United States - December 2007

Single. Have checked. I will get only about $300 due to spotty, low income, and often under- the-table, work history. Hypothetically, if I could show self-employed earnings of $20,000 per year for the remaining years before retirement, could I increase benefit amount significantly? And, another idea--how many years back may I file if it is beneficial?

P. S. How much can you make before you must file taxes? I think I have made too little, but maybe not.

Thank you for your help. It is time this ostrich raised her head.

2007-12-13 17:52:59 · 7 answers · asked by worried59 2

Can someone explain to me HOW you pay taxes??

Say that you have saved up the money.. but where do you send it?

2007-12-13 17:47:23 · 3 answers · asked by Nicholas B 1

I'm a university student and my only income for 2007 was volunteering in a medical study. I was paid a few thousand dollars for being in this study, and no taxes were taken out of the payment I received. It will be reported on a 1099 form, for miscellaneous income, by the organization that conducted the study.

Since that's my only source of income for the year, I'll be way under the $8,450 minimum federal filing limit.

Do I not have to file a federal tax return, since I'm under the minimum limit? Or because it's on a 1099 and not a W-2, do I have to file even though I'm under?

Thanks!

2007-12-13 17:32:53 · 10 answers · asked by Anonymous

2007-12-13 16:27:12 · 3 answers · asked by Anonymous

This month I sold a few items that neede to be shipped. I charged my customers for the items then added sales tax for sales sold in state and then added shipping charges. The shipping fees were $10 to ship ups and i had only four orders to ship. I am not talking about a lot of money ($40 total). Do I include this $40 under gross sales for my sales tax return? I would say no but just want to make sure. My accoutant is unreachable for a few weeks. I am only talking about my monthly sales tax return. I know this would be included as part of my gross income but I am only worried about the shipping charges I collected in terms of my sales tax return

2007-12-13 15:55:26 · 1 answers · asked by M L 1

Can I? if I have a daughter with her so I can claim myself + 2 dependents?

2007-12-13 15:48:25 · 6 answers · asked by Juan G 1

I am currently working as an intern, but being paid minimum wage. Do I still need to be registered for an income tax? Any sort of assistance, will be appreciated. Thank you in advance.

2007-12-13 15:36:02 · 4 answers · asked by Anonymous

I know their rates will be higher because the owner has to pay property taxes but does a renter actually have to pay anything directly to the government?

2007-12-13 15:18:36 · 7 answers · asked by Anonymous

I'm buying my girlfriend a promise ring online for christmas, and i was wondering if i would have to pay sales tax on it? I'll be able to get it come monday, but i was just wondering for my own personal budget information.

2007-12-13 15:11:58 · 11 answers · asked by Anonymous

2007-12-13 15:09:58 · 2 answers · asked by DB 1

I'm 25 and single and female, and claimed 1 for I think 2 months (approximately). That was January and February. I have claimed 0 since then. My end of the year YTD is $29,797.86, NET $21,459.98. Federal withholdings $2,504.64, FICA $1,522.87. No state taxes.

I'm not sure if it matters but I do have approximately $24,000 in studen loans I am paying on and the interest rate on one is 6% and the other is at 4%. I also have made a charitable donation which was about $250.

I have a feeling I will be giving good old uncle sam some money!

2007-12-13 14:39:48 · 2 answers · asked by texas_thang24 1

2007-12-13 14:26:29 · 7 answers · asked by itch 1

Okay, so the actual property belongs to my grandmother and she would like to know how much tax she will have to pay if she sells it. The people from real estate say she can get $450,000. I dont know if it matters or not, but she has owned this property for at least 20 years. Any help would be greatly appreciated.

2007-12-13 14:08:26 · 2 answers · asked by ThompsonKnight 3

I AM EMPLOYED AS A DIAPTCHER FOR A COURIER COMPANY. I AM TAXED AT REGULAR RATES. I ALSO MAKE DELIVERIES USING MY OWN VEHICLE FOR SAID COMPANY. I AM NOT SELF EMPLOYED AND RECEIVE A SEPARATE PAYCHECK WITH TAXES TAKEN OUT. WHEN I FILE TAXES FOR 2007 WHICH FORMS DO I NEED TO USE. I AM UNDER IMPRESSION, SCHEDULE C. I ALSO HAVE KEPT RECORDS OF MY EXPENSES GAS ETC. ANY INFO WOULD BE GREATLY APPRECIATED.

2007-12-13 14:08:01 · 5 answers · asked by JOHN P 1

I am eligible to retire with a pension that will be roughly one fourth of what my pre-tax income is now. I would like to do consulting work full-time, but only if I can generate enough income--when added to what I'll be receiving from my pension, will approximate what I am making now. When working for myself, I know I'll be able to greatly reduce my tax liability compared with what I'm paying in taxes now. I would like to figure out how much I would need to make at my consulting work, when added to what I will receive from my pension, will give me roughly the same disposable income I have now. I know what is possible with the consulting work. I just need to know if it will be enough when factoring in the pension and changed tax liability. Are there any calculators out there that can do this? If not, what type of professional should I contact to help me with this, and how much would they probably charge for this?

