 I'm a student well under my tax threshold, but my recent p60 shows over £400 tax paid.How do I get this back? |
| In addition to the title, where do I send off to, how long does it take, if I go through an intermediary how much do they take, doe anyone out there have prior experience of this situation?... |
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 To all carers in the uk? |
| we all work 24/7 saving this government a lot of money for peanuts,dont you think we deserve a rise?... |
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 I am receiving a large personal check, will I be taxed and do I have to report this to the IRS? |
| I am getting a personal check from my grandparents for $19,400. It used to be in some sort of account that they had set up for my college but I am done with school and they are sending me the rest in ... |
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 The hate cleric Bakri's daughter gets £360 a wk benefits yet I pay tax on a pension of £224 wk. Is that fair ? |
| Mine and my wife's old age pension and a small private one are left with £210 a week after tax and are not entitled to state benefits. Had we been on state benefits, we wouldn't be liable ... |
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 Where is my economic stimulation payment? |
According to the irs schedule I was supposed to get my stimuation payment deposited into my bank account on Monday. I have yet to see it post to my account. What are the possible reasons why?
A... |
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 Tax and dependent question with a crazy ex? |
| My ex claimed my son on her taxes and wasn't supposed to according to our custody agreement. So my tax return was refused by the IRS because they said that my son's SS# had already been ... |
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 When will the tax rebates be arriving? |
| When can we expect the tax rebates to arrive? Is it based on when you file your taxes? Or will everyone be receiving the rebates in a certain month/time? My husband and I already filed our taxes and ... |
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 Tax on Gambling? someone help me out? |
this is real ok.
in a year i have lost $1000 and then i recovered back $900 that mean the net is a loss of -$100.
my question is do i have to pay part of the $900 of winning to tax?
... |
|
 How can you tell who owns a fence that separates two properties? |
| I live in a condominium that is surrounded by a private road. The road is for the use of the home owners whose houses surround our condo building. The "legend" has it that the fence ... |
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 How can 95% of taxpayers receive a tax cut when 40% do not pay any income taxes? |
| I'm confused about Obama's tax plan. Which 95%? Is it people who actually pay income taxes or is it 95% of the population in general? Is it income taxes he wants to cut? Or is it payroll ... |
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 I've been getting e-mails stating that I've won the UK lottery and other lotteries. Are they for real? |
| For some time now, I been getting e-mails asking me to help families get there money back after the death of the loved one. Isn't that embezlling. Now I'm winning all these lotteries, ... |
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 Got a negative tax return, is it normal? |
| I am filling in my 2006 tax return by Turbo Tax on line. This is my first time to use this program. I was so surprised finally I got a negative return which means I will have to pay more tax. Is it ... |
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 Is the tv licence a tax or a fee? |
| And do other countries charge like ... |
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 If you don't owe anything state tax, do you have to file? |
| I was helping my parents doing their tax return. They are getting a small refund from Federal, but nothing is owe or due on state. Do they still have to file the state? The state is Arizona by the ... |
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 I got taxed 40% on my severance pay, is that right? |
| I just got my severance check in the mail today from the company that let me go and they took out $5800 in taxes on a $14,700 payment... Can that be right? That comes out to 40% when Im in only a 25% ... |
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GYJ-Dude | Are taxes based on total income or taxable income? |
In other words do I calculate the eaxes I owe (I'm in the 15% bracket) based on the total income or the income after all the deductions are taken out? |
 |
 
rowlfe
 |
Certain amounts of your income can be deducted from your earnings. These deduction are sometimes called exemptions. What is left after subtracting the exemptions, is taxable income and the percentage is taken from this amount. Consult with a professional for the specifics on what you can deduct and how to figure out how much tax you actually owe. The tax codes are so complicated, an average person can't make heads or tails of the language used by Congress. |
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bostonianinmo
 |
Your tax is based upon your taxable income. There are a number of ways that your taxable income is determined.
First off are certain above-the-line reductions called adjustments. These include alimony, qualified retirement plan contributions, student loan interest and penalties for early withdrawl from a timed deposit account. The result is your Adjusted Gross Income or AGI.
Next come exemptions. These are based upon your filing status and the number of dependents you claim on your return. You get one exemption for yourself. If you file a joint return with your spouse you get one for our spouse as well. If you have dependents, you get one for each dependent. For 2007, each exemption that you claim reduces your taxable income by $3,400.
Finally you subtract deductions. There are 2 types, the standard deduction ($5,350 or a Single taxpayer for 2007, more if you are Head of Household and $10,700 if you file a joint return) and itemized deductions. If your itemzed deductions are higher than your standard deduction, you'll noramlly take the itemized deductions. There are exceptions to that if you are married and file separate returns where both must either itemize or take the standard deduction regardless of what would otherwise be best for the individual taxpayer.
Once you subtract the deductions you arrive at your taxable income. That is what the tax is based upon.
There are other considerations. Tax credits reduce your tax liability directly, dollar for dollar. Most can only reduce your liability to $0 but a few like the EIC or Additional Child Tax Credit are refundable so even if your tax liability is $0 you can have that money paid to you.
Lastly there are additional taxes paid by some taxpayers. The most prevalent by far is the Self-Employment tax levied upon self-employed individuals. That is added to your tax bill before any credits are subtracted. |
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Judy1
 |
Your taxes are based on taxable income, but even then you don't just take the 15% for your bracket times that amount. The first part of your taxable income is only taxed at 10% - that limit depends on your filing status. Then the amount over that limit is taxed at 15%. |
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JP
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You are taxed on your income after all the deductions are taken out. |
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Don T
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For federal income taxes, you calculate taxes based on taxable income. The federal income tax is not calcualted on Adjusted Gross Income.
For more information on taxes and free report on tax deductible items visit www.tax-professor.com |
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ChicagoMan
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% is based on your taxable income after all deductions and exemptions |
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r_kav
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Taxes are calculated on line 43 "Taxable income", but then your actual tax depends upon what follows on all the rest of the lines on the 1040. |
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sheik_sebir
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Taxable income, which is gross income minus tax credits, adjustments & deductions. You'll be able to take all of your tax deductable expenses if you use the 1040 long form, when your tax deductable expenses are more than the standard deduction and you have investment, self-employment, or other income besides wages. |
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ed
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If you itemize, after all the deductions. This is called adjusted income. |
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