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Do quarterly tax payments for the self employed go the the state or federal gov't?
Wiki User
∙ 15y ago
usually both
Wiki User
∙ 15y ago
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Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
How many years can you deduct state income payments from your federal taxes?
20
Is there a Federal deduction for state back tax payments?
State income taxes are deductible from Federal taxable income in the year they are paid, regardless of when they were due.
Can you Deduct tax payments from the previous year?
Yes, unless it's been past three years. They have five years to eat you alive though. For the previous year -as below...from the previous year (as in made then) - even if applicable, no, only in the year they are paid. File an amended. State Tax payments are deductible from Federal, when paid. Federal Tax Payments aren't deductible from State, or from Federal for that matter, regardless of when they are paid.
Are state income payments deductible on federal taxes for corporations?
Yes, (and individuals). For Corps it is the amount paid (not accrued).
Where do you send employers quarterly Illinois 941 form with payment to?
What is the address to mail in quarterly payments( form 941) for employees? For the state of Illinois
What is the difference between state and federal prisons?
state prisons are run and manned by state employed personal federal prisons are run and manned by federal employed personal
Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
How many years can you deduct state income payments from your federal taxes?
20
Do you pay taxes on state disability?
No because disability payments come from taxes, so it would not make sense. Disability payments do not come from the state they are federal.
Is there a Federal deduction for state back tax payments?
State income taxes are deductible from Federal taxable income in the year they are paid, regardless of when they were due.
Can you Deduct tax payments from the previous year?
Yes, unless it's been past three years. They have five years to eat you alive though. For the previous year -as below...from the previous year (as in made then) - even if applicable, no, only in the year they are paid. File an amended. State Tax payments are deductible from Federal, when paid. Federal Tax Payments aren't deductible from State, or from Federal for that matter, regardless of when they are paid.
Do you have to file with the federal or state governments a form which notifies the governments of your possible tax obligation to them?
If you are self-employed, yes. These forms include Social Security taxes. This is done automatically by forms W-2 (employment) and 1099 (dividends, interests, and other payments) submitted by the payers.
Are state income payments deductible on federal taxes for corporations?
Yes, (and individuals). For Corps it is the amount paid (not accrued).
Do you have to pay taxes on workers comp in the state of Virginia?
Payments for injuries under worker's compensation laws are not taxable under federal or state taxes.
How much taxes do i have to pay if im self employed?
In 2009, you will pay the regular state and federal tax rates on all of your income, including your self-employment income. In addition, you will pay a Social Security tax of 12.4% on the first $106,800 of your net self-employment earnings (reduced by other earnings subject to SS) and a Medicare tax of 2.9% of your net self-employment earnings with no limit. You should also investigate whether you need to make quarterly estimated tax payments to avoid possible penalties for underpayment.
If you paid 765 dollars this year in federal tax payments that were owed for a previous year is this your deductible?
Federal taxes paid or payable, (even if paid in the current year), aren't deductible in calculating your federal taxable income. State income tax payments may be deductible in determining your federal tax taxable income. And refunds received of a prior years State income tax may therefore be included in the current years federal taxable income.
