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Paystubs are all different....basically as many ways to design them as there are employers...and many things on them that aren't needed for tax...or use abbrieviations the employer wants.
Basically, if you can't interpret your stub, wait and use your W-2 (which is more accurate and set up to match what the IRS forms want), whcih will be received around Jan minth end.
What else can I help you with?
What if your spouse refuses to pay taxes on earned income?
I suggest not filing a joint return. Using the Married Filing Separately filing status will not allow you to claim some tax benefits and you won't have the benefits of combining your income, but it will save you if your spouse is audited. If you file jointly, you will be fully responsible for the taxes on the omitted income. Filing a joint return creates something called "joint & several liability" which means you are both responsible for the entire tax liability, even if it's later adjusted because one spouse omitted income or committed tax evasion. Read IRS Publication 971 to find out the difficulty of not being held responsible for your spouse's actions. That's why I recommend not filing a joint return with your spouse. The benefits will not be worth the cost if they are caught evading taxes.
How can you claim the money you spent for a babysitter to watch your kids on your tax return This includes driving them to her house Is there any paperwork needed?
You can claim the money you spent for a babysitter to watch your kids on your tax return by keeping receipts of payments and filing out Form 2441 when filing your taxes. Read instructions for the form if you need further assistance.
Why would you claim yourself as an exemption in line 6a?
This information is only valid for filing taxes for the 2008 federal tax return [due by April 15, 2009] If you are single, and nobody claims you as a spouse [line 6b] or a dependent [line 6c] then you can check yourself [line 6a] to receive a tax exemption. This means that after you adjust your income after deductions, on line 42 you multiply the exemptions by $3,500, and these get removed from your income. For example, if your adjusted gross income was $20,000, the exemption from line 6a [yourself] would be $3,500 removed from the $20,000 to make $16,500. This number would go in line 43 [Taxable Income]. So when you go to look yourself up in the Tax Table, you would not look up $20,000, but $16,500 as your taxable income. The Tax Tables begin on page 258 of Publication 17 titled "Your Federal Income Tax". The cover is blue, with a bunch of pictures. They are in your local library, and post office. You can just read them step by step and fill out your own taxes. It is boring, and might require addition and subtraction skills, with occasional multiplication.
Can i prepare other people's taxes with turbotax or taxcut software?
Not legally, TurboTax and like software have licensing agreements which state you can only use it for personal use I believe. In addition as of this year you have to file with the IRS and get a PTIN if you plan on preparing anyone's taxes. If you wanted to prepare taxes as extra income, you should go the the IRS website and read up on it and look into professional tax software such as ATX which will allow you to prepare and e-file returns for your clients.
If you have unpaid income taxes in California from 1994 but no lien should you pay them?
If you live or visit California (or ever intend to), or you have any property there, yes.--------Interesting. If you have unpaid income taxes for over ten years, then be careful. Yes, IRS and California Revenue Department did not try to collect the tax debt yet but eventually they will. Did they send you a notice for your unpaid taxes? Read it through and you will find huge penalties and interests for the unpaid taxes, which may take up to 50% of your final tax debt. Revenue departments don't only seize properties, they can seize all kind of assets as well. For example, they can levy your wage, your bank account and your 401k account. If possible, hire a tax attorney to help you deal with it. More information about tax lien and unpaid taxes, you can check the links below.
What if your spouse refuses to pay taxes on earned income?
I suggest not filing a joint return. Using the Married Filing Separately filing status will not allow you to claim some tax benefits and you won't have the benefits of combining your income, but it will save you if your spouse is audited. If you file jointly, you will be fully responsible for the taxes on the omitted income. Filing a joint return creates something called "joint & several liability" which means you are both responsible for the entire tax liability, even if it's later adjusted because one spouse omitted income or committed tax evasion. Read IRS Publication 971 to find out the difficulty of not being held responsible for your spouse's actions. That's why I recommend not filing a joint return with your spouse. The benefits will not be worth the cost if they are caught evading taxes.
How do you read a W2 form?
To read a W2 form, look for your personal information at the top, including your name, address, and Social Security number. Then, review the income and tax information in the various boxes, such as wages earned and taxes withheld. Check for any additional information or codes that may be relevant to your tax filing.
How to read a W2 form?
To read a W2 form, look for your personal information at the top, including your name, address, and Social Security number. Next, review the boxes that report your wages, taxes withheld, and other important financial information. Pay attention to any codes or symbols that may indicate specific types of income or deductions. Finally, double-check the totals to ensure accuracy before filing your taxes.
