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What is the estimated amount of income I can expect to receive if I retire at the age of 62?
The estimated amount of income you can expect to receive if you retire at the age of 62 will depend on various factors such as your savings, investments, social security benefits, and any other retirement accounts you may have. It is recommended to consult with a financial advisor to get a more accurate estimate based on your individual circumstances.
What else can I help you with?
What is the income threshold that one must reach in order to receive the maximum amount of Social Security benefits?
The income threshold to receive the maximum amount of Social Security benefits is based on the highest 35 years of earnings.
What is the estimated mortgage amount I can be pre-approved for?
The estimated mortgage amount you can be pre-approved for depends on factors like your income, credit score, and debt-to-income ratio. It's best to speak with a lender to get a more accurate estimate based on your specific financial situation.
Can you explain how estimated tax payments work?
Estimated tax payments are payments made to the government by individuals or businesses who expect to owe a certain amount of tax at the end of the year. These payments are typically made quarterly and are based on an estimate of the taxpayer's income and deductions. Failure to make these payments can result in penalties and interest charges.
What is the estimated amount I should pay in taxes?
The estimated amount you should pay in taxes depends on your income, deductions, and credits. It is calculated based on tax rates set by the government. You can use tax calculators or consult a tax professional to determine the exact amount you owe.
Do estimated taxes have to be equal for all income sources?
No, estimated taxes do not have to be equal for all income sources. Taxes can be calculated separately for different types of income, such as wages, self-employment income, and investment income. Each source of income may have different tax rates and requirements for estimated tax payments.
Advance tax vs tax at source?
Estimated tax payments and tax at source are basically the same in the pay taxes as you pay these taxes when you receive income and then you get a credit on your 1040 income tax return for the advance estimated taxes that have been paid or withheld at the source of the income. If too much is paid in advance you will receive a refund of the over over paid amount. If NOT enough was paid in advance then you owe some additional amount when you have completed your 1040 income tax correctly and have it ready to send to the correct IRS address.
What is the word for Excess of your withholding and estimated tax payments?
Amount of taxes that were overpaid to the IRS The excess amount of your withholding and estimated tax payments would be the amount that is MORE than your federal tax liability on your correctly completed federal 1040 income tax return and would be the amount of the REFUND that you could possibly receive after sending your tax return to the correct IRS address. Overpayment amount of taxes
Can you claim eic if you do not claim income?
No. You must report income to receive the Earned Income Credit. You must file a tax return to receive the credit, even if you otherwise would not have to. Any amount of the credit over the amount of taxes you owe will be refunded to you.
How do I figure the amount of retirment income I need?
Retirement income is usually estimated as a percentage of your income from your working years. Normally 80% of your income is needed to maintain your standard of living
What types of revenue and capital income can they expect to incur?
Revenue is the amount of money that is made from all sales. Income is the amount of money that is made after all bills are paid.
When does the IRS accept an offer in compromise?
The IRS accepts an offer in compromise when the amount offered is the most the IRS can expect to receive in payment. The IRS will consider a persons income, ability to pay, assets and expenses.
An amount of income that is not included in your gross income is known as what?
Income tax exempt INTEREST INCOME but the amount that is exempt from income tax does have to be reported on your income tax return and is used in the calculations to determine if any amount of any social security benefits that you receive will become taxable income on your 1040 income tax return.
Will the 8000 be refunded or will just reduce your adjusted gross income?
The tax credit amount does not have any affect on your AGI nor on your taxable income amount. Your federal income tax liability if any will be reduced by up to the 8000 of your FTHBTC. If your federal income liability is less than the 8000 amount then you will receive a refund of the amount that is left. The 8000 FTHBTC is a refundable credit and if you do not have any federal income tax liability you will receive the 8000 amount as a refund.
What is the income threshold that one must reach in order to receive the maximum amount of Social Security benefits?
The income threshold to receive the maximum amount of Social Security benefits is based on the highest 35 years of earnings.
What social security retirement benefits should you expect to receive?
You should expect to receive 70% of your income from social security, while the other 30% will be coming from a 401(k), IRA or another similar investment.
Do you get fit back when you file taxes yes or no?
fit or (FIT) Federal income tax withheld if your income tax is completed correctly when it is file and IF you had an over payment of federal income tax on your 1040 income tax return then you would receive a refund of the over paid amount. You cannot expect to get a YES or NO answer to this question with the information that you have enclosed above.
What is the estimated mortgage amount I can be pre-approved for?
The estimated mortgage amount you can be pre-approved for depends on factors like your income, credit score, and debt-to-income ratio. It's best to speak with a lender to get a more accurate estimate based on your specific financial situation.
