United States - December 2007

My dad sold stock, given to me by a family member, when I was 14. He was placed in charge, per my relative’s wishes, and sold the stock, but he did not file the taxes on the capital gains. I’m now 20 and I got a phone call from the IRS saying that I am responsible for back taxes, he was acting as my guardian, since the sale was under my info.

2007-12-06 06:58:36 · 9 answers · asked by Anonymous

2007-12-06 06:56:04 · 10 answers · asked by sean h 1

2007-12-06 06:52:19 · 9 answers · asked by Tina R 1

If there's enough equidy in my house (would have to double check those numbers) could I sell it and use the money to get an engineering degree? Would I lose most of it in tax's?

2007-12-06 06:50:30 · 3 answers · asked by Anonymous

i previously have gotten ananticipated loan from jackso hewitt they are not doin it anymore and i need the money for bills and chritmas any ideas

2007-12-06 06:37:26 · 6 answers · asked by Anonymous

I live in Indiana (6% sales tax), and was in an ice cream store. I've frequented the store in the past year, enough to have six stamps on a coupon that said "Buy 6 Regular Cups, Receive the 7th Free." So I turned in my coupon to the woman, she rang it up, and I started to leave. She asked me to wait while she tried to figure out how to ring it up... and when all was said and done, she said I owed her $.30 in tax, on a $4 dish of ice cream I was supposed to receive for free. Not only was the tax she asked me to pay more than I would have paid if I had bought the ice cream dish myself, but sales tax should only be charged, to my knowledge, for any amount of money paid for a good.

I believe I'm correct in my assumptions, and that what the manager did was illegal (I gave her $.30). I want to write the company and inform them, but I don't know enough about tax law to be sure what I'm saying is infact, illegal. I need information to back up my belief--- can anyone help?

2007-12-06 06:33:42 · 10 answers · asked by Jena 2

for insta

nce, let's say you earn $100 before tax wages.

$7.65 gets taken out for FICA taxes

Ignoring exemptions and other deductions, do you pay income tax on the $100 or $92.35?

Thanks!

2007-12-06 06:22:54 · 8 answers · asked by Anonymous

I want to buy a small quantity of cordyceps from HK to USA for personal use, is it legal and how much for taxes.

2007-12-06 06:22:30 · 1 answers · asked by Caendiice L 1

Will this offset for a 1,000 short term capital gain tax. Or does it mean I can only apply 3,000 of the loss to the gain. (all from stock sales)

2007-12-06 06:15:52 · 6 answers · asked by Anonymous

For instance, let's say you earn before-tax wages of $100 as an employee.

You pay $7.65 FICA taxes.

Now, do you pay income taxes on the $100 or $92.35 ($100 - $7.65) ?

Please help!

Thanks!

2007-12-06 06:13:44 · 9 answers · asked by Anonymous

2007-12-06 05:24:08 · 5 answers · asked by jon h 1

Been working for my company for almost 3 years, it offers a complimentary gym membership, no cost to the employee. Just found out today that They are now taxing this benefit, and its retroactive. Not sure if its to when I joined, or when this tax kicked in. I was NEVER notified that I would be taxed for the gym, now they are telling me that I owe 1400. This amount will be added to my net worth. This seems really wrong to me, being that my employer didnt tell me anything until now. Do I have any legal options, or what can I do with this? Is there something in writing saying the employer has an obligation to let employees know this? Appreciate any help..

2007-12-06 05:22:46 · 3 answers · asked by QandA 2

Can I write off all expenses for my photography business that I am trying to get started? When is it seen as a business and not as a hobby? Do I need to do anything special?
Thanks!

2007-12-06 05:21:52 · 5 answers · asked by robynd123 2

The land is owned by a family of 3 in the state of Nebraska. They are splitting the land 3 ways. If each of them got $90,000 how much would each of them have to pay for income tax on that 90 thousand dollar land sale? A fairly general number would be ok...I'm just trying to figure out if it would be more like 2 or 3 thousand dollars...or if it would be more like 10 or 15 thousand dollars. Thanks in advance.

