What would you like to do?
What percent of taxes are taken out of your pay check in Massachusetts?
What happens when you intentionally don't have taxes taken out of your check and you don't pay the taxes you owe?
What happens, is that you go from being a law-abiding, tax-paying citizen to being an "A.W.O.L." (whatever that acronymn technically means!), negligent citizen, who MAY OR MAY… NOT get caught by the government. Even if, however, you don't get caught, you are no longer in good standing with the government which, in my opinion, God has ordained to be in authority over you. And that's not good. You don't want that. Therefore, I definitely do NOT recommend doing the thing you have inquired about. One more thing: there is a reason why, at least here in Canada, at the bottom of your TD1 (the form you complete when starting a job, telling them what they need to know, so that they take off enough tax), it says, "IT IS A SERIOUS OFFENSE TO FILE A FALSE RETURN." It is - whether you EVER get caught by the government, or NOT (contrary to what a lot of people seem to think these days)! Shorting the government on taxes is a really bad idea. They will find out. I would consult a tax attorney to find out what type of legal mess if any you might be in. Save your self the head ache and just pay the taxes even if you really don't want to.
If you live in Massachusetts and buy a car in New Hampshire will you have to pay tax in Massachusetts?
You pay tax where you register the car; you register the car where it will be garaged for more than 6 months out of the year. So in your case, yes, you pay the 5% sales …tax to Massachusetts assuming that is where it will be garaged. Even if you're moving into MA from another state within 6 months of buying a new car, you may have to pay the difference in sales tax from that which you paid to the other state to MA. There are very few ways to get around the high cost of living here, just be glad you don't live in CA :) Don't forget excise (town level) tax can be hefty too. If you must buy new, help lower the cost, consider buying the previous year's model vehicle. Good luck & thank you for helping to fix our roads. Remember, in MA we have 3 seasons: Winter, Spring and Roadwork. Answer You CAN avoid paying the sales tax in Massachusetts ONLY if the dealership delivers your vehicle to you from New Hampshire. You will need a written document from the dealership stating this and give it to the Registry of Motor Vehicles.
Amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a sta…tute in the nature of a workers' compensation act. The exemption also applies to your survivors. The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service or prior contributions to the plan, even if you retired because of an occupational sickness or injury.
Not normally, taxes are taken at the point of payment so that people can not avoid paying them. If you are taxed too much you claim it back at the end of the tax year.
no you don't these taxes have already been taken care of by the employer you are not responsible for said same
The amount taken out for social security is 6.2%. For medicare is 1.45%. Total taken out for both amounts is 7.65%. ans FICA contributions, including… various sub (categories of things like SS, Disability, Health, etc) are 15.30% of FICA wages. What is considered FICA wages differ in from other wage considerations in many ways, (it has a top limit of about 100K, how pension contributions factored, State taxes, etc. all may be different income for FICA than other taxes). If you are an employee, the employer MUST pay half of the contribution (7.65%). If your self - employed, the amount normally paid by the employer is collected through something called the "self employment tax" when you file your income tax return.
Yes the same as anyone else they would have include the lottery winnings on the 1040 income tax return and the the amount will be added to all other gross worldwide income and… taxed at the marginal tax rate.
There is a means test to determine your total annual income and if it exceeds that amount you will have to pay on the additional amount. You can find it in the tax booklet or …on line by typing in the question do I have to pay taxes on social security income. Generally speaking, most people don't if social security is their only income. However you may still need to file a return.
An excise at the rate of $25 per one thousand dollars of valuation (effective 1/1/81) is levied on each motor vehicle. Information on the value of a motor vehicle is accessed …electronically through a data bank complete with valuation figures. Different sources provide the valuation figures depending upon whether the motor vehicle is an automobile, a truck, a motorcycle, or a trailer. For example, automobile valuations are derived from figures published in the National Automobile Dealers Association Official Used Car Guide (NADA), to which the Registry has electronic access. Most public libraries have copies of NADA and other motor vehicle official guides. Figures are the manufacturers' list prices for vehicles in their year of manufacture. Present market value, price paid, or condition are not considered for excise tax purposes. The excise tax law (M.G.L. c.60A, s.1) establishes its own formula for valuation for state tax purposes whereby only the manufacturer's list price and the age of the motor vehicle are considered. The formula is as follows:In the year preceding the model year (brand new car released before model year) | 50% / In the model year | 90% / In the second year | 60% / In the third year | 40% / In the fourth year | 25% / In the fifth and succeeding years | 10% Every motor vehicle owner must pay an excise tax based on valuation of at least ten percent of the manufacturer's list price; thus, owners of vehicles older than five years should have a fixed excise tax bill for succeeding years of ownership. Even though an owner may have applied for an abatement that may reduce an excise tax bill, no excise shall be less than $5.
Yes that is correct when you claim married less income tax will be withheld from your gross wages. You do NOT have any taxes withheld from your net take home amount that is on… your paycheck.
For a person dying after 1/1/2003, $1,000,000.00 (one million dollars).
