Tax Forms

the total amount of money earned after all withholdings

Yup tax things can be awfully complex...add a little contract law..divorce law and more to the pot and things can get exceptionally murky!

However, I think the realistic answer basically comes down to: If when you were married you filed separate returns, your OK. Proving you correctly filed for the period to the IRS should absolve you.

If you filed joint returns and this tax deficency is from that time, (or you were actually a part of the business and that is where the tax problem arises) you may well have the liability too, which they of course may process to collect as needed. There is a defense called "innocent spouse relief". To use it you must have not only been unknowing about the tax failure, but able to show your financial knowlege is limited such you really couldn't be expected to understand what was going on....and more importantly - this is frequently a big hurdle...that you did not really benefit from the failure. (Basically, something like he hid the earnings from you, and spent them on his girlfriend....AND the $1,000,000 lifestyle you enjoyed wasn't after signing a joint return showing $10,000 of income, which anyone should question).

Agreeably you MAY have some recourse available in the divorce decree, but even if you do, it will likely be against your ex-husband, and only a very understanding IRS agent would accept it to relieve you.

These programs take many, many forms and can cover many items in addition to salary replacement. Your Human Resources dept should be well prepared, and about the only ones that can answer what each portion of the specific package provides and will be taxed. Generally, any money received as an addition or replacement for income is going to be taxed like ordinary income. Aspects that may involve the lump sum payout of a pension plan may have special considerations. Portions that are for a continuation of otherwise non taxed benefits (say medical coverage) also may be treated seperately. Frequently, the amount being paid is NOT allowed to be considered toward a 401K contribution. Things like stock options or employee stock have different rules and again depend on many factors of how the base plan was established (qualified or not), and the ending package is structured. Sometimes, certain portions may not be subject to certain lower level tax contributions, like unemployment, etc., and some may be taxed like a capital gain.

The terms of most auto leases require that you maintain insurance. Failing to do so is typically cause for termination of the lease. If you can't afford insurance, you can't afford to drive.

Generally speaking, if it is income, you need to report it. More specifically, it depends upon the amount of the federal or public assistance that is received combined with any regular income. SS benefits and state public assistance tax base differs from regular income.

Generally you are required to file in the district in which the debtor has its principal place of business or principle assets (i.e. you can't simply choose where you want to file). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!

As mentioned in the answer to the related question, "Are food contributions to a charitable organization tax-deductible?": Charitable deductions are claimed on Form 1040, Schedule A. You must have a charity's written acknowledgement in your records for donations over $250, and the recipient must be "qualified" under the law and IRS rules. "You must fill out Form 8283 Section A if your total deduction for all non-cash contributions is more than $500. If you make a contribution of non-cash property worth more than $5,000, generally an appraisal must be done. In that case, you must also fill out Form 8283 Section B. Attach Form 8283 to your return."

Your taxable income (the amount you made to apply a tax rate to) is, because of deductions, exemptions, dependents and other considerations, is normally very different (lower) than what you "make". A person who made 20K will have a tax rate of about 15%, however, again EITC and other credits may make this much less. Many, if not most people, especially with any family who make 20K will pay little or no tax and many actually get money back because of the credit features available for low earners.

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That you are asking implies you may want to get some additional guidance. The 1120 series is used to file C corp returns. Each co in the group should have it's own entire pro-forma return made, and an elimination Co made on the Consolidating schedules for tax to produce one combined entitiy. Remember that the States may not allow, and others may require, consolidayed or Unitary filing. Dividends, ownwership percentages, intercompany transactions, accrual accounts and items that must be recorded to equity rather than deferred accounts, (the entire FAS 109 thing is for GAAP only), but can get a bit honery. Obviously, the specific schedules needed to be completed, and whether forms 1118, 4797, 5462, Schd. D, etc. etc., depend on the operations and accounting for the Co or group. Schedule M-1 (now actually M-3) needs to be paid particular attention to.

A salvage car or truck, once restored to roadworthy condition is worth roughly 60% of the value of a comparable vehicle with a clean title.

FICA stands for Federal Insurance Contribution (tax) Act. You and your employer both contribute a percentage of your income to this tax which is attributed to Social Security and Medicare. Social security is the governmental fund that provides income to retirees, disability, etc. Medicare provides medical insurance coverage to persons over age 65.

As of the new law passed in Dec 2010:

The tax is payable on the first $106,800 of earnings. Earning are defined slightly differently for this than what is used for withholding, (or other things). Additionally, a portion of what was a total of 15.3% tax equally paid between employer & employee - or entirely by self employed (half employer paid, half employee), is dedicated to Medicare and has no maximum earnings limit.

