TaXES???!!?
Q. Ok I have a 5 month old baby but i didn't work last year I worked in '06 but never claimed my taxes and now i want to claim them but there is a problem because my mama wants to claim my daughter on her taxes without asking me of course but i want to know...Is it true that i can't claim my child because i didn't have her in '06 which is when i last worked even though i never claimed my taxes that year?
Asked by Shonte - Fri Jan 11 15:06:34 2008 - - 10 Answers - 0 Comments

A. You may claim your taxes but your child must have lived with you at least 50 % of the time in order to claim her for a dependent,since she was not born in 06,NO neither you or your mom can claim her for 06...your mom should claim you and your daughter since she supported you...
Answered by sirmrmagic - Fri Jan 11 15:11:47 2008

TAXES!!!!!?
Q. Ok here we go again...I MADE $3,012.38 IN 06' ...They took $76.93 federal incom tax... $43.89 in employee medicaid ... AND $186.77 in social security employee tax... i have one underage dependant...Will i be eligible for earned credit income and if sooo...Can someone caculate this in tell me approx.. how much im gettin back thanks
Asked by Mr right - Mon Jan 1 01:28:37 2007 - - 5 Answers - 0 Comments

A. You will need to file a tax return & will receive a refund for all of your taxes since you earned less than the standard deduction.
Answered by Judith - Mon Jan 1 01:40:09 2007

What does this tax question mean? If you paid state & local income taxes in 2007 for a prior year?
Q. "If you paid state and local income taxes in 2007 for a prior year (such as taxes paid in 2007 as a balance due on your 2006 state income tax return), include this amount as other state and local income taxes paid. Other state and local income taxes: $___" While filing online, I got an alert here. I did not enter anything in. What exactly is the question asking?
Asked by Me - Sun Feb 24 03:40:17 2008 - - 3 Answers - 0 Comments

A. This question basically is looking to see if you should itemize your deductions or take the standard deduction. When you itemize, one of the things itemized is how much in taxes you paid to the states last year. They can figure out how much you paid from your paystub. They also want to know though, if you owed any money on your 2006 tax return that you paid then, because that counts towards "income taxes paid in 2007" for itemized deduction purposes. So what this question is asking is: - Did you owe any income tax on last years return that you paid. - Did you pay any back income taxes on last years return. - The key is that it's *state* income taxes. They don't care whether you owed / paid any federal income tax last year. Nothing… [cont.]
Answered by hermione98765 - Sun Feb 24 11:15:07 2008

When filling out tax forms for your employer, what number do you claim to have more taxes withheld?
Q. If you have more tax withhelf, you get a refund during income tax season. If you get more money on your paycheck you end up paying taxes. I don't want that to happen to me so on my VA tax forms, what do I claim?
Asked by shylee2482 - Mon Jun 2 09:37:52 2008 - - 3 Answers - 0 Comments

A. The smaller the number, such as zero, the MORE taxes/withholding are taken out. The bigger the number, the LESS taxes/withholding are taken out. I always claim zero in order not to owe taxes come tax time. My paycheck is smaller, but it is better than having to come up with money to pay taxes in April!
Answered by g g f - Mon Jun 2 09:47:22 2008

When making estimated tax payments to the IRS, do I need to include an amount to cover self-employment taxes?
Q. I am a self-employed consultant as of this year, so I am responsible for both income and self-employment taxes. If I cover all income taxes due with estimated taxes during the year, but do not include funds to cover SE taxes until I file in 2009, will it appear on my filing next April that I have under-paid, incurring penalties and interest?
Asked by Richard M - Sat Jun 14 14:08:09 2008 - - 3 Answers - 0 Comments

A. Your estimated payments are supposed to include all taxes due including Self Employment taxes. If you don't, you could have penalties for underpayment of estimated tax payments.
Answered by Mark S - Sat Jun 14 14:19:40 2008

What taxes should be considered when moving to a new area?
Q. I am trying to compose a list of the important taxes/expenditures to think about when moving. I am going to use the list as a way to compare the different cities/states that my wife and I are interested in moving to. 1. Can you think of any more? vehicle tax property tax school tax local tax vehicle inspections income tax sales tax any environmental taxes/costs estate tax 2. Can you name a place that is low in most of this categories? Thanks Could you name some more state examples? That was very helpful.
Asked by nick - Sun Oct 18 22:20:55 2009 - - 1 Answers - 0 Comments

