Income Taxes

Taxes imposed by the government on the incomes of individuals or organizations, including capital gains

21,130 Questions
Taxes and Tax Preparation
Income Taxes
Tax Refunds

Refund Where is your stimulus Payment?

Starting Thursday, millions of grandparents and retirees will see a $250 raise to their usual Social Security funds. The months long wait for stimulus payments for seniors, as part of the stimulus bill passed February, is now over, CNN reports. Nearly 55 million seniors and retirees will receive the $250 one-time payment between now and June 4, 2009. Most of the checks have been sent out this week. (May 11, 2009). Payment will either be received as a separate check, in addition to Social Security payments, or appear in accounts as a direct deposit.

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California
Indiana
Income Taxes

What does annual income means?

Amount of money made in one year from all sources before paying taxes on it

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Cruises and Ocean Liners
Income Taxes
Non-US Taxes

Do you pay tax if you work on cruise ships?

If you're a US Citizen then you pay tax on your earnings. If you're based outside of the US e.g. Canada, UK, Ireland, Europe, Australia, New Zealand, South Africa, then your earnings are tax-free. You would still have to declare your earnings but they are not taxable. Go to http://www.WorkOnCruiseShips.com for more information on this subject.

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Income Taxes

What does federal tax blocked mean?

Employees that receive a W2 from their employers usually fill out the Federal form W4 which determines the amount of federal tax taken out of each paycheck. The purpose of the form is to prevent underpayment or large overpayment of federal tax. As an alternative you can "block" federal taxes from being taken-which means having $0 per paycheck applied to federal taxes. This should only be done if you don't expect to pay federal taxes or your taxes are paid in another way (for instance through a spouse's withholding.

This might also be done if the amount of tax that needs to be paid for the year is known at the start. A person could block the tax and then specify a flat amount taken out each paycheck. For instance if you pay $12000 a year in taxes and get paid once a month you could have a flat tax of $1000/month taken out. The advantage to this method is that rather than getting a refund at the end of the year you have use of the money through out the year.

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Taxes and Tax Preparation
Personal Finance
Income Taxes
Tax Refunds

How long does it take to get a tax refund if you efile?

Between 8-15 days if you select direct deposit into a bank account or about 4 weeks if you choose to receive an IRS check.

It will be faster if you select a bank product from a tax service firm, however these tend to be extremely expensive and you will have to have decent credit to qualify. You can also get advances on your refund but will have to pay fees.

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Taxes and Tax Preparation
Income Taxes
Lotteries
Senior Citizens

Do elderly pay taxes on lottery winnings?

Yes. The full amount of your (Lottery) gambling winnings for the year must be reported on line 21 other income of the IRS Form 1040 page 1.

The amount will be added to all of your other gross worldwide income and taxed at your marginal tax rate.

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Income Taxes

What does provisions mean?

1.a clause in a legal instrument, a law, etc., providing for a particular matter; stipulation; proviso.

2.the providing or supplying of something, esp. of food or other necessities.

3.arrangement or preparation beforehand, as for the doing of something, the meeting of needs, the supplying of means, etc.

4.something provided; a measure or other means for meeting a need.

5.a supply or stock of something provided.

6.provisions, supplies of food.

7.Ecclesiastical .a.an appointment to an ecclesiastical office.

b.appointment by the pope to a see or benefice not yet vacant.

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Labor and Employment Law
Salary and Pay Rates
Income Taxes

What is federal taxable wages?

All of your gross earned income from all worldwide sources that are paying you wages, salaries, etc for providing your services to them to earn the wages.

Usually you will receive a W-2 form from the employer with amount in BOX 1 Wages, tips, other compensation that would be entered on line 7 of your 1040 federal income tax return.

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Income Taxes
Tax Forms

How do you get your W-2 from the Dollar Tree online?

They'll probably mail it to you by the 31st of January. If not, talk to your manager or HR.

