2007-11-17 10:07:24 · 7 answers · asked by Elle 3 in Business & Finance ➔ Taxes ➔ United States
straight earnings. Single, no dependents.
Job buyout check. One single check.
2007-11-17 10:30:33 · update #1
I take it this is a severance check and you have the offer of getting all in one year or spread out over next year as if you continued to draw a paycheck?
If so, go for the paycheck option. You are still laid off and would still need to look for a job. You can still collect unemployment during the paycheck period...and yeah, you'd possibly pay a little bit more in FICA/MC ($161).
But, if it ends up you don't find a job in 2008, it will help you when you go to collect social security. Instead of a zero year, you'd have the part of the check received in 2008. If you do find a job it really won't make a difference overall if you took the extra pay in 2007 or 2008.
$100,000 TOTAL income
- $8750 (2007 numbers)
= 91,250 of taxable income
Federal taxes will be roughly $19661.
If this is $100,000 of ADDITIONAL income, you'd need to know the rest of the income to figure this out.
2007-11-17 10:57:10 · answer #1 · answered by Anonymous · 1⤊ 0⤋
How Much Is 100 Thousand Dollars
2016-11-02 21:58:23 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Ok so they did pay you money by direct deposit correct? Its untaxed. They were suppose to send you a 1099 form, which you would of included in your taxes, and it would of lowered the amount of your refund or make you owe the gov. Id look up in your banking online, just how much they paid you. Redo your taxes online using another website, add in that 1099 misc and see what happens in the end, do not file this, they dont charge you for using and stopping, it will just give you an idea where you stand now taxwise, dont remember to refill out your state tax and see how it affected that. If you find you owe money and you can afford to do so, send in forms and include the checks to pay this additional tax. There is a form most likely, the ammended that needs to be included, so the person opening your letters, realises your adding info and they will look it up. Hand write a note with the name of the company, and any info you have regarding them. There is a chance they did not claim your income as paid out to you, but if you dont report this, its much more of a hassell. You being the good honest person never hurts and you wont be sitting around worrying. If the feds direct deposit yoru return, and shortly later realise its a mistake they take it back, so now, you owe your bank a ton of money and interest, if you spend the money the feds send you. It says right on thier site, that if you feel theres any errors, to not touch the money the feds direct deposit *or check they mail you, until you have confirmation all is ok. A 1099 mis will definately need taxes paid on it. Get working on it!!
2016-03-14 16:02:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If that's your total income for the year, and you are single, no dependents, no extra deductions or adjustments, federal income tax would be $19,875 and social security and medicare would take another $7650 which would leave $72,475. State and local taxes might take some of that, depending on where you live.
2007-11-17 11:09:56 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Somehow I don't think you have that problem.... It depends on if the earnings are just straight earnings or if there is capital gains involved.
2007-11-17 10:16:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on your marital status and how many dependents you have.
2007-11-17 10:23:22 · answer #6 · answered by StephenWeinstein 7 · 0⤊ 0⤋
around $65,000
http://www.TaxForum.us
2007-11-17 13:40:35 · answer #7 · answered by TaxGuru 2 · 1⤊ 0⤋