A. In Pennsylvania, there are so many obscure little taxes that it will make your head spin. Local income tax, per capita tax, and occupational privilege tax. So let's look at some: Vehicles - Some states have a yearly tax on the value of the car while others have just a flat registration fee. Also consider the sales tax on purchasing of the vehicle which can easily be a few hundred dollars. Real Estate Tax - Should be thought of as one even if you are billed by multiple agencies. Could come from a combination of county, school district, municipality, and special district. Income Tax - In most states, it's simply a state income tax. In some states, income tax can also be levied by municipalities and school districts. Vehicle… [cont.]
Answered by shoredude2 - Mon Oct 19 02:25:37 2009

What taxes do you have to pay when you own a small home based business?
Q. I am planning on opening a small business with in the next year. I am trying to find out how my taxes will change. Is it true that i will have to pay in taxes every three months? How is this calculated? What taxes will i pay (federal, state, S.S, medicare)? what percentage of my imcome will i have to pay each quarter? I have three children, will i still be able to claim EIC? Any and all info would be a huge help. Thank you
Asked by LISA - Sun Aug 12 15:53:02 2007 - - 2 Answers - 0 Comments

A. You have all the taxes mixed up. Having kids has nothing to do with it, or percentages or medicare etc. That all has to do with the taxes you file at the end of the year with the IRS. With a home business it first depends on the state you live in. Where I live, I pay state and city taxes only on what I sell to people in my same state. I report my total income quarterly for the previous three months, but only pay taxes for my state and city sales. When you pay depends on the business. I do pay mine to the state and city every three months, but it depends on the type of ownership. ie. sole proprietor, LLC, Corp and so on. Example, if I made $3000. in three months but only had 1 sale in my state I would report $3000. in sales but only… [cont.]
Answered by Sheila M - Sun Aug 12 18:32:09 2007

How to claim taxes on salary that is overpaid to me and repaid back?
Q. In 2007, I was overpaid by my employer and now they want me to repay the overpayment. Today, I sent them a check for the overpayment. I have paid my 2007 federal and state taxes on the overpayment amount. How do I claim those taxes that I have paid when I file my 2008 taxes soon? Where can I indicate such a deduction on a federal 1040 tax form? Please be detailed in your answer. Thanks.
Asked by Latitu - Fri Jan 2 18:37:24 2009 - - 2 Answers - 0 Comments

A. Bummer. If you repaid $3000 or less, it's a schedule A 2% deduction. If you repaid more than $3000 it's either a schedule A deduction *or* you figure out what you paid in excess income tax and take a payment credit on the 1040. See IRS publication 525 under "repayments."
Answered by the tax lady - Fri Jan 2 19:55:32 2009

How does the tax deduction work for state and county transfer taxes?
Q. My wife and I are buying a new house in MD where the state and county transfer taxes will be about $8000. We are going to close in December this year, but will probably take a standard deduction. Can we deduct the property transfer tax even though we are going to take the standard deduction this year? Are transfer taxes deductions or credits?
Asked by Mike F - Mon Oct 8 16:00:28 2007 - - 3 Answers - 0 Comments

A. The transfer tax you pay is not deductible, it adds to your cost basis. When you sell the house the amount will reduce your gain but if you live in the house for 2 years within a 5 year period the first $500K of gain will be excluded anyway so essentially there is no tax benefit to the transfer tax you pay. You may want to check on whether it is a deduction in Maryland, I seriously doubt it. I searched and found no support for a deduction of the transfer tax in Maryland. Sorry.
Answered by Nick, CPA - Mon Oct 8 16:15:37 2007

I have already filed my taxes. Am I not entitled to the tax break congress just passed last week?
Q. I filed my taxes in Mid-January. Last week conress announced that every tax paying adult will recieve $600 and $300 per child, in an attempt to avoid a recession. Since my taxes were already filed, am I not entitled to this extra tax break?
Asked by D M - Sat Jan 26 13:47:49 2008 - - 5 Answers - 0 Comments

A. The stimulus is separate from your 2007 tax return. They actually need your 2007 tax return to be in the system to figure out what you will get if/when the checks are issued in June/July.
Answered by the tax lady - Sat Jan 26 13:54:05 2008

Can your state income tax be a deduction on your federal taxes?
Q. I am doing my taxes by myself for the first time, and I heard somewhere that your state income taxes can be a write off on your federal income tax. Is that true?
Asked by van_wyhe_halen - Tue Jan 22 19:15:30 2008 - - 3 Answers - 0 Comments

