How much money do you take home after taxes in California at 55000 a year?
You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc that they will have to withhold from your hourly pay or gross of 55000 for the year after every thing is withheld from your gross pay to equal your take home pay.
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Answer . Because the money in your 401(k) has never been subject to income tax, all withdrawals for any reason will be taxed as ordinary income. Furthermore, if you take a premature (generally, under age 59 1/2) distribution from your 401(k) to purchase a home, the distribution will additionally …be subject to a 10% penalty tax.. You make take an early distribution of up to $10,000 from an IRA to pay qualified acquisition costs to purchase, build, or rebuild a first home without incurring the 10% penalty tax. The distribution will still be subject to income tax.. http://www.irs.gov/publications/p590/ch01.html#d0e8323. First Time Home Buyer Tax Credit . If you purchased a home for your principal residence after April 8, 2008 and before July 1, 2009, you may be eligible for a First Time Home Buyer Tax Credit of up to $7,500 for your 2008 tax return. To be eligible for the credit, you must not have owned a home as a principal residence in the previous 3 years.. http://www.efile.com/tax-deduction/income-deduction/home-deductions.asp ( Full Answer )
To collect over $2 trillion the IRS would like about an $11 billion for 2008. Will likely be budgeted for much less. See link for wish list budget, which also shows anticipated revenues. http://www.gao.gov/new.items/d07719t.pdf Note: 1 trill = 1,000,000,000,000 1 bill = 1,000,000,000 So i…f we didn't just casually round the collections and you even just said 2.1T....that .1 T is one tenth a Trill or 100 Bill ! Their budget is well within the trailing rounding! (If your thinking of arguing something like it costs more to collect taxes than it's worth). . ( Full Answer )
Distributions from a 401k are taxed like any other income. So, it depends on how much you are receiving each year. If you receive $30,000 a year from your 401k, you will be taxed the same as any person who makes $30,000 per year.
$49,000 for one inmate; death row inmates are nearly twice that at $90,000. Security. $20,429. Medical services. $7,669. Parole operations. $4,436. Facility operations. $3,938. Administration. $2,871. Psychiatric services. $1,403. Food. $1,377. Education. $687. Records. $513. Voca…tional education. $289. Inmate welfare fund. $282. Clothing. $152. Religion. $53. Activities. $23. Library. $23. Transportation. $15. Sources: Bureau of Justice Statistics; California Department of Corrections and Rehabilitation; National Association of State Budget Officers ( Full Answer )
The amount, high or low, of earnings makes no difference as to if you get a refund or if you have to pay more. The accuracy of what was withheld or (your required quarterly estimated payments) to what your taxable income (an amount that is different than earnings) will be is the issue. Someone… making a very large income fairly regularly has a very large refund. If for no other reason than it becomes more difficult to figure out how much they need withheld from their pay. Or alternatively, they can be underpaid and owe more, because they have income from sources that don't withhold. ( Full Answer )
You should always pay the full amount that you owe. The amount you owe will depend on how much money you make, your family size, deductions, etc. There is no rule of thumb.
The IRS can take a dollar if they feel like it if you have unpaid taxes...and they can do it without notice. Well, they do have to give you notice. The IRS is required to send Letter 1058 to you, which will be titled "Final Notice of Intent to Levy and Notice of Your Right to a Hearing" before they …can levy a bank account. You have 30 days from the date of this letter to make arrangments with the IRS. If after 30 days you have not made arrangments, and did not file for an Appeal Hearing (there will be instructions on Form 1058 on how to file the Appeal) the IRS can levy your bank account. Even if it only has $1.00 in it. The IRS has no way of knowing how much money you have in the bank. What they are going to do is look at what has been reported to them in the past to determine where you have open bank accounts. If you had interest reported to you from a bank last year, that tells them that you probably have a savings account there. That's where they will send a levy. If you have not had any interest reported to you from the bank that you currently have an account at, it is likely that the IRS has no idea where you are banking. They do not issue levies randomly to banks. If they cannot find a bank account, they will move on to your most recent W-2's to determine where you are working now and will likely proceed with a garnishment instead. ( Full Answer )
You will need to deduct your own taxes from cash tips. You can dothis by picking a certain percentage to take out and then put it ina safe or a bank account in case you have to pay in taxes for theyear.
The gift tax is on the one who gives, not the one who receives it.
It depends exactly where in California. Some make 10-20thousand a year while others can easily make over 100thousand in a year. Of course depending on where you go to work and of course your culinary skill level.
It depends on your state and local taxes, also your deductions....however I would say it would be approx $35,000 - $38,000 annually.
California no longer collects inheritance tax. This law wasabolished in June of 1982. Any inheritance received is tax free inthis state.
