 A morbid question: When someone dies what happens to their last paycheck? |
I'm just wondering, no one died that made me aske this.
I have a few scenerios I am curious about.
Scenerio one is...If the person recieved their check, but died before cashing ... |
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 Is the stimulus rebate automatic or do you have to apply for it? |
Do they send it out to everyone who filed taxes or did you have to list it somewhere on your taxes in order to qualify? And how much is it for?
Additional Details
i can't go to the ... |
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 If you had to pay $9 a week extra out of your paycheck to help someone who has no healthcare- would you do it? |
Would you pay an additional $20 a week for low cost college?
SO $29 would help pay for healthcare for everyone and lower college costs so that anyone that needed it could get it -----would you ... |
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 I have just graduated from university and have a large student loan to pay off. Do i still have to pay tax? UK? |
| I have a temp job, so do I still pay full tax on my weekly wage? because when i filled out a form on my first day of work i had to tick a separate box if i was a student of have a student loan.... |
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 If I sell all or a portion of my comic book collection, what tax benefits (if any) can I realize? |
| I have a list of all of the issues that I have purchased over the last 20 years. The comic books were "bagged and boarded" prior to their sale. I have not sold all of them yet. They are ... |
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 Who wil end up paying more tax? |
I was just wondering where the shortfall of billions that is being taxed via Inheritance Tax is going to0 come from if the tories get into government?
I'm presuming it'll be from ... |
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 On last year's tax return (MY FIRST EVER ATTEMPT TO DO THIS) there is a glaring mistake? |
| I put something in the wrong column - even though I declared it, they did not see the error - which should have stood out like a sore thumb to the trained eye. Anyway they should have taxed me on £2... |
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 I don't want to pay taxes anymore!! Isn't there some kind? |
| of form I can sign whereby I am released from doing so? I want to designate what I am willing to contribute to. 2% here, 2% there, etc. But I am not willing to pay my taxes blind folded throwing a ... |
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 Do i still have to pay taxes? |
i have no job
i make $250-$400 a year in interest throguh CDs
do i still have to file my taxes?
would i get money back or would i owe?... |
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 Why are the British public so GUTTLESS? |
| Yes folks, thats the question, and before you all start critisising, just let me say I am a Brit also. What I am refering to is the constant bombarding of the UK public with all these damn Stealth TAX... |
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 My tax code is 522L and i dont pay tax is this right? |
| I have put this down to the fact that i have a child but im confused, if this is wrong will i receive a big tax bill?... |
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| Rebate / Stimulus Checks? |
| So I realize the site and everywhere says "you will be mailed your check based on dates that correspond with the last 2 digits of your SS#"... which is fine and all- but what about those ... |
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 My son was born dec 23 2007 the hospital failed to file for his ssn i had to file my taxes and couldnt claim? |
| him because i didnt have his number yet. can i still claim him somehow this year .......and if so how and or where can i ... |
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 If I spend $500 to raise $10,000 for a charity, is the $500 tax deductible? |
| The charity acknowledges that I raised $10K. I have receipts to show I spent, for example, money to put on a dinner where participants paid $60 a plate. All of that money was donated to the charity.... |
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Sir Barrence | Ballpark figure, I bought a house and got married this year. What tax break will I get for the house? |
The house was $165k. Can you give me an estimate on how much I will get back on that? |
 |
 
Judy1
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Not without knowing when you bought it. If you itemize, you can deduct mortgage interest and real estate taxes paid in 2008 on your 2008 return. If your itemized deductions add up to over $10,900 assuming you file a joint return, then you get a tax break - the savings is the amount that your itemized deductions are over the 10,900 standard deduction, times your tax bracket %.
An example: If your itemized deductions added up to $13,000, you file a joint return and are in a 15% bracket, your tax savings would be (13,000 - 10,900) x .15, or $315.
This this year, if you bought it after April, and are a first time homebuyer, there's a $7500 credit you are probably eligible for - they are calling it a credit, it's actually a no interest loan and you'll pay it back at $500 a year for 15 years. |
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NotASlutBucket
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Where in the hell did you get a WHOLE house for $165K? I live in the DC area and you would be lucky to get a house for around $300K.
Sorry I cant help you with this one but I'm still in shock! Best of luck to you and your new wife & home! |
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travelguruette
 |
It depends. When did you close escrow? Mortgage interest and real estate taxes are an itemized expense. If they total to more than your standard deduction(10900) then they will give you that extra break. If you paid points they are deductible this year. If you closed escrow late in the year then you wont have enough mortgage interest to benefit you this year but next year it should. Also, it you cannot itemize this year then any points paid can be amortized over the life of the loan. Basically your itemized expenses replace your standard deduction. This opens other expenses up for itemizing also. Medical expenses over 7.5% of your agi, etc. Sales tax. |
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v b
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Add up interest and property taxes. Is that more than $10,900? If yes, the EXCESS will reduce your taxable income.
For some people, they get nothing. For others, they get 15-25% of the excess. |
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Wanderer
 |
In addition to the mortgage interest deductions and property tax deductions that most people mentioned, if you bought your first house after April 8, you are also eligible for the first time home buyers tax credit. This is a refundable credit (an extra big refund) up to $7,500 which is an interest free loan, repayments would start in 2010 and would be $500 a year for 15 years if you are able to use the entire amount. You can utilize the entire credit if your home purchase was at least $75,000. |
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Jack B
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Depending on your mortgage, about 95% of the payments you made are going to be interest and that is 100% deductible. |
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sumbumblebee
|
No. The only deduction you'll get for your house is for your interest payments. It has nothing to do with what the house cost you, it has everything to do with how many payments you actually made, and how much of those payments were interest.
Even then, if you bought it more than half way into they year, you may not even take the deductions at all, unless you have a lot of other itemized deductions, like charitable contributions, state tax, etc. So unless all of your interest, plus any other itemized deductions equal more than the standard deduction, the fact that you bought a house isn't going to matter one jot. (But remember that any property tax you paid is also deductible as an itemization.)
Getting married just means you have more exemptions and twice the standard deduction, and limits are higher before many credits and other deductions are phased out.
Essentially, there is no way to tell what deductions you'll be able to take with the information you've provided.
Hope that explains a bit. :0) |
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KTB
|
Ask your mortgage broker what your interest paid to date is. You will get to subtract that amount from your income to reduce the amount of taxes you pay.
Example.
You made $100,000 this year
you paid $12,000 in interest this year
Let's say you are in a 30% tax bracket, here are your savings.
100,000
* 30%
Normal taxes paid $30,000
100,000
- 12,000
------------
88,000
*30%
Taxes paid with new house savings $26,000 |
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