2007-12-13 13:59:11 · 2 answers · asked by Joe 3

2007-12-13 13:43:38 · 3 answers · asked by Linda H 1

So I asked my ex if I could claim my son because she wasnt workin and she got mad because she wants to have her mother claim him and give her the money.

My son never lived with her mom, she says he did which is a lie and my son lived with his mother and her bf's parents, so I dont think she can prove otherwise.

She says she bought him things and has reciepts, arent these "gifts"

If we were both to claim him and got audited, who would win the right? Last year her mom claimed him but she never signed that form to give up the exemption.

I pay child support and can prove that, also he is with me 3 days a week. I only wanna claim him because my ex cannot claim him because she didn't work in 2007. We were never married for the record.

Should I just claim him and hope I win the case?

2007-12-13 13:23:41 · 7 answers · asked by Anonymous

Oh my gosh I was laid off 6 months ago and I just found out that my unemployment has run out. I also found out that my husband hasn't paid our IRS taxes since 2005 and we owe $30k. If I get a job the IRS will probably take my entire check forever. This is a nightmare. Why does the IRS go after the poor wife with no job and no income coming in and take $245.00 out of my checking without a warning? This Xmas is going to really blow.

2007-12-13 13:23:06 · 6 answers · asked by Suzy G 2

I want to make a donation to the Good Will, and I am wondering how that gets deducted off my taxes. Like how do they calculate it? For example if I donate $100 worth of stuff. Does that mean I get $100 more back on my return? And who determines the value of what I donate. I think Good Will just estimates $15 a box, but I dont know. Please explain this to me in laymans terms. I want to donate as much stuff as I can so I can get a bigger return. I have my whole garage I want to give, and that is a bunch of stuff so you can see why I am concerned. The Govt takes like thousands out of my hubbies pay checks, and well they dont give much back either so I need help. Plus I would love to help a non profit organization :)

2007-12-13 13:01:43 · 6 answers · asked by WholeSaleRunway.com 2

I am considering hiring a nanny when my second child is born next spring. What do I need to do to make sure it is legal and her income is being reported?

2007-12-13 12:59:38 · 5 answers · asked by Anonymous

2007-12-13 12:40:55 · 3 answers · asked by honeygirl17403 1

2007-12-13 11:41:14 · 5 answers · asked by miko 1

Hey, my uncle just bought this weird jacket for me at modells, it cost 40 dollars and i dont like it one bit. is it possible to get a refund at modells?

2007-12-13 11:33:00 · 1 answers · asked by Geniumsoloa 2

If you trade stocks / futures in a LLC, how is the taxable LT / ST
capital gains offset by business expenses in the LLC? Do business expenses offset the long-term gains or the short-term gains equally? Or can you choose to have business expenses offset the short-term gains first?

For example, let's assume the following:

100K long-term gains
75K short-term gains
50K business expenses

Can the entire 50K of business expenses offset the 75K short-term gains or do the business expenses have to reduce LT / ST gains equally?

2007-12-13 11:08:59 · 2 answers · asked by JellyRoll 1

2007-12-13 11:06:09 · 3 answers · asked by lunatic3807 2

how would income distribution and resource use change if a flat-rate tax on comprehensive income were substituted for the current progressive income tax?

2007-12-13 11:05:26 · 2 answers · asked by joker 1

http://news.yahoo.com/s/ap/democrats_debate

How much tax could we raise if we taxed at 90% everyone that makes more than 300K a year?
Would it get us out of debt and solve all our problems?

This article also says dems want to tax corporations.. but if you havent figured it out.. all taxes are passed on to the consumers. This is not some capitalist thing.. its just the way it has to be.. a corporatoin has to pay its people to run. so expenses like taxes HAVE to be passed through to you.. the reader.... so ignore the tax wealthy corporations clause and add the phrase.. tax YOU.

2007-12-13 10:56:57 · 7 answers · asked by kent j 3

I am a teacher in NJ, about to retire. Many years ago, I taught in NY, and then spent years in business. I have just made payments to NJ to "buy back" these NY years. Can I deduct these payments from my Fed and NJ tax?

2007-12-13 10:49:41 · 2 answers · asked by mrgathome 1

2007-12-13 10:28:38 · 2 answers · asked by chrissykaduka 2

an investment appreciated $50,000 more than the original price. i took depreciation and rental for the last 3 years and now, would like to "give" or sale it to my son. how do i do it legally and what is the consequences on taxes?

2007-12-13 10:10:17 · 7 answers · asked by compaccess1 2