Your take home salary will vary depending on how many exemptionsyou can claim with the IRS. It also depends on what else is beingtaken out like uniforms or a 401K. The average take home pay wouldmore than likely be around 47,000 dollars a year.
The property tax in California can vary from year to year. However, to calculate the California property tax for one's home is quite simple. The tax can not exceed more than 1% of the home's value and can not increase more than 2% from the previous year.
Lower end tax preparers can earn around $10,000-$15,000 and Higher end tax preparers can earn $40,000 and up
Do you really think that's all there is to it? Much more goes into the determination. See, that's why there are all those companies and software sellers with programs, etc, etc that do this for people, and entire professions with lots of busy people, many advertising to get your business, all those …silly tax forms to be completed and laws about what is what...and so many people get in trouble for doing it wrong or fraudulently thinking there are short cuts or they can out smart it...and even more that think it is simply to hard to understand. Virtually no 2 people with even the same job and income pay the same tax. ( Full Answer )
For Single filing status, 2008 tax is $678,597 (2million multiplied by 35 percent minus $21,403). For Married Filing Jointly, 2008 tax is $671,575 (2 million multiplied by 35 percent minus $28,425). For Head of Household, 2008 tax is $675,409 (2million multiplied by 35 percent minus $24,591).… The actual tax liability would be more or less depending on yourother income, any income tax withheld from your other earnings,etc. This answer is incorrect if you are referring to PROPERTY TAX, andproperty tax rates are different in each County. Most counties inCalifornia on avg are in the 1.5% range but along with that, thereare other factors that must be taken into consideration. Because Sonoma County uses a complicated formula to determine theproperty tax owed on any individual property, it's not possible tocondense it to a simple tax rate, like you could with an income orsales tax. You can rest assure it wouldn't be the high rates given in theanswer above. This person must have been looking at somethingdifferent and not property sales tax ( Full Answer )
If you are seventy eight years old and took care of a lady in 2008 you earned approximately 55000 Will you have to pay federal income tax on this money?
Seemingly yes. Age is not a factor in tax liability...young or old, nor how you made the income.
It varies among doctors. A doctor's take home pay depends upon his/her: . field of specialization (plastic surgeon, pediatrician, Obstetrician-Gynecologist, dermatologist, neurologist, psychiatrist, among others charged services to their patient with varying fee/s). . place of assignment/locat…ion/area (far-flung/urban/rural) . perspective (patriotic/ambitious among others) . The above lists are some of the determinant. ( Full Answer )
Depending on where you live or where you buy something it is 8%+. Some cities/counties are almost 10% these days.
The net amount that is on the paycheck that you have in your hand is your net pay for the pay period after all of the federal taxes and other necessary withholding amounts have been withheld from your gross earnings by your employer payroll department. You should get the information from your emplo…yer payroll department if you really need to know the correct numbers or amount that should be deducted from your gross earnings. ( Full Answer )
57000 gross income for the year your employer payroll department would be the only one that would know how they were required to withhold for all of the taxes and other amounts out of your 57000 gross amount for the year. Your employer payroll department should be able to help you determine the net …take home pay that you would receive for the year. ( Full Answer )
"How much tax money does California get back from the federal government?" is the question in my mind too. I did ask Senator Babara Boxer's office by web comment at her web page, got no answer.