This site: dollartree.com/custserv/custserv.jsp?pageName=W2 has some pertinent information for Dollar Tree employees, offering links to sign up for electronic forms, and explaining when paper forms will be mailed.

This is the site where employees and former employees should be able to log in and get their forms:

paperlessemployee.com/dollartree.

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Income Taxes

Is general professional partnership taxable?

a gpp shall not be subject to income tax but is required to file annual tax return or annual information return for the purpose of furnishing information as to the items of gross income, deductions and the names TINs, addresses and share of each of the partners..BUT partners in a gpp shall be liable for income tax in their separate and individual capacities..

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Federal Laws
Income Taxes
Retirement Planning
Social Security

How much money can you earn while on social security at age 66?

If your birth date is 1/2/43-1/1/55 Then your full retirement age is 66 years.

After you reach your FRA your earnings are no longer subject to the earnings test amount. But it is possible for from 50% to 85% of your social security benefits to become taxable income on your income tax return.

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Taxes and Tax Preparation
Income Taxes

Is a live in girlfriend a tax deduction?

This is a qualified Yes (with some exceptions). They are an exemption as a dependent, but not someone you can claim dependent care expenses unless they are disabled. You can claim educational expenses you paid for this person. The new tax laws allow it if they meet the residency requirement (lives there 365 days a year), make less than $3500, and the relationship doesn't violate local law. It's good that in tough economic times, people can support others even if not related. For instance, if your girlfriend Judy lived with you for a full year while she finished an associate's degree, and you paid for her associate's degree tuition, then you can deduct those educated expenses.

Unfortunately, there is much confusion and many people have been given inaccurate information about this because they are used to older pre-2005 tax laws (in fact, this article inaccurately said it wasn't deductible until 3/2009). Additionally, even some tax software has not been updated to this tax law. Therefore, it's highly recommended you consult the IRS or an accountant and review publication 501, section "Qualifying Relative".

Below are some select parts of the tax law:

== There are four tests that must be met for a person to be your qualifying relative. The four tests are: # Not a qualifying child test, # Member of household or relationship test, # Gross income test, and # Support test. Tests To Be a Qualifying Relative # The person cannot be your qualifying child or the qualifying child of any other taxpayer.

# The person either (a) must be related to you in one of the ways listed under Relatives who do not have to live with you, or (b) must live with you all year as a member of your household2 (and your relationship must not violate local law).

# The person's gross income for the year must be less than $3,500.3

# You must provide more than half of the person's total support for the year.4

== To meet this test, a person must either: # Live with you all year as a member of your household, or # Be related to you in one of the ways listed under Relatives who do not have to live with you. If at any time during the year the person was your spouse, that person cannot be your qualifying relative. However, see Personal Exemptions, earlier.

More info:

Publication 501: Qualifying Relative ( http://www.irs.gov/publications/p501/ar02.html#en_US_publink100041887 )

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Taxes and Tax Preparation
Income Taxes
US Air Force

What are the salary income tax rates for Egypt for 2010?

Found 32 result when searched for SALARY TAX RATES when searched in All

egypt.gov.eg/english/laws/

egypt.gov.eg/General/tipdetails.aspx?ID=652

New Service.2009 Incom tax return

Now you can file your 2009 taxes (Individuals) online on the government portal.

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Taxes and Tax Preparation
Income Taxes
Tax Forms

What happens if you forget to file your state income taxes?

If you do NOT get it filed to your state it possible that you will be receiving a bill form the state tax department at some time in the future with the amount if any of past due taxes plus the penalties and interest that will be due when your do receive the bill it could be 2 or 3 years or less than that before you get the bill from the state.

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Taxes and Tax Preparation
Income Taxes
Tax Audits

Why is self employment tax so high?

Is a huge benefit.

Self employment tax is your social security and medicare. If you were not self employed you pay only your portion. Now you must pay yours and your employers portion since you are your own employer. The employers portion is also treated as a deduction on page 1 of the 1040 so you get a little break.