HOWEVER:

Under current law, employees pay a 6.2% Social Security tax on all wages earned up to $106,800 (in 2011) and self-employed individuals pay 12.4% Social Security self-employment taxes on all their self-employment income up to the same threshold.

For 2011, the Senate passed 2010 Tax Reform Act gives a two-percentage-point payroll/self-employment tax holiday for employees and self-employeds. As a result, employees will pay only 4.2% Social Security tax on wages and self-employment individuals will pay only 10.4% Social Security self-employment taxes on self-employment income up to the threshold.

The maximum savings for 2011 will be $2,136 (2% of $106,800).

The amount paid by the employer will not change and will be that same 2% more than the employee.

SALVAGE VALUE

The estimated value that an asset will realize upon its sale at the end of its useful life. The value is used in accounting to determine depreciation amounts and in the tax system to determine deductions. The value can be a best guess of the end value or can be determined by a regulatory body such as the IRS.

The salvage value is used in conjunction with the purchase price and accounting method to determine the amount by which an asset depreciates each period. For example, with a straight-line basis, an asset that cost $5,000 and has a salvage value of $1,000 and a useful life of five years would be depreciated at $800 ($5,000-$1,000/5 years) each year.

In a way, your thinking it through too far -

You claim the number of exemptions that would be realistic. The tax rate for your expect income, (applying those number of exemptions), is what payroll will withhold. If that is 0 because of you pay level, then nothing is withheld.

Your not really exempt from tax (and I'm not sure there is an election called "exempt" anyway), you just don't have any tax liability. Of course, even at a low income level you wouldn't be "exempt" from paying taxes like...FICA, Workers Comp., Disability, Unemployment insurance, etc. that ave not minimum base.

The child would have to have their tax return amended and repay any money that they should not have got. If the parents also filed incorrectly, theirs would have to be amended as well.

It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.

Corporations have different tax deadlines than individuals do. Check out the IRS web site.

A person can claim head of household only if the dependent is related, almost any relationanything but a cousin. You can not claim head of household if they are not related.

Yes, you would have to file head of household. This is perfectly legitimate and quite common. The person you are claiming as your dependent COULD NOT claim his/herself on their own separate tax return. Speaking from my experience as a tax examiner, I would try to not complicate matters by providing too much information, aside from that required on the "dependents claimed" lines. Additionally, I wouldn't include any superfluous handwritten or typed correspondence outside of the typical standard forms regarding the nature of the dependant, aside from non-relative. I wouldn't necessarily qualify your support of this individual as a percentage, if you said you paid the "majority" of an individual's expenses it would be less open to confusion and scrutiny. 60% is a majority, after all. One down-side is if the individual you plan claim is receiving social security benefits, the benefits might be subject to a living adjustment since you are easing the individual's burden. Once again, it would pay to be vague. I doubt seriously anything would be affected retroactively, it depends largely on the information the dependant included on his/her social disability claim, that is if he/she even submitted one. Trying to simplify - to claim as a dependent, regardless of how you file - the dependent must be a "qualifying" (strictly defined) child or relative (2 different catagories), that isn't claimed by anyone else, including themselves on their own return. It would seem you have no chance.

Federal $ 5000.00 unless they have more than $800.00 in interest, but if taxes are withheld you may want to file to get a refund. States vary.

Gross pay is what you make before any deductions. If a job is advertised at $30,000 a year, then that's the gross pay. Net pay is what's left after taxes, health benefits and other deductions are taken out of your check. So gross pay of $30,000 would become something like net pay of $22,564.

No. = Answer = Very few exceptions. The gain calculation can act to reduce tax due though. Link provided: http://www.irs.gov/publications/p523/index.html

When marrying, you child and their spouse must decide whether to file jointly or separately. If they file jointly, they will claim themselves for tax purposes, and you cannot claim them.

A taxpayer can usually claim a married person as a qualifying child dependent if all of these conditions are met:

If the child and their spouse marry but file separately or do not file

AND

They are under age 19 or under age 24 and a full time student or permanently disabled

or they are over the age of 19, not a full time student, but earn less than $3650/year

AND

They live with their parents for over half the year

AND

They don't provide over half of their own support for the year

Any salary a company pays you is always before taxes. So if a company offers $600/wk salary, that is before taxes. Your paycheck will reflect the net amount, and the net will be the same since you have the same gross for each paycheck.

Look it up..... You have to read something in order to answer something... Duuhhh.... But its gross pay is net pay minus deductions.