You can use the following calculator to determine how much tax will be deducted from your paycheck: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp Remember th…at the amount of income tax deducted depends on how you fill out Form W-4 that you give to your employer. It is not the real amount of tax you owe. The real amount is calculated when you fill out your tax return at the end of the year. When you fill out and file your tax return, you will get a refund if too much was deducted or you will pay more if not enough was deducted.
Answer If a child's only income is interest and dividends (including capital gain distributions and Alaska Permanent Fund dividends) and certain other conditions are met…, a parent can elect to include the child's income on the parent's return. If this election is made, the child does not have to file a return. If he makes income other than interest & dividends, he is required to pay and file like anyone else. Of course, his earnings may be low enough that he is below the amount required to pay taxes. Income from a part time job is taxable even if the child is a minor: i.e. over 16 (legal age for working). There is a catch. First if the child makes more than the personnel exemption deduction for the year, its beneficial that the child claims the wages. They generally would get back all taxes paid. The catch is, if they only paid a small amount of taxes, it would be more beneficial for the parent to claim them as their dependent and have the child file their income without claiming themselves as a dependent. The parent would receive more credit on their taxes, and the child is doing what is legally right. Hypothetically, to the child getting $300.00 dollars could be alot of money, but the parent being able to claim them as a dependent would help the parent far more. What the parent could do to avoid the child having their own taxes filed would be to offer them the $300.00 that they would have gotten if the child claimed themselves. Talk to a tax professional. it's all legal and very simple. The one thing you did say though was that the child did not pay taxes. Depending on who they worked for, they might receive a 1099. You didn't say if they received payment in form of check or cash. with a 1099 it has to be claimed but the above could still be applied. hope this answers your question. The question is asked many ways and times - but basically - no there is no age limit, high or low, that changes the taxability or reporting of anyone. As the above really addresses, the question you ask isn't really driven by his age though...it is that he/she is (presumably) your dependent on your return. Someone claimed as a dependent on someones elses return cannot be one on their own. And as a low wage earner pays a lower rate (or likely nothing at all in this case), and you may have a much higher rate on your (higher) earnings, there is a process in place to avoid someone from shifting some of their income to their children to benefit at the lower rate. Below explains: A person who is a dependent may still have to file a return. This depends on the amount of the dependent's earned income, unearned income, and gross income. A dependent may also have to file if several other situations applies. Responsibility of parent. If a dependent child who must file an income tax return cannot file it for any reason, such as age, a parent, guardian, or other legally responsible person must file it for the child. If the child cannot sign the return, the parent or guardian must sign the child's name followed by the words "By (your signature), parent for minor child." Earned income. This is salaries, wages, professional fees, and other amounts received as pay for work you actually perform. Earned income (only for purposes of filing requirements and the standard deduction) also includes any part of a scholarship that you must include in your gross income. See chapter 1 of Publication 970, Tax Benefits for Education, for more information on taxable and nontaxable scholarships. Child's earnings. Amounts a child earns by performing services are his or her gross income. This is true even if under local law the child's parents have the right to the earnings and may actually have received them. If the child does not pay the tax due on this income, the parent is liable for the tax. Unearned income. This is income such as interest, dividends, and capital gains. Trust distributions of interest, dividends, capital gains, and survivor annuities are considered unearned income also. Election to report child's unearned income on parent's return. You may be able to include your child's interest and dividend income on your tax return. If you choose to do this, your child will not have to file a return. However, all of the following conditions must be met. Your child was under age 18 at the end of 2007. (A child born on January 1, 1990, is considered to be age 18 at the end of 2007; you cannot make the election for this child.) Your child had gross income only from interest and dividends (including capital gain distributions and Alaska Permanent Fund dividends). The interest and dividend income was less than $8,500. Your child is required to file a return for 2007 unless you make this election. Your child does not file a joint return for 2007. No estimated tax payment was made for 2007 and no 2006 overpayment was applied to 2007 under your child's name and social security number. No federal income tax was withheld from your child's income under the backup withholding rules. You are the parent whose return must be used when making the election to report your child's unearned income. For more information, see Form 8814 and Parent's Election To Report Child's Interest and Dividends in Publication 929.
Most people in the US pay Federal Income Tax at the 15 or 25% rate.
You can use the following calculator to determine how much tax will be deducted from your paycheck: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp Remem…ber that the amount of income tax deducted depends on how you fill out Form W-4 that you give to your employer. It is something YOU control and not fixed by law. It is not the real amount of tax you owe. The real amount is calculated when you fill out your tax return at the end of the year, and depends on all of your income (interest, investments, other jobs, gambing winning, etc), and deductions (some expenses, like mortgage interest) and number of dependents, etc. When you fill out and file your tax return, you will get a refund if too much was deducted or you will pay more if not enough was deducted. If not enough was paid as an estimate for ALL your income by this withholding (and other estimated payments through the year), and the amount was substantial you may be subject to interest.
That is the job of the Federal Government and State in which you live. It is not something you can or should be involved with. If they fail to pay, you are not liable, they ar…e. The easiest way to see if they are paying at all is if they still give you a check. The Federal Government is fairly quick to shut down companies that don't pay.