You can give $13,000 in 2009 (the number changes most years) without having to report it or file a gift tax return. If you give more than that, you have to file a gift tax return. The excess over $13,000 is subtracted from both your lifetime gift tax allowance and from your estate tax allowance. Onc…e your $1 million lifetime gift tax allowance is used up, you have to start paying gift taxes. Once your estate tax allowance is used up, after your death your estate will have to pay estate taxes. Note that tuition paid directly to an educational institution or medical bills paid directly to a medical services provider on behalf of your child (or anyone else) do not count. You can pay as much of either of those as you want and it will not count against your annual or lifetime limits. ( Full Answer )
When you first get money, if it is from a taxable source, you pay tax on it no matter where you plan to keep the money. Just because you plan to keep it at home doesn't make it exempt from tax. For example, if your employer pays you a salary, you have to pay taxes when you get your salary even if yo…u plan on keeping it in your home. But if you just throw the money in a desk drawer or under your mattress, there is no additional tax for keeping it there and no additional tax for later removing it and spending it. Of course, if you spend it on something that is subject to sales tax, you have to pay sales tax whether you get the money from your home or from your bank. On the other hand, if you buy a home and a number of years later find that the previous owner had stashed a large amount of cash in the attic behind a loose board, the money that you found could be taxable if you keep it. ( Full Answer )
The amount one pays as income tax depends on their TAXABLE income. It is a percentage of that income. The exact percentage used depends on the level of that income. Taxable income depnds on many things: Earnings from employment for sure, earnings from other sources (investments, government paymen…ts, etc.), and even then certain items of each may be not included, or things you may not receive in cash may be included. For example - the contribution to a 401k is not taxable income, even though it is part of your salary. On the other hand, certain benefits you may receive, like employer paid life insurance, car allowances, even access to a cafeteria that has reduced prices because of an employer supporting it), may result in taxable income to you. Once the amount of taxable income is determined, then the deductions to that income are applied. For example, interest paid on the mortgage for your home, number of dependent children, number of other qualifying dependents, medical costs, certain expenses of making that income, state taxes paid, etc.). Hence, any 2 people, holding the exact same job at the exact same salary and benefits, may well have 2 entirely different tax amounts due. Once the amount of taxable income is determined, looking at the tax rate charts (made by filing status, for example single filer verses married filing jointly), for that income determines how much one actually must pay. THE AMOUNT ONE RECIEVES "BACK" AS A REFUND IS SIMPLY HOW MUCH THAT IS LOWER THAN THE AMOUNT THEY PAID IN AS ESTIMATED PAYMENTS - OR IN MOST CIRCUMSTANCES - THROUGH PAYROLL WITHHOLDING. You actually controll how much that was when you completed your W-4, and hopefully it is about right fior the amount needed to be paid, or you incur penalties and interest. ( Full Answer )
Since a year has 12 months, just divide by 12. Since a year has 12 months, just divide by 12. Since a year has 12 months, just divide by 12. Since a year has 12 months, just divide by 12.
As a refund after you file your 1040 federal income tax return.You will NOT know the correct amounts until you complete your 1040 federal income tax return correctly. Your filing status, your age and how you made all of your gross worldwide income amount and if you had any sources of earned income (…pay that you worked for) that has to reported on your 1040 income tax return and all of your other information that is required to entered correctly on each line of your 1040 income tax return will all be a part of the necessary information that you know and will have enter on your income tax return correctly to arrive at the correct answer of how much you might possible get back as a REFUND AMOUNT after your income tax return is completely correctly. If it is qualifying earned income and you are not a dependent on another taxpayer's income tax you return. IF you meet the qualifications for the earned income tax credit and the making work pay tax credit for the tax year 2009 you WILL NOT KNOW the amounts until you have completed your 1040 federal income tax return correctly. When you get to the last lines on page 2 of the 1040 federal income tax return line 72 where it says THIS IS THE AMOUNT THAT WAS OVERPAID then you will know how much your refund amount should be. If the amount is ZERO -0- and then you have an amount on line 75 AMOUNT YOU OWE. ( Full Answer )
Depends upon which country you live in, and in some cases, which state or province within that country.
The exemption amount for each qualifying child or qualifying relative dependent is $3,650 for each exemption. You can also deduct $3,650 for yourself.
The Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your refund or overpayment may be reduced by FMS and offset to pay any past due child support, Federal agency n…on tax debts, or state income tax obligations. Go to www.irs.gov and use the search box for Topic 203 - Failure to Pay Child Support, Federal Non Tax and State Income Tax Obligations http://www.irs.gov/taxtopics/tc203.html For additional information, FMS can be reached at 800-304-3107. ( Full Answer )
A self employed taxpayer would be required to file an income tax return if business operation had a net profit of 400 and pay the social security and Medicare taxes that would be due plus any income tax that may be due after adding the net profit to all other gross income on the 1040 tax form and th…e amounts would be subject to income tax at the marginal tax rates. A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, rental income, taxable social security benefits, unemployment compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 ( Full Answer )
For the 2009 tax year the AMT exemption amount was $70,950 if married filing jointly
This would depend on your marginal tax rate and how much you have your employer contribute from your pay before income taxes that you will not have to report as a part of your gross wages for the year and pay any income on the amount until you reach retirement age and start receiving distributions f…rom the plan. Then you will pay the income taxes on the deferred compensation amount. ( Full Answer )
