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If you overpaid state tax by making estimated payments is your state tax refund taxable?
Wiki User
∙ 14y ago
Some of the refund amount could be taxable if you itemized deduction in the year and claimed the estimated tax payments as a part of your itemized deduction for that year.
Wiki User
∙ 14y ago
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How do self imployed people provide withholding of their income taxes?
They can perform the equivalent function by making what are called "estimated tax payments" four times a year. They need to do this in order to avoid penalties for underpayment. Federal estimated tax payments are made with Form 1040-ES which you can look at here: http://www.irs.gov/pub/irs-pdf/f1040es.pdf Most states that have an income tax have a similar form for estimated state income tax payments.
Does severance pay count as earned income in making a contribution to a traditional IRA?
Severance pay usually is considered ordinary taxable income. If the income is taxable you can count it toward making an IRA contribution.
How do you pay your income tax if you are self-employed?
9.3 Estimated Tax: IndividualsHow do I know if I have to file quarterly individual estimated tax payments?Estimated tax payments can be used to pay Federal income tax, self-employment tax, and household employment tax. To estimate if you need to pay tax on income not subject to withholding or on other income from which not enough tax is withheld, you need to calculate if the total tax you'll owe on your annual income tax return will be covered by the amount of tax you have already had either:withheld from wages and other payments, orpaid in earlier estimated payments for the year, orcredited to your account from adjustments or overpayments to previously filed returns.Generally, you should make estimated tax payments if you will owe tax more, than an amount specific by law, after withholding and credits, and the total amount of tax withheld and your credits will be less than the smaller of:90% of the tax to be shown on your current tax return, or100% of the tax shown on your prior year's tax return, if your prior year's tax return covered all 12 months of the year. However, if your prior year's adjusted gross income exceeded a certain amount based on your filing status, then you must pay 110% instead of 100% of last year's tax. (Note: the percentages change depending on the tax year. Refer to Chapter 2 of Publication 505, Tax Withholding and Estimated Tax.)Estimated tax requirements are different for farmers and fishermen. Publication 505, Chapter 2, 3, & 4, Tax Withholding and Estimated Tax, provides more information about these special estimated tax rules and about estimated tax in general. Get Form 1040-ES (PDF), Estimated Tax for Individuals, to help you figure your estimated tax liability.References:Publication 505, Tax Withholding and Estimated TaxForm 1040-ES (PDF), Estimated Tax for IndividualsDo self-employment taxes need to be paid quarterly or yearly?Self-employment tax is paid by making quarterly estimated tax payments which include both income tax and social security tax.When are the quarterly estimated tax returns due?Your first estimated tax payment is usually due the 15th of April. You may pay the entire year's estimated tax at that time, or you may pay your estimated tax in four payments. The four payments are due April 15th, June 15th, September 15, and January 15th of the following year.If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or legal holiday.How do I report the estimated payments I have made when I file my taxes at the end of the year?Take credit for all your estimated tax payments in the "Payments" section of Form 1040 (PDF), U.S. Individual Income Tax Return, or Form 1040A (PDF) , U.S. Individual Income Tax Return.
How can you deduct alimony payments when paying taxes?
Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010. Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable income for them. It's important to point out that child support payments are NOT deductible. So, if you are making monthly court-ordered payments that include both alimony and child support, you can only deduct the portion of those payments that are considered alimony. Usually the court order will specify these amounts.
How much money can a single person make in one year and still get a tax refund?
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.
How to get child support refunded?
You need to file an appeal or reconcilliation of the account with the child support agency overseeing your case. It may take months however, if you have overpaid you will have your money refunded by her (even if that requires them to seize her child support check) OR they will get the refund directly from the child support payments you are still making. Make sure you take ALL documentation that proves you have overpaid, court orders, child support withdrawals or payments you made in person/online, your income, etc.
When do you have to pay federal income tax?
