What %?
2007-08-07 10:21:25 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
whatever your tax bracket is. I would say the higher your payment for a wrong conviction, the higher your tax bracket. Top Federal bracket for 2007 is 35%. And then you need to figure state tax in as well.
2007-08-07 10:26:44 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A conviction for tax fraud or evasion is separate and distinct from the tax liability. Even if you were found not guilty, the liability would still be there and would still be collected. Ask Mr Cryer about that concept! He dodged the bullet on the conviction but will STILL pay his taxes.
It's not a percentage, but a debt that you must pay. The IRS has already told you how much it is so now you must pay it.
2007-08-07 19:20:25 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you believe your conviction was wrong, the IRS doesn't consider that when you pay your taxes. If you receive an income document such as a 1099, then you owe taxes on that income.
If you believe the 1099 was improper, you have to deal with the issuer of the 1099.
2007-08-07 17:35:55 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
If you were "convicted" then you must have had your case taken to court. The amount would be the amount determined by the court.
2007-08-07 17:26:25 · answer #4 · answered by CPA/PFS 2 · 1⤊ 0⤋