computers and such over ebay... but i dont want to file as self employed and have to pay all those social security taxes and all that stuff....

So if i get a job and still make less at the job than by myself would i still have to file as self employed?

2007-11-05 14:25:43 · 5 answers · asked by Anonymous

2007-11-05 14:01:56 · 4 answers · asked by Elle 3

Let's say I purchased and sold stocks short term since May. My total losses are $-3000
Next month (Dec) if I were to make a profit of $5000, would the tax due be:
5000
-3000
------
+2000 x 25%= $500?

OR

5000x25%=$1250?

I've looked this up, but found nothing as cut and dry as the above example. Is it that simple or am I missing some factors?

By the way, I fall into the 10-15% tax bracket.

2007-11-05 13:42:00 · 6 answers · asked by james24 3

I have heard that if a couple has more than 6 children they are not required to pay Federal taxes. Does anyone know if that is true?

2007-11-05 13:33:37 · 6 answers · asked by delzaray 1

2007-11-05 13:29:14 · 5 answers · asked by MS R 1

Job #1 has very flexible schedule, and job #2 has semi flexible schedule. Job#2 is managing a very quiet gallery basically sending email/answering calls/sending out flyers. Most of time, I am just sitting around, but I need to be there. And I can definitely do another part time (job#1), but they want me to work full time now (this is off site telecommuting job for blogging website)

Question I have is......Am I even allowed to do that?
When they mail out W2 forms at the end of year, would they automatically know I am also employed at another company?
Do I need to inform both employers? I see this many times, usually more of top level people who hold title of director or manager or chairman to 3 or 4 companies.

Also......How will I be taxed? Combine both W2, and tax on total?
Thanks.

2007-11-05 13:07:33 · 5 answers · asked by questionsunanswered 1

If my income was less than the minimum filing requirement income for last 6 years & if I did not file the tax return nor did I pay Social Security then how would that affect my after retirement Social security & heath care benefits like Medicare ?

Thanks

2007-11-05 12:50:41 · 7 answers · asked by Sean 1

2007-11-05 12:44:07 · 8 answers · asked by Alton 1

Please help me look for web links of companies that offer "check printing" services for income tax refunds (for USA based customers). Thanks.

2007-11-05 12:41:51 · 3 answers · asked by iris 1

2007-11-05 12:34:19 · 6 answers · asked by Alton 1

15% no loopholes everybodys pays the same rate. the rich pay 15% of their millions or billions that is a lot of trump.

2007-11-05 12:17:12 · 7 answers · asked by ken s 5

What do we need to bring this is our first time filing on benefits that we have paid for on health care do we need to file on health care ,or what is deducted from the paycheck biweekly for health care, or the reciepts for the copays or the EOBS or do we bring it all .

2007-11-05 12:17:06 · 2 answers · asked by Sharon G 2

2007-11-05 11:48:39 · 4 answers · asked by Linda Z 1

Can I get FSA benefit (declaring contribution to be withheld pre-tax) for my son if he goes to day care only twice a week for 3/4 hours. My spouse is stay home mom. Is it necessary to have both the parents working to get dependant day care FSA benefit?

2007-11-05 11:42:42 · 4 answers · asked by Mr.D 1

On my W-2, I put 5 allowances per the work sheet provided. I am hearing alot of mixed comments. Some say that the more you allowances you put the less money you will get back. Then I hear that is does not matter since I am a single mother. Does any one know what is the best way to get a high return? I tried calling H & R Block but all the offices are closed.

2007-11-05 11:12:49 · 4 answers · asked by Anonymous

If I were to win, let's say 75 million dollars, how much would I really get to keep after ALL mandatory taxes, charities, etc... are deducted? (Just wondering...)

2007-11-05 10:57:18 · 6 answers · asked by JT 1

And when do I file to pay them?

I just want to keep myself out of trouble with the IRS. Or whoever keeps track of my money.