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Demographics
Income Taxes

How many taxpayers itemize?

30%

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Income Taxes
Tax Audits
Tax Forms

What is FCA in income tax?

Outside the U.S., you would be referring to Fellow Chartered Accountant, which is the American equivalent to the CPA or Certified Public Accountant.

With respect to income taxes and the U.S. Tax Code, it is likely you are referring to FICA or Federal Insurance Contribution Act tax. The tax is imposed by the IRS (Internal Revenue Service) on wages and is paid by both the employee and employer. The tax is used to fund Social Security and Medicare.

309310311
Taxes and Tax Preparation
US Constitution
Income Taxes

Does Oregon have a state income tax?

Yes...and it is high

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Taxes and Tax Preparation
Income Taxes
US Air Force

Can you include utilities bill for your income tax?

Sure if you have a business then you can use the utility bills as your deductions

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Taxes and Tax Preparation
Income Taxes
Tax Refunds

Owe federal tax 10000 what doi owe with reductions?

There was a mistake on my last years return. The IRS says we owe $3600+. We are living on my husband's disability social security and have a son in college. I am still unemployed after being laid off over three years ago. Is there any way to get this reduce?

Your obviously confused (saying you owe 10K and then saying its a third of that, with even with any penalty and interest is not going to be near 10K).

The absolute first thing is to see if you understand why they say you owe any money at all. They may be wrong (for any number of reasons) including just how the return was prepared or their own system.

Then especially if it turns out you made a mistake you can see (adding 2+2 =3 for example) and you didn't have the return done by someone else who can explain and respond for you, to appreciate that you may be dealing in an arena that you aren't equipped to, and get some help. Under the basic scenario given for your position, you should have had no, or a very modest at most, tax to begin with. Maybe you have a refund coming.

If the situation is that you improperly filed and do owe tax, the most likely result is you will need to pay it but the Penalty that was automatically applied would be abated, but the tax and interest (at a lower rate) would be due. An installment option would be made available.

The pro you want probably has the designation of an E.A. (an enrolled agent) - better and cheaper than a CPA for tax.

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Income Taxes
Business Taxes

What Address to mail IRS form 941 in Michigan?

http://www.irs.gov/file/article/0,,id=111163,00.html

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Taxes and Tax Preparation
Income Taxes

Whether unrecognized tax benefits is a tax portion?

An unrecognized tax benefit is the difference between the tax benefit reflected on the income tax return and the amount of the benefit recorded on the financial statements. Example: taxpayer deducts $100 on its return but believes that a $60 deduction will be the most likely outcome in a negotiated resolution with the IRS on audit. The $40 difference is the unrecognized tax benefit.

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Taxes and Tax Preparation
Income Taxes
Tax Refunds

Can you file income taxes if you are a student?

"Can you?" or "Must you?"

The answer to "can you?": Many people will file an income tax return even though the income on the return was below the filing requirement.

Even if you do not have to file a return, you should file one to get a refund of any Federal Income Tax withheld.

The answer to "must you": This depends upon how much income you had during the tax year (both from a job and/or from investments) and whether or not your parents claim you as a dependent. Online tax software can help you determine whether or not you are required to file a tax return.

See "Sources and Related Links" below for links to additional information about two online options for filing income taxes.

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Income Taxes
US Air Force

What is a Curtailment of income?

A curtailment of income is when your income has been cut short for any reason.

(Example: Due to the economy, instead of being laid off we all just took a paycut. We have a curtailment of income)

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Taxes and Tax Preparation
Income Taxes
Tax Forms

How can taxes be shifted backward?

You can either income average over multiple years ( which is best utilized if you have large swings in income from consecutive years.) or you can apply Net Operating Losses forward or backward with the Form 1065 to reduce your taxes in a certain year. You can only do this if you had a net operating loss in one or more years.

Sorry, income averaging hasn't been available for about 20 years.

You may be confused with how Net Operating Losses work and obviously, they would NOT be available to an individual.

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