Taxes

Q&A: How is the amount of taxes deducted on my pay check determined?

May 19, 2012
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Q&A: How is the amount of taxes deducted on my pay check determined?

Image by herzogbr Question by x_ped: How is the amount of taxes deducted on my pay check determined? I would like to know how they come up with the amounts deducted that come on my paycheck? There was the option of me paying taxes, or it just being deducted. I would just like to know that the boss isnt...

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Q&A: How do I figure if I owe Estimated Taxes?

May 18, 2012
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Question by jwashburn00: How do I figure if I owe Estimated Taxes? I’m just starting a small business and am running it as a single member LLC. I know it will be taxed as a sole proprietorship. I’m just wondering what I need to do in order to figure if I should pay quarterly estimated taxes or if I...

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Employee Tax Credit

May 15, 2012
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Employee Tax Credit

Image by Sunset Parkerpix Employee Tax Credit Some people are unaware of the amount of money that they can save from the huge taxes they pay to the government for the business that they run. Some of them may even be aware of its potential but may find the processing of credits a daunting task which is not only...

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How can I pay my taxes on installment plan?

May 14, 2012
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Question by Siebsjo: How can I pay my taxes on installment plan? I am an independant contractor and didn’t pay enough quarterly tax so now I am getting hit with extra taxes. Unable to pay the lump sum by April 15th. Best answer: Answer by notaclueYou have to contact the IRS and work out a payment schedule! They’ll work...

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How would a non profit organization still awaiting tax exempt status file taxes?

May 11, 2012
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Question by pinkflamingo: How would a non profit organization still awaiting tax exempt status file taxes? If a non-profit has earned some money (even if a rather negligible amount), how does it file taxes while waiting for tax exempt status? Best answer: Answer by Kevin RSome operating reserves, usually less than 5% net income can remain in accounts, and...

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Q&A: What is better to pay taxes on, income, inventory or buy assets?

May 9, 2012
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Question by mechellmybell72: What is better to pay taxes on, income, inventory or buy assets? If I had $ 10,000 in income at the end of a year, which would be wiser to do. (1) Purchase more inventory and if so, would I have to pay taxes on that? (2) Pay taxes on the income. (3) Purchase assets? This...

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How do we decrease the deficit without raising taxes on the wealthiest?

May 8, 2012
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Question by mrsengk: How do we decrease the deficit without raising taxes on the wealthiest? Tea partiers don’t want any more taxes. And they want a lower deficit. But they don’t seem willing to cut spending on programs that actually eat up most of our expenses, like military defense. So then what is the real plan then to cut...

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Q&A: What percentage of our federal taxes goes to education?

May 4, 2012
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Question by signs4_him: What percentage of our federal taxes goes to education? I’m giving a persuasive speech on Education Tax Credits for one of my classes. I’m trying to find approx. how much of our federal taxes goes to education: particularly to funding public schools. I’ve been searching for day and have been thus far come up empty handed....

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Work Opportunity Tax Credits

May 4, 2012
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Work Opportunity Tax Credits

Image by jessamyn This credit is given to profit employers. There is no fixed limit for employing new hires. Such businesses can get a credit that reaches to around 40% for the 1st 00 paid by the employer to the employee. If the company hires a person from any particular target group of the WOTC, it can be eligible...

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How do i calculate the taxes i must pay from my salary?

April 29, 2012
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Question by jalina: How do i calculate the taxes i must pay from my salary? I need to know how i calculate the taxes i must pay from my salary everyweek, for example if i earn 236.25 weekly, whats the percentage i get discount from my employer for the social security, irs tax,? Need some help quick!!! Best answer:...

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Can someone pay taxes now as an advance on future income?

April 29, 2012
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Question by : Can someone pay taxes now as an advance on future income? Is it possible for someone to pay taxes now on money made in the future? Suppose you know you’ll make $ 20,000 next year, can you pay taxes on that this year…meaning that you won’t have to pay taxes on that money next year? I...

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Q&A: I think I did my taxes wrong a couple of times. Is there a way to redo taxes?

April 28, 2012
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Question by Mabel: I think I did my taxes wrong a couple of times. Is there a way to redo taxes? I should have had someone else doing my taxes, because for the last 2 years, I’ve been owing money instead of getting a refund. Everyone keeps telling me that I shoud be getting a refund. Best answer: Answer...

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How much money can I save on my taxes having a hobby farm?

April 27, 2012
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How much money can I save on my taxes having a hobby farm?

Image by romanlily Question by nateman: How much money can I save on my taxes having a hobby farm? I bought and old dairy farm last June and I have a couple animals. I new to filing taxes for a farm and how much can you save using farm tax and what forms do I need and what do...

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How do you book payroll taxes when it is paid by an outside service?

April 24, 2012
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Question by mymax: How do you book payroll taxes when it is paid by an outside service? The taxes need to come out of the bank account for reconciliation. But I also would like to put it into the proper federal and state tax accounts. Best answer: Answer by McD CPASince payroll is done by a third party service,...

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HIRE Act Tax Credit

April 23, 2012
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HIRE Act Tax Credit

Image by robert_carpenter In 2010,  the HIRE act of tax credits was published on 3 June, 2010. It is the law of the Congress of United States, who give payroll taxes and other opportunities for work to the people. It also hires unemployed workers. It also identified as a Democrats on the Congress on the issue of jobs bill,...

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Q&A: How much refund can I get from my taxes if I only earned $5k?

April 22, 2012
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Question by sangamania: How much refund can I get from my taxes if I only earned k? I earned about $ 5k for 2007. I had my employer withhold max amount of taxes for me. If I were to file taxes, how much refund can I receive? I heard if you earn below certain amount, you get back most...

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Q&A: How can I get less taxes taken out of my paycheck?

April 20, 2012
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Question by spclo23: How can I get less taxes taken out of my paycheck? I make pretty good money, but you wouldn’t know it by my paycheck. I get 1/3 taken out of my check for taxes and health care expenses. What can I do, besides buying a house because I can’t afford it yet with 1/3 of my...

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