Where can you get instructions on how to read and fill out income tax worksheets?
The income and revenue services will provide you with a fact sheet for filling out your taxes. You can get this by calling them up or downloading it via their website.
How to read your W2 form?
To read your W2 form, look for your personal information at the top, including your name, address, and Social Security number. Next, review the boxes that report your wages, taxes withheld, and other important financial information. Pay attention to any codes or numbers in the boxes, as they provide specific details about your income and taxes. Finally, make sure to double-check the information for accuracy and keep your W2 form for tax filing purposes.
If you receive child support do you have to claim it on your income taxes?
Almost certainly. You have to read all the small print telling you how to enter information.
Will you get money back when doing your 2012 income taxes from interest you paid on new house?
Interest payments on a home are deductible from income. Read the tax code carefully as some of the closing costs may also be deductable.
What Is A 1040A Tax Form?
Filing taxes is not as simple as reporting income. There are several forms that people need to know about before filing taxes. The most common tax forms come from the 1040 series. A 1040 form is your base form for filing taxes. It is commonly used to report primary income from your job. One of the most common forms is the 1040A. This is the form that will primarily be used by people who work one job and earn less than $100,000. A 1040A is basically a simplified version of the 1040 form. If you have one income and plan to take the standard deduction, you will likely use this form. If you have a 1040A form, you are likely only reporting your primary wages, which could include tips. You can also add income from capital gains, interest, retirement funds, grants, or unemployment income. The key difference between the 1040A and a regular 1040 is that those filing a 1040A will not be claiming itemized deductions. Instead, they will use the standard deduction. People filing the 1040A can still claim several tax credits, but they will still take the standard deduction. One major credit people use on the 1040A form is the student loan interest deduction. This form should not be used by anyone that is self employed. In addition, those with a home office would be advised to use the 1040 form. If you have dependents, you can still use the 1040A form. The same restrictions apply. Your income must be below $100,000 and your must take the standard deduction for your dependents. If you feel you may benefit from itemized deductions, you should use the regular 1040 form. The key thing to remember about the 1040A form is that is designed to simplify taxes for the average person. Before requesting a 1040A form, evaluate your tax situation. If you meet the income requirements and have little or no deductions, the 1040A form is probably best for you. It is simple enough to fill out where you can save money by not hiring an account to fill out your taxes. As with any tax form, make sure you read all of the instructions.
How can you claim the money you spent for a babysitter to watch your kids on your tax return This includes driving them to her house Is there any paperwork needed?
You can claim the money you spent for a babysitter to watch your kids on your tax return by keeping receipts of payments and filing out Form 2441 when filing your taxes. Read instructions for the form if you need further assistance.
It Tells You Where To Go?
If you are a business owner and need to file your taxes at the end of the year, reference a federal income tax chart. The tax chart will list the percentages of taxes that need to be held out of a payroll check based on how much the employee makes. The tax chart is divided into columns and rows that are easily read. Follow the income level and then match it to the correct percentage.
Do you pay income tax on Social Security disability benefits?
Yes, you may have to pay income tax if your modified adjusted gross income is $25,000 or more for a single person, or $32,000 or more for a couple filing jointly. Social Security benefits are taxed at 0%, 50% or 85% (see below), depending on your total taxable income.If you are retired or disabled and Social Security benefits are your only source of income, you will need to file, but generally will not be taxed. If you received income from sources other than Social Security, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status.For a single taxpayer, If your total AGI is less than $25,000, you pay tax on 0% of your benefits.If your total AGI is $25-34,000, you pay tax on 50% of your benefitsIf your total AGI is above $34,000, you pay tax on 85% of your benefitsFor a married couple filing jointly, If the total AGI is less than $32,000, you pay tax on 0% of your benefits.If your total AGI is $32-$44,000, you pay tax on 50% of your benefitsIf your total AGI is above $44,000, you pay tax on 85% of your benefitsYou can do the following quick computation to determine whether some of your benefits may be taxable:First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusions from income.Next, compare this total to the base amount for your filing status, if the total is more than your base amount, then 50% or 85% of your benefits may be taxable.
How do I read a W2 form?
To read a W-2 form, look for your personal information at the top, including your name, address, and Social Security number. Then, review the boxes that report your wages, taxes withheld, and other financial information. Finally, check for any additional information or codes that may be relevant to your tax filing.