2007-12-06 05:09:02 · 7 answers · asked by Anonymous

a brand new condo "Like Kind Exchange" ....what is my cost basis if i sell the condo and what is the depreciation value for this years taxes. I closed in June of this year. no money traded hands as the value of the new condo was equal to the vacant lot.

2007-12-06 05:00:37 · 2 answers · asked by ckhhuff2438 1

for ex. I worked late last year for a company for a short while in Dec. '06; but I do not remember if I recieved that w-2 for that job. Is there a cut-off date, or everyday, and every different employer of that year worked will be for that upcoming tax season? or Do some days worked carry over for the next season? Please someone help.

2007-12-06 04:44:17 · 5 answers · asked by Raul C 1

I got my first paycheck this week and was shocked to see how much taxes I had to pay. Anyway, my employer didn't give me any form to fill, and I have a child to claim as a dependent. Can I get the money returned when filing taxes or would my net pay be higher if I would claim a dependent now?
Can you claim a dependent somebody who lives in the same household with you, but is not working and is not related to you?
Thanks.

2007-12-06 04:22:04 · 12 answers · asked by marmelada 1

I own rental property, not by choice, last year I had to replace the roof and the plumbing in the house. If it was not for the deductions there is no way I could have afforded this.

2007-12-06 03:52:23 · 6 answers · asked by me45404 3

What are the benefits of filing joint? Thanks.

2007-12-06 03:37:11 · 10 answers · asked by Cesaria Barbarossa 7

Hi!
I would like to sell some of my stock.
But if I do, the tax I own, would be more than $1000, so I would have to pay tax penalty.
Now is december but I didn't do any estimated tax, because I didn't know I want to sell the stock.
Q1: What to do now?
Q2: What to do, if I want to sell some of my stock July?
I have to pay the estimated tax for the last two period?

P.S.: I don't want to pay penalty tax!

Thank you!

2007-12-06 03:13:43 · 4 answers · asked by konok1973 1

How come u cant get dependent care credit and earned income credit. Also will if affect what i can get for my qualifying child also???

2007-12-06 02:35:56 · 4 answers · asked by Bria W 1

2007-12-06 02:19:53 · 5 answers · asked by Bria W 1

I recently received my tax preparation certification and I was wondering is there any software in particular that would be a good ideal to do other's taxes. In the past for friends and family, I used the software on the net. Just wondering if there is any recommendations for tax professionals.

Thanks for your time!

2007-12-06 02:15:06 · 8 answers · asked by Gamergrl 1

With the housing slump, our properties lose a lot of equity money, its around any legal way to decrease the amount of your property taxes? on another words, do you have to pay the same property taxes amount, even if you property lost 20% of its original value? I live on California.

2007-12-06 02:14:54 · 10 answers · asked by FALLEN ANGEL 1

I will inherit my mothers house after she dies. What are my concerns regarding inheritance taxes in NY?

2007-12-06 01:50:59 · 4 answers · asked by Anonymous

2007-12-06 01:22:32 · 4 answers · asked by Bria W 1

2007-12-06 01:09:27 · 7 answers · asked by Bria W 1

I am reading a contract and it says "notwithstanding anything contrary in this Schedule General Motors shall reimburse Contractor for the actual costs incurred in obtaining visas"

2007-12-05 22:42:30 · 5 answers · asked by Alpha Bravo Charlie 2

I am self-employed and it looks like I will end up making around $8,000 by the end of the year. I added up my expenses and that was around $6,000. Since my office is around 20% of my home I took 20% of the $6,000 which is $1200. Using the tax estimator on HR Block it said I would owe around $1,000 without putting any expenses into it, with the expenses added it still says I would owe around $937. How can this be correct when I have $1,200 in expenses? Please help.

Thanks!

2007-12-05 21:36:22 · 2 answers · asked by Sniggly_Snew 2

Also, would you all approve of this? If you don't approve, then why not?

Here is the link to the information that I typed up:
http://www.geocities.com/committed_and_sane/New_Taxation_System.doc

2007-12-05 21:03:23 · 4 answers · asked by Anonymous