I got 6,000 from unemployment with no taxes taken out. 13,897 in casino winnings that I owe taxes on. 1,552 winnings that I had the taxes taken out. Gross pay 8,400 Net pay 1,877. I paid 5,483 in federal 396 in state FICA 520 med was 121. I am filing head of household with 1 child. So I am getting EIC . What is my return or will I owe. Can I file for Homestead and should I fill out the Rent Certificate?
2007-01-18 02:36:00 · 6 answers · asked by lorry42766 2 in Business & Finance ➔ Taxes ➔ United States
I don't think I gave out that much info. I didn't give out my SS #
2007-01-18 02:54:33 · update #1
My boss sent State and Fed the 5,000 to help me with the casino winnings.
2007-01-18 03:35:54 · update #2
You will definitely have to pay taxes on the unemployment you received because you did not have any withholding taken out. Based on your question, you are better off figuring out your taxes for free at a local IRS walk-in site. Make sure to bring at least 1 form of identification (your driver's license and something else that indicates your name). Chances are, you may owe but I seriously doubt it will be that much. If you are eligible to Earned Income Credit, it assumes you have no tax liability so you may want to make sure you are eligible to the credit.
The website below is where you can go to a local IRS site and have them help you figure out any tax liabilities.
The second website is a way for you to determine if you are eligible for Homestead.
Honestly, I would not trust any websites unless they are credible and the IRS is pretty much going straight to the source.
2007-01-18 02:43:03 · answer #1 · answered by porselin 2 · 0⤊ 0⤋
In the UK there is no betting tax (it was abolished several years ago) and the casino does not pay your tax for you. Quite simply there is no tax of any kind on gambling winnings. Other than the profits of the casino, which are subject to corporation tax in the normal way. If you ask for one a casino should give you a receipt for any winnings you receive. The main suspicion that will be aroused by a large deposit (cash or cheque) is under money laundering regulations. In this case it is not so much a single deposit that would be a problem, but a pattern of paying large sums in and shortly taking them out again. Banks do not report large sums as possible tax evasion, and the taxman has no way of "magically" knowing that you have suddenly paid a large sum into your account. The only time that the taxman might question a large cash deposit is if you come under suspicion anyway and they decide to do a detailed investigation.
2016-03-29 03:04:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Just a suggestion. Go to a place such as TaxAct.com and enter your data, no cost. I think you may have read your W-2 or paystub wrong. It looks to me like your net pay is $5,483 and your federal withholding is $1,877, although that seems unusual given your wages.
Given what I think is your information, you will owe less than $500. This is because your casino winnings and unemployment are used in the Earned Income Credit computation, and so you are near the income limit, making your Earned Income Credit less than the tax you owe on your taxable income.
ADDED after your comment: OK, if your withholding is that high, then you are going to get back perhaps half of it. What a relief.
2007-01-18 03:24:43 · answer #3 · answered by ninasgramma 7 · 1⤊ 0⤋
This is all explained quite clearly in the tax booklet for the form you are filling out. If you are having trouble deciphering it, go to a tax professional and have them help. The IRS also has free tax help in most major citties and by telephone. If you rent, you are not elligible for homestaed exemptions. If you own a homestead, you don't or should not have to rent.
2007-01-18 02:42:03 · answer #4 · answered by fangtaiyang 7 · 0⤊ 0⤋
You can go to www.expresstaxrefund.com and fill in that exact information. Shouldn't take more than maybe 10 minutes and you'll have your calculated return there infront of you. You can probably file for homestead but if you have any questions they offer a free tech support phone line and you'll have your answer within a minute.
2007-01-18 02:41:43 · answer #5 · answered by smith j 2 · 0⤊ 0⤋
You are expecting us to do too much for you. Maybe someone with a tax program will attempt it. One thing you should not forget is that you can subtract casino losses from your winnings.
I would not have put so much of your personal finances on the internet in an open forum.
2007-01-18 02:42:53 · answer #6 · answered by Barkley Hound 7 · 0⤊ 1⤋