A. If you itemize (see if your itemized deductions on 1040, Schedule A exceed your standard deduction, which is $10,700 for married filing joint, $7850 for head of household, $5350 for single or married filing separate in '07), you may deduct EITHER state and local income taxes OR your state and local general sales taxes. You cannot deduct both. You make your election on line 5 of Schedule A by checking box a for income taxes or box b for general sales taxes. The option to claim sales taxes instead of income taxes will not be allowed following 2007 unless Congress extends the law permitting this option.
Answered by Count Your Blessings - Fri Jan 25 10:56:30 2008

How much taxes & late fee would you pay if you report $18,000 in earned income?
Q. Example if I did NOT file taxes for 2006 and I just now decided to file taxes for earned income of $18,000 as a 1099 form. For the state of California. About how much money will I have to pay back in taxes and how much will I have to pay in late fees?
Asked by Yvett - Fri Oct 12 00:59:13 2007 - - 4 Answers - 0 Comments

A. 1 If you got 1099 (instead of W2), then it is not your salary income. It is Independent Contractor or self-employment income. 2. If you have work related expenses, then you can deduct those expenses to figure out your net profit. If you have expenses, then you will also file schedule C (form 1040) with your tax return. 3. If possible file before October 15, 2007, which is last date of filing for persons who applied for 6 months extension. But even if you did not apply for extension, use this date. 3. Even if you miss Oct 15, 2007 you must file return to avoid serious problems. 5. From your net income (on 1099) deduct expenses to figure out your net profit. Your net profit ($18,000 less expenses) is subject to self-employment tax at 15.3 [cont.]
Answered by MukatA - Fri Oct 12 02:18:58 2007

What do we place taxes on if we ban cigarettes?
Q. I'm doing an essay for school on the ban of cigarettes. I need some help finding articles discussing other things we could place taxes on in the place of the huge tax on cigarettes. We get so many tax dollars from cigarettes and spend it on nesscary things- where would we get this money from if not from the tax, and what exactly do we spend it on, anyway? Lol. Any helpful links or opinions? I could really use links to site that contain information as to where exactly the cigarette tax goes- ex. what does it fund? who does it help?
Asked by Bella - Wed Feb 7 21:25:09 2007 - - 4 Answers - 0 Comments

A. we could always tax fast food. pretty much every one eats it, and it horrible for your heath in the long run, like smokes. but its socially acceptable to eat at places like McDonald's, so that would never fly. what the tax is spent on, is up to individual states. hear in Arizona, most of it goes to early childhood education and welfare programs, plus anti smoking crusades. very little of it goes into medicaid.
Answered by Jen - Wed Feb 7 21:32:33 2007

Can I get a tax rebate for local taxes paid where I am employed if I am working in a non tax location?
Q. I live in a township so there are no local income taxes for my residence. The income tax is paid to the city where my office is located. I do service work so am out of the state and or country much of the year.
Asked by mark w - Thu Apr 17 21:43:31 2008 - - 2 Answers - 0 Comments

A. Possibly. File a city income tax return (this may be part of the state income tax form, rather than something separate) and report how much of the income was earned there, calculate the tax on that amount, and subtract it from the tax that was withheld to calculate the refund.
Answered by StephenWeinstein - Thu Apr 17 23:30:05 2008

Our state taxes are higher than the federal. Does anyone else live in a state with high taxes?
Q. We do not itemize our federal taxes. Still we pay $600 more per year in state taxes than in federal. I live in Indiana.
Asked by pennypincher - Mon Dec 17 16:24:50 2007 - - 3 Answers - 0 Comments

A. I live in Taxachusetts. 5.something % income tax 5% sales tax excise tax on car 1.5 % average tax on real estate owned. Then there are lost wages due to: unemployement tax - 11% workman's comp - 1-50% very strict regulations etc. I figured out that as an employer, considering all state fed and other taxes, fees, insurance, etc. - For any given amount of employee expense, that the employee ends up with about 48% of what I have spent to employ them (all taxes, fed, state, etc.). This does not include the increase in the costs of the items they get to buy with that 48% due to the taxation and regulation of the companies and their employees that sell the products you need or want (food, mortgage, swingset, car, etc.) which I would estimate… [cont.]
Answered by yakrafter - Mon Dec 17 17:34:36 2007

How much of the taxes paid on a $10,000.00 lottery prize, can my Mother get back?
Q. My Mother won $10k on a scratch ticket, and paid $3k in taxes. She is retired, over 65. Is there some kind of tax law that says certain people can get their taxes paid, back? I've heard of people over 65 getting full returns of the taxes paid.
Asked by gregoryology - Wed Jan 16 15:05:23 2008 - - 3 Answers - 0 Comments