Depending on which part of California you are from. In the metropolitan cities like San Francisco, Los Angeles, San Diego, Santa Cruz etc.., You can make as minimum of 45 dollars an hour depending where you work. Each year you are given the choice to get another certificate, for example you have you…r certificate for Swedish massages and you want to get a certificate for hot stone massage therapy then you bump up to a maximum of 120 dollars an hour. So it really all depends. ( Full Answer )
You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc that they will have to withhold from your hourly pay or gross pay for the pay period. After the withheld amount for all ta…xes and other necessary withholding amounts are subtracted from your gross wages (earned income) then you will know how much your net take home pay should be should be for the the year on your 200000 of gross taxable earnings. ( Full Answer )
You do NOT have any taxes, or other amounts that will be taken out of your NET take home paycheck after it is issued to you. The employer payroll department would be the only one that should be able to tell you how much they will be required to withhold from your GROSS salary, wages, etc. for all …of the different taxes and other amounts that they are required to withhold from your gross pay before they issue you the NET take home paycheck. ans I have no idea why the above contributor thinks you asked anything that has to do with after a "net" pay, your question is clearly how to determine going from gross to net, as it concerns taxes. (Many other things may be taken out of pay, even "net" pay, like automatic deductions to savings/credit union, etc, etc). There is no specific fixed amount or percent. Two people working at the same job, making the same wage may (an almost always do) have much different amounts required to be withheld. THE AMOUNT WITHHELD IS DETERMINED BY YOU...NOT YOUR EMPLOYER, THE IRS OR ANYONE ELSE. It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings as a type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. The amount of tax withheld depends obviously o which state (or even city) your in, the amount of income your projected on earning over the year, (which helps determine your tax bracket and the percent that may be required), as well as your filing status, number of dependents and other deductions (like interest on a mortgage) or contributions to 401K, or medical and other benefits you selected, etc., etc. All these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. The variations are so numerous that again, it is fair to say that it would be uncommon for 2 people, working at the same job making the same salary would have the same amount withheld. There are even a number of different legal ways for the payroll provider to calculate the amount to withhold considering all the above...but overall they make only a small difference. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty and interest charges). Again, adjusting your W-4 is the way to correct for any of these circumstances. Just follow the instructions and examples for that form and you should have a very close amount for what is needed withheld for your situation...if for any number of reasons including those above, the situation changes... you will need to change the W-4. ( Full Answer )
YES. The below information comes from the RETIREMENTLIVING com website California Property Taxes Property is assessed at 100% of full cash value. The maximum amount of tax on real estate is limited to 1% of the full cash value. Under the homestead program, the first $7,000 of the full value of a… homeowner's dwelling is exempt. The Franchise Tax Board's Homeowner Assistance program, which provided property tax relief to persons who were blind, disabled, or at least 62 years old, and met certain minimum annual income thresholds, has been halted. The state budgets approved for the 2008/2009 and 2009/2010 fiscal years deleted funding for this Homeowner and Renter Assistance Program that once provided cash reimbursement of a portion of the property taxes that residents paid on their home. For more information, call the Franchise Tax Board at 1-800-852-5711, or visit www.ftb.ca.gov/individuals/hra/index.shtml . ( Full Answer )
Medicaid will expect you to pay to the nursing home the income/assets you have that exceed the Medicaid standard.
Taxes, no. Tax refunds/rebates and, for that matter, virtually any other Federal or State payment other than public assistance/RSDI/SSI can be intercepted to collect past-due child support.
It really depends where you live, there's a state tax and a federal tax, some state taxes are higher than the others, but on average they might take almost half :/
Travel expenses for the President and his family are not announced.The reason given is security. If costs were given, people might beable to deduce what security was taken. She pays some of theexpense of her vacations, but the exact cost is not announced.
$36.38 billion per year (US dollars per year) (country rank: 1st) (2009) More data at the Wolfram|Alpha link
Not 120000. Why don't you get a job that pays that much and then you will know what you will bring home.
The whole procedure is a lot more complicated than you seem to think. Basically the amount withheld is based on how much you're expected to earn in a year. Whether you're full or part time is largely irrelevant.
depends. if you have a really good job or a reaaly suckish job. if you have a really good job the tax people will probably increase your taxes so you barely keep any money. if you have a really suckish job you should either prepare to beg your parents for more money or get a cardboard box ready!
No way of answering without knowing what your vehicle is and whatkind of fuel mileage it gets. If an answer were given based on thefuel mileage of a Prius, and you're making this trip in anExcursion, you'll find the numbers are way off.
What work you do is largely irrelevant to your tax rate; all thatreally matters is how much you make, and the calculations arecomplex enough I doubt the details would be terribly useful to you.If you really need to know, hire an accountant, who should be ableto provide you with the proper value when… given the details youneglected to give us, like how much you make, whether or not you'remarried, how many exemptions you're claiming, etc. etc. etc. ( Full Answer )
There are 12 months in a year. So 55000 per year is the same as 55000 per 12 months. That is 55000/12 per month 4583.33 per month.
The California sales tax rate is currently 6.25% . However,California adds a mandatory local rate of 1.25% that increases thetotal state sales and use tax base to 7.5%. Depending on localmunicipalities, the total tax rate can be as high at 10.0%.