2007-11-05 10:53:58 · 12 answers · asked by Anonymous

If you do 80 hrs a week work. thats 40 hrs overtime. Do you pay more taxes? specially if your single?

Or might as well stay on the 60 hrs a week rule. with only 20Hrs overtime and you pay less taxes.

I know you get the tax refund back. but if your single you will never get half of it.... or am I wrong here?

btw im only part time minimum of 20 hrs a week. but my company let us do more than that as you can see.

Working here in florida.

2007-11-05 10:37:41 · 7 answers · asked by paulo 1

I received a letter from the IRS telling me someone else used the same social sec. number that one of my dependents has on their tax return. and for me to check my return and review the rules about what qualifies someone as a dependent. I already know the rules and my dependents do qualify and i have used the same dependents about 3 years now. and they said if after reviewing the rules i find they don't qualify i would have to amend my return. they do qualify. so i don't need to amend my return. and i have received my refund to date. so what will happen next? thank you for your help.

2007-11-05 10:30:06 · 4 answers · asked by Anonymous

I have ran 2 payroll schedules in QB and have just learned that ADP (our previous payroll processing company) will not issue w-2 or file any final returns state or federal returns, my question is how do i go back in and include the payroll data they have for the beginning of the year up till 9/30? please help!!!

2007-11-05 10:23:24 · 2 answers · asked by need to know 1

2007-11-05 10:21:33 · 2 answers · asked by Anonymous

If you work for a company overseas and money is wired into your account in the amount that would look as though taxes are taken out, but you get a lot of excuses about why you don't get pay stubs, how can you find out what's really going on?

If you start to look into it to protect yourself and you get fired soon after, is there anything you can do, or are you damned if you do, damned if you don't . Please can I have some good, honest feedback? I'm terrified of losing my job but I really don't think this company has filed with the state of NY. What cause of action should I take?

2007-11-05 09:45:10 · 3 answers · asked by funsunjoy 1

2007-11-05 09:34:30 · 7 answers · asked by Anonymous

2007-11-05 09:28:04 · 13 answers · asked by deima 2

I normally claim my child i just had a baby in july. but i just started to work in october so if i claim the earned income credit it wont be that much will it maybe $1000 or not even that. My estimated income for the year will only be about 2700 with $315 fed income tax withheld. But my brother has been working all year can i let him claim him and let him claim the Earned Income Credit. His income will be about $10000 give or take with maybe $300-$400 fed taxes withheld.

Will they allow him to claim them and the EIC, what will the estimated EIC be????

2007-11-05 09:11:58 · 5 answers · asked by jordynorr100 1

2007-11-05 09:07:08 · 4 answers · asked by mattd610 2

here's the mortgage deal I'm being offered --

we owe 250,000
current interest rate is 6.75%
28 more years to go

scheduled interest rate should be 8.75%, effective this month

the deal being offered -- 5.25% interest for 5 years, after which it returns to the scheduled (ARM) rate.

effect on payment:
a) at 8.75% payment is
b) at 5.25% payment is

difference of 3.5% or 8750/yr [if it was interest only]

Data: I'm not paying anything for this deal. Obviously, my mortgage interest deduction will be about 8750 per year lower on my taxes [yes, we itemize -- if AMT doesn't get us]

Question: is the 43750 I'll save by agreeing to this taxable income to me? If so, when do I have to report it and pay the tax?? [it's almost enough all by itself to push us into the AMT if I have to report it all in one year.]

thanks for the help, guys

[citations to IRS rules and forms very helpful]

2007-11-05 08:58:17 · 5 answers · asked by Spock (rhp) 7

When your wages are garnished do they take from every paycheck or once a month?

2007-11-05 08:26:38 · 6 answers · asked by santobugito 7

A friend told me if the govt takes your home you are allowed to keep your property taxes amount and transfer to new home if they are lower. Is this true?

2007-11-05 08:26:35 · 6 answers · asked by Anonymous