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How will the federal tax affect a gross biweekly pay of 840 for a single person claiming 5 exemptions?
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If you itemize can you claim a personal exemption?
Yes but to itemize you will have use the schedule A of the 1040 income tax return and that does NOT have any affect on your exemptions that are entered on the 1040 federal income tax return page 1.
What is the net income after taxes on gross of 360.00 week?
There are several variables which will affect the answer such as the number of exemptions you claim, the state income tax rate, other state taxes such as unemployment and disability, contributions to health insurance or retirement plans, union dues, etc. However, 70% - 75% or 252 - 270 is a rough estimate for a single person person with one exemptions.
Can you deduct IL property tax on both federal and state returns?
Yes, sort of: property taxes are a federal tax deduction and an IL tax CREDIT (up to 5 percent of property taxes paid). Your tax professional will assist you with your particular situation and will know of any changes to the law that might affect you.
How much do they take out in taxes if you make 10.50 an hour?
It depends on your total earnings during any pay period. It also depends on the number of exemptions you claimed on your W4 form each year. Your employer should have had you fill out the form when you first became an employee and should be asking you to fill out a W4 form each year of your employment. The more deductions and /or dependents you claim will affect your withholding tax.
What is tax implications?
When someone states that something has or may have tax implications, that simply means that it may affect the taxes you pay. It's generally used in reference to your federal income tax return filed with the IRS (& state tax return if your state has an income tax). If receiving a prize has tax implications, it would likely mean that you need to report the income on your federal tax return.
If you itemize can you claim a personal exemption?
Yes but to itemize you will have use the schedule A of the 1040 income tax return and that does NOT have any affect on your exemptions that are entered on the 1040 federal income tax return page 1.
How does the number of exemptions claimed affect the amount of taxes you will pay?
The number of exemptions that you claim affects the amount of taxes that you will pay by lowering them. That is if the exemptions are claimed when you file your taxes. The more exemptions that you claim on your paycheck, the more you money you receive in your pay each week, rather than having more in your tax refund.
Whats the federal taxes on a 50000 income?
The federal tax rate on a $50,000 income varies depending on your filing status and deductions, but it is typically between 10-22%. Additionally, there may be other factors to consider such as credits, deductions, and exemptions that can affect your final tax liability.
With the new bankruptcy code passed which gave the debtor stiffer penalties is it likely that states will decrease exemptions too that effect debtors in lawsuits?
No, there is no indication that such legislation is pending in any states at this time. The reality is the new bankruptcy reform will affect a very small percentage of filers and those states which have opted out of the federal bankruptcy procedure are considering increasing exemptions rather than more penalties. Be that as it may, lawsuit exemptions will more than likely remain "as is" or any if any changes are made they will be in the best interest of the debtor rather than the creditor. A few state elected officials in all states have tried to have debtor exemptions repealed or amended on a consistent basis and have never been close to being successful.
May I keep my home if I file bankruptcy?
If it has some equity but not more than the exemption, and if you are current on your mortgage payments. It may also depend on your state homestead laws. Bankruptcy is a Federal Court action and has nothing to do with State Homestead Laws! Equity is irrelevant to whether you can keep your house. It may affect whether you want to reaffirm the mortgages or not. Bankruptcy law specifically allows states to require their exemptions. Most states require you to use state exemption laws, including state homestead exemptions. A handful of states allow you to choose federal or state exemption laws.
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