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What tax forms allows an employee to claim an exemption from federal income tax withholding?
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Is there a way to claim a tax refund as personal property on schedule B and then as an exemption on schedule C?
The answer to this question depends on State law. Each State has its own exemptions (except for those States which have elected to utilize the federal exemptions), so it depends on what exemptions the State in which you live allows. In Indiana, each person has a $100.00 cash exemption (which is the exemption you have to use for tax refunds in Indiana), so I normally list an anticipated tax refund on Schedule B #17, and then I exempt $100.00 of the amount on Schedule C (per the Indiana cash exemption). The debtor then gets the first $100.00, and the trustee can take the tax refund check over the $100.00 that is exempted. In the case of a joint filing, Indiana allows you to protect $200.00 ($100.00 per debtor). As a practical matter, most trustees in Indiana won't seize a tax refund check even if it is worth more than the $100.00 (or $200.00) exemption if it is less than $1,000.00, since most trustees don't want to bother liquidating anything smaller than $1,000.00. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Is rental equipment that is used on government jobs tax exempt?
Some States have a process that allows for a Government Agency to extend it's tax exemption to aspects of projects it is contracting. Howevver, it is normally part of the bid process and not automatic.
Does tn require joint federal income tax returns be filed?
Tennesee if that's what you mean....has no control over the Federal process (hey..it is a state..a fiarly wimpy one at that - it is always trumped by federal regs)...and the federal process allows, and in fact for many legal reasons requires, that the option to file as joint or singular is entirely at your discretion.
What is Form 944 used for?
Form 944 is Employer's ANNUAL Federal Tax Return. Form 944 reports the amount of taxes (income, Social Security, Medicare) withheld from employees' earnings. It's filled out instead of Form 941 (Employer's QUARTERLY Federal Tax Return) by the smallest employers. Smallest employers have an annual federal income tax/Social Security/Medicare tax liability of $1,000 or less. Generally, an employer who pays no more than $4,000 in wages subject to withholding is likely to pay no more than $1,000 in these employment taxes. Because of their low employment tax liability, the IRS allows them to pay these taxes only once a year, with Form 944, instead of every quarter, with Form 941.
What do accountants do at small business?
An accountant keeps your books up-to-date and in line with your state's laws and the Federal laws regarding business. A good accountant goes above that by learning your state's laws backward and forward, and using them to enhance your business (including making sure that any garnished employee takes home the full amount that the law allows). A great accountant counsels you when you're about to make a financial mistake.
How long does Pennsylvania hold tax intercepts for support?
Federal law allows for state withholding a joint intercept for six months
Is there an asset limit on a 60K Calif bankruptcy without penalty?
Yes, there are exemption limits on various goods/property. If you good/property is above that amount you will need to "pay" the difference to the BK trustee or else lose that good/property. The exemption limits can cary based on your state and whether it allows federal exemption limits.
What is a sentence for the word exempt?
Exemption means something is not held accountable for a situation. Here are some sentences.I was granted an exemption for my taxes because I have no job.That is the only exemption to this rule.Flying without wings would be an exemption to the law of gravity.A Tax exemption allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation.An exemption such as a Tax exemption allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation. Exemption may also refer to:Exemption (church), an exemption in the Roman Catholic Church, that is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rankgrandfather clause, an exemption that allows a pre-existing condition to continue, even if such a condition is now prohibited from being begun anewexempt employee, is one who is exempt from the Fair Labor Standards Act, i. e. is not entitled to overtime pay and other worker's benefits stated in the FLSAI'm sorry, I cannot answer that question because I have received an exemption.
What acronym describes the federal law that allows you to continue purchasing the medical benefits you received as an employee for up o eighteen months?
COBRA
If you have land that is paid off and you are living there in a camper will you lose the land if you file for bankruptcy?
It's not a question of losing the land. It's a question of whether you are entitled to a homestead exemption. Most states do not recognize a camper as the basis for a homestead. Check your state law to see what it allows for homestead and for state exemption and if you have a choice of federal or state exemptions. Then the problemn is how much the land is worth vs. how much the exemption is.
How much should you get paid on company time for gas mileage?
An employer can pay any amount they want for gas mileage. The federal government allows an employee to claim a deduction for the business mileage if the employer does not reimburse the employee for the expense.
Can you keep gifts of money during bankruptcy?
Bankruptcy allows you to exempt cash under state and federal law up to certain amounts. Georgia has a $10k homestead exemption and if you don't own a home or have no equity, you could use the $10k exemption on cash.
What is a Golf Sponsors Exemption?
In PGA Tour events for example the title sponsor of the tournament is allowed to give several players a sponsors exemption,which allows these players into the tournament.
Which type of will allows you to pass to your spouse any amount that satisfies your family objective?
exemption trust will
What must happen before an employee allows an employee to make independent work decisions?
The employer must trust the employee.
Can a credit card company take your home and your wages in New Jersey?
When a creditor wins a lawsuit they can enforce a writ of judgment which can be wage garnishment. Wage garnishment may not exceed 10% of the gross salary of the defendant,the first $154.50(based on being paid weekly) is exempt under federal law. NJ allows the choice of federal or state exemption concerning homestead exemptions. The federal exemption being more beneficial for the debtor. The exemption is $18,450 and may be doubled for married couples. There are other exemptions which can protect specific amounts and items of real and personal prop. Some states allow the forced sale of a home that is not covered by the homestead exemption. However this is rarely done when it pertains to the primary residence.If you feel I can be of further assistance please email me macky83@juno.com
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.