Your taxes must be paid through out the year. That is, by either payroll withholding or making estimated payments on your estimated amount due quarterly...with a Form 1040-ES. Not making payments through the year will incur a penalty and interest charge whenever you do eventually pay. That would presumably be sometime before April 15, along with your return filing, for the year the payments should have been made.
How do self-employed people provide withholding of their income taxes?
By estimating and making quarterly estimated tax payments using the 1040ES tax form.
How do self imployed people provide withholding of their income taxes?
They can perform the equivalent function by making what are called "estimated tax payments" four times a year. They need to do this in order to avoid penalties for underpayment. Federal estimated tax payments are made with Form 1040-ES which you can look at here: http://www.irs.gov/pub/irs-pdf/f1040es.pdf Most states that have an income tax have a similar form for estimated state income tax payments.
Can you receive more than 60 percent of you monthly income under disability insurance?
That's about the limit. They don't want you making more $$$ injured than working. Also, disability payments generally are not taxable.
Ricky Ray's salary?
I think its about $470 000 a year. It's pretty close to what overpaid Casey Printers is making.
Is it illegal to sell a car when your still making payments on finance?
No its perfectly legal and if you are still making payments on it, that increases values.
Does severance pay count as earned income in making a contribution to a traditional IRA?
Severance pay usually is considered ordinary taxable income. If the income is taxable you can count it toward making an IRA contribution.
Can your car be repossessed if it was in an accident and nearly totaled?
If you weren't making your payments yes. It would only be repossessed if you weren't making your payments.
Are orchard bank online payments legal?
Yes, Orchard Bank online payments are legal payments. Making online payments is faster, easier, and often more secure for both the person making the payment and the bank itself.
How do you pay your income tax if you are self-employed?
9.3 Estimated Tax: IndividualsHow do I know if I have to file quarterly individual estimated tax payments?Estimated tax payments can be used to pay Federal income tax, self-employment tax, and household employment tax. To estimate if you need to pay tax on income not subject to withholding or on other income from which not enough tax is withheld, you need to calculate if the total tax you'll owe on your annual income tax return will be covered by the amount of tax you have already had either:withheld from wages and other payments, orpaid in earlier estimated payments for the year, orcredited to your account from adjustments or overpayments to previously filed returns.Generally, you should make estimated tax payments if you will owe tax more, than an amount specific by law, after withholding and credits, and the total amount of tax withheld and your credits will be less than the smaller of:90% of the tax to be shown on your current tax return, or100% of the tax shown on your prior year's tax return, if your prior year's tax return covered all 12 months of the year. However, if your prior year's adjusted gross income exceeded a certain amount based on your filing status, then you must pay 110% instead of 100% of last year's tax. (Note: the percentages change depending on the tax year. Refer to Chapter 2 of Publication 505, Tax Withholding and Estimated Tax.)Estimated tax requirements are different for farmers and fishermen. Publication 505, Chapter 2, 3, & 4, Tax Withholding and Estimated Tax, provides more information about these special estimated tax rules and about estimated tax in general. Get Form 1040-ES (PDF), Estimated Tax for Individuals, to help you figure your estimated tax liability.References:Publication 505, Tax Withholding and Estimated TaxForm 1040-ES (PDF), Estimated Tax for IndividualsDo self-employment taxes need to be paid quarterly or yearly?Self-employment tax is paid by making quarterly estimated tax payments which include both income tax and social security tax.When are the quarterly estimated tax returns due?Your first estimated tax payment is usually due the 15th of April. You may pay the entire year's estimated tax at that time, or you may pay your estimated tax in four payments. The four payments are due April 15th, June 15th, September 15, and January 15th of the following year.If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or legal holiday.How do I report the estimated payments I have made when I file my taxes at the end of the year?Take credit for all your estimated tax payments in the "Payments" section of Form 1040 (PDF), U.S. Individual Income Tax Return, or Form 1040A (PDF) , U.S. Individual Income Tax Return.
Is it illegal to take a car out of state when you are still making payments on it?
Not as long as you continue to make payments on it.