A. They probably withheld 20%, and she's likely to get some, but maybe not all, of that back. The taxes she owes will depend on her total income. If she only had the scratch off winnings and maybe social security, she'll probably get it all back.
Answered by Judy - Wed Jan 16 15:49:49 2008

How much money would I put aside for taxes in FL?
Q. I am working part time as an independent contractor, as well as working two other full time jobs that I do pay taxes on, as well as my husband who is has a full time job, and taxes are also deducted, so total we make 50-60k a year on income that is taxed. I now have a home based part time business and I will roughly make about 6-10k a year from this non taxed. Wondering how much I would need to put aside a year to pay the taxes that will be due. Also would I have to file two seperate taxes returns, one for me & my husbands main tax paying jobs, and then another for my business?
Asked by Krystal R - Fri Sep 21 22:20:44 2007 - - 3 Answers - 0 Comments

A. You only need to file 1 tax return, put your wages on line 7 of 1040 and file a schedule C and SE with your return to report your self employment profit. I am going to make some assumptions and then give you a conservative estimate. I will assume you will break even, no refund no balance due from your wage income and assume that you made 10k profit from your self employment income. This will tell you how much you need to send in for estimated taxes and you should have the refund or balance due you usually have when you file your return. 60,000 adjusted gross income -10,700 standard deduction - 6,400 2 exemptons 52,530 taxable income With a $52530 taxable income you will be in the 15% marginal rate. 10,000 profit from self… [cont.]
Answered by Charlie & Angie G - Fri Sep 21 23:16:43 2007

Anyone support raising taxes at the local level to maintain services?
Q. The county I live in is facing a huge budget crisis due to falling home values and lower sales tax revenue. They want us to allow them to raise the tax rate so they do not have to cut back funding to: schools, parks, libraries, fire, human services, and other front line local services. If this was happening to your home town would you recomend that they raise taxes or cut back on these local services? The waste and fraud have been cut out in the last few tough years. There is now only meat. Your choice is one or the other. New taxes or service cutbacks.
Asked by tall model looking girl - Thu Oct 30 10:06:01 2008 - - 4 Answers - 0 Comments

A. The first problem is that there are so many different forms of taxation that it creates a lot of room for stealing and lies. The second problem is the idea of a 'budget'. What a budget means is say you make a 100 dollars and you budget to spend 10 dollars, we still have 90 dollars remaining right? Nobody hears what happens to that money though. My solution is we change all taxation to sales tax. Most people spend like (insert ethnic stereotype here) and that is a poor way to live. Set the sales tax at 25% for everyone and everything in the US and there will no longer be an IRS (a huge organization), there will no longer be tax evasion, there will no longer be tax refunds because you cannot be over taxed and people in the middle class… [cont.]
Answered by PPwallawalla - Thu Oct 30 10:46:03 2008

I had my taxes done recently and I think I was supposed to give the accountant more paperwork than I did?
Q. After I came home from having my taxes done, I found the 2007 IRA contribution information forms 5498 that I forgot to give the accountant. It says all the money that I put into a Simple IRA in 2007. I didn't take any money out in 2007. Will this affect my tax return? Should I re-do my taxes?
Asked by nyalex09 - Tue Apr 1 15:56:07 2008 - - 1 Answers - 0 Comments

A. Yes, you'd most likely get a deduction for the amount you put into the IRA so your tax bill for the year would be less.
Answered by Judy - Tue Apr 1 16:05:14 2008

How to calculate taxes on ebay sales?
Q. Now I made 2000 in sales and profit of 800, how do I aviod self employment estimate taxes if I make even more next year? I dont want to pay taxes every quarter. So if anybody can give me a complete detail answer on ebay taxes, you will get best answer.
Asked by hgary06 - Tue Dec 12 13:40:47 2006 - - 2 Answers - 1 Comments

A. If you had a profit of $800 last year, you need to file, and will be responsible for self-employment tax. If you don't want to file every quarter, you can pay the whole year's worth of estimated taxes in the first quarter. Otherwise, you're subject to penalties. When someone just sells their own stuff on ebay that they don't want any more, they usually end up selling for less than the purchase price (same as garage sales) so don't normally have a profit so there's nothing to be taxed. People who sell on ebay as a business, making a profit, are subject to tax. If someone sells somethine of their own but makes a big profit on it, maybe an antique or collectible, then that's taxable.
Answered by Judy - Wed Dec 13 00:04:11 2006