 Council tax direct debit? |
hi
im trying to repay my council tax arrears i have a direct debit mandate from them that they sent a while ago, should i send it?
im hoping they will accept it, do you think they ... |
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 Will I get a refund??? |
| I was sent a letter from the IRS about 6 months back saying I still owe 200$ for unclaimed income for my 2004 taxes. I have filed for my 2006 taxes already, and am looking at a nice refund. Will the I... |
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 What monthly salary? |
How much would I come out with per month after tax, NI and pension at 11% if I was paid 21000pa
Additional Details
pa is per ... |
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 If I worked as an independent contractor last year...? |
| and only made around 3,000 dollars, but didn't file, is the IRS going to come for me? I was a restaurant delivery driver and didn't want to go through the hassle of adding up all the miles ... |
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 We have small business, how can we reduce our tax? |
| We have very little expenses, use our personal for the business. We like to buy a business car, any pros & cons? Also we pay tax approx £11k each year. We are wondering if can save this money in ... |
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 Home inheritance? |
| how do you protect the inheritance of your home to your children if when you get older and may need to go in to a care ... |
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| I was married in Sept and filed for divorce in Nov. I left his house in Oct, we lived together since Feb. I have custody of our daughter. I wanted to know if I could file Head of Household. I do ... |
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 Can I claim my child on income taxes even though I do not have custody of her? |
| My child was born on August 18th, 2006. On October 17th, 2006 Child services placed her in protective custody of a family member. I have been ordered to pay child support, begining the first of ... |
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 Will I get tax money back or owe? Made =$21474. Fed. Inc. Withheld =$1477. SS Tax=$1331. Medicare= $311.? |
| I can't figure out how to claim myself as a dependent on turbo tax it asks for a name other than mine but i and only i support myself. T... |
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 What does VAT registered mean? |
Additional Details
I know what V.A.T stands for but what does VAT Registered mean?... |
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 If a person doesn't file taxes, but doesn't owe the IRS additional money, what are the chances of a problem? |
| Yes, she is required to file based on IRS requirements, but if she doesn't owe money will they really come after her?... |
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 Will we be able able to claim my kids? |
My fiance claimed my 2 kids and me on the 2005 income tax return
and IRS audited him and we did not have enough evidence that shows he
lives with me and maintains my kids finacially well ... |
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 Are there any ways that I can claim back some IHT tax which I have had to pay on my late Fathers estate? |
| I have had to pay out quite a few thousand pounds on his estate and think it is so unfair paying this money back to the G... |
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krystalkf | Are bonus checks taxed more than regular salary? |
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bostonianinmo
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The tax withholding is at a statutory rate of 25%. The bonus itself is taxed as ordinary income however, so if less tax is actually owed than was withheld you'll get back the difference when you file your tax return.
The reason that tax is withheld at a fixed rate is because in the past, some taxpayers would either file an EXEMPT W-4 or jack up their withholding allowances temporarily in order to receive more in the bonus check and then return to their regular withholding claim as soon as the bonus was received. This often lead to a large tax debt, often with penalties tacked on, so Congress now requires the fixed rate withholding on bonuses and other irregular payments regardless of what is shown on the employee's W-4.
You may request a HIGHER amount of tax to be withheld, but if the employer is handing it properly a lower rate is NOT possible. |
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Judy1
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Yes and no. The withholding is usually done at a higher rate, but when you actually calculate your tax at the end of the year, a bonus amount is taxed the same as your regular income, and if too much was withheld, you get the extra refunded to you. |
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wartz
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Don't confuse withholding with actual tax.
The withholding rate is higher, but the amount of the check is added to all your other income and taxed at regular rates. |
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notaperviemusculargent
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Nope. Looks that way, but, believe it or not, they are not. Most human resources will award your bonus on the assumption that it will put you in to a higher tax bracket. They program it in to the computer, and 25% for Federal alone is subbed from you.
Also, payroll department figure "why risk getting in to trouble for 'back-up withholding' ?" So sometimes, 28% is withheld for Fed taxes alone. Back-up withholding is IRS terminology for a taxpayer the agency suspects is not paying his fair share. A lot of times, it occurs in joint brokerage accounts and/or if the worker claims 99 exemptions or "exempt". So the IRS notifies the firm that so and so's SS# is subject to back-up withholding. Rather than risk missing some employee and getting in trouble with the IRS, personnel may say "just withhold 28% from everybody". |
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Jen
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Yes you are taxed at a higher rate on bonuses. |
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v b
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They can either be added to your regular paycheck (and taxed accordingly which may be 25%, 33%, 35% etc) or taxed at a flat rate of 25%. |
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quizzard123
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Yes and no. Depends on the amounts involved. What happens is that the bonus appears to the tax man as if you suddenly had a big raise. When doing the calculations, it appears as if your weekly pay has suddenly jumped. Therefore, taxes are deducted a sif that happened all year. If it's a big amount, it can bump you into a higher bracket. In that sense, it can appear as if it was taxed higher. But since you did NOT probably recieve that amount year round, you'll probably get some of that extra tax back as a refund. |
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Peter C
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The withholding on bonus checks is calculated as if this were the regular amount of income you were earning 24/7, which can result in a higher tax bracket being applied. In the end, the overall tax bracket is figured on ALL the income received, including the bonus checks, and this can result in overpayment of taxes and trigger a refund. You can avoid overwithholding by increasing your number of exemptions claimed on your W-4, but check with your accountant before doing this. |
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Working Taxpayer
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What party or person was in charge of making us pay a flat 25% fed tax on bonuses?
A whopping total of 40% was withheld from my megar bonus this time. Disgusting. |
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