 What can I do to pay lower taxes for this year? |
| Last year 2006 my dauhgter and her child been living with me for several years. They moved out this year in January. I make under 34,000 a year last year I got a refund because of my dependents. I ... |
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 Can you file a joint tax return if you aren't married? |
Me and my Boyfriend have been living together for 5 years. We have a joint account. We are pratically married.
Additional Details
My reasoning behind not getting married yet is just that ... |
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 UK: Are U exempt from Council tax if parent at home receives Attendance Alowance? |
My Mum recieves AA. She part own her home. Are her children entitled to full Council tax rebate whether they are employed or otherwise?
Additional Details
Forgeot to add, IF THE GROWN CHI... |
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 Income tax return? |
| i filed my taxes 7 weeks ago and i still havnt recieved my tax return check. my mom and sister filed and sent theirs 2 weeks after me and they got their returns a week ago. how can i find where can i ... |
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 Is tax filing required if not in USA? |
| I am moving out of the country for good. But I am still keeping my 1 account open. Would I need to file US taxes when the 1099INT form comes even if the interest amount is let's say $200 per ... |
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 Can you be arrested for a tax warrant(state taxes) like you can with a criminal warrant? |
| I am in the process of getting this paid but they had to go ahead with the filing of the "warrant" against me. Can I be arrested or anything if I get pulled over or something? They told me ... |
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 Im not be greedy but can i claim anything else? |
Hi there,
I dont want to sound greedy........
My partner and i had a child 7 months ago and my maternity allownce has just finished and we are starting to struggle his wages vary each month ... |
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 What should I claim on my W-2, 1 allowance or 2? |
| My company did it automaticly for me as a 2. I am single and live alone? should i change it?... |
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| Tax and N.I? |
| is the a way of workng out before i get my payslip how much tax and N.I i can expect to pay a month? on a national min wage job.... |
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 Stimulus Rebate Letter..We Didnt Get One.....? |
| Everyone in our family got theirs saturday..we didnt. I was wondering if it was because we e-filed through Turbo-Tax. No one else in the family e-files/direct deposits but us. Thanx for any answers!!... |
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 Claiming my kid on my taxes? |
| not sure how this works,,,,i am engaged and not sure who should claim our kid, i make 65,0000 and she makes 20,000. the house is in my name, so i will be claiming the interest on the house....does ... |
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 My husband claimed 6 tax exemptions... Is that too much? |
My husband just started a new job. When filling out the tax papers, he claimed 6 tax exemptions.
- one for himself
- one for me
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- one for our baby<... |
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 About how much money would you owe, making $35,000.00 and getting a 1099 form? |
| What kinds of things can I write off. I have never benn 1099ed before and Im really scared that Im going to get in tax trouble. Should I request to change to a W2? HELP!... |
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 Taxes Not Being Withheld on Paychecks, W-4 Form Concern? |
| I recently started a new job. I've received a few paychecks already and noticed that I am not getting any federal taxes taken out. Which I do not understand why. I am still getting Social S... |
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groovesinheart | Bonus puts me in new tax bracket? |
My husband and I just discovered that my $3000 bonus will put us into a new tax bracket that effectively forces us to pay $6000 more in taxes. What should I do? Refuse the bonus? Find some other deductions? |
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zyberianwarrior
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how about getting a 401k at work? Or opening and IRA account? |
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Wayne Z
 |
It is impossible for a $3000 bonus to make you pay $6000 more in taxes.
Can't happen |
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robert w
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congratulations on the bonus.
now stop thinkin like poor folks.
take the money open an IRA for your self , fund it to the max, open one for your husband fund it to max. you can take 8000$ off your income.
change CPAs if they think 3000$ increase in income will cost you 6000$ in taxes . you need new one.
never refuse a bonus doing so will bite you in rears.
never take gift cards (Kristy idea) still reported as income and have bad clauses in them. |
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NYC_Since_the_90s
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Don't worry, we have a graduated tax system. You first $xxx is taxed at 15%, then any money over $xxx, but less than $yyy is at 20%, then any money over $yyy is at 25% (all made up numbers). So there is no way that your bonus will cost you $6000 in tax. Just take the bonus. The highest US tax rate is 35%, so the most you could owe in more federal tax is $1050. |
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ninasgramma
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What you fear isn't possible. Take the money. If you don't need the money and qualify for a traditional IRA, then funding the IRA with the bonus, you will keep the bonus and not raise your taxes.
If you were at the absolute top of the 15% bracket and all the bonus is in the 25% bracket, then the additional tax owed is $750.
The top tax bracket is 35%, so at the very most your additional taxes are $1050 (and that is if you already make over $300,000). |
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STEVEN F
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That is not how US tax brackets work. Only the income in excess of the new tax bracket is taxed at the higher rate. income below the cutoff is still taxed at the lower rate. A $3000 bonus can't increase your taxes by $6000, unless your new tax bracket is 200%. |
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Judy1
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This isn't possible that getting pushed into a higher bracket costs you more than the extra income is. If you go into a new bracket, only the amount above the new bracket limit is taxed at a higher rate. Since the highest tax rate is 35% (and you have to be making hundreds of thousands of dollars to be there), the most you could pay extra on $3000 is about $1050. The taxes on your income before the bonus would still be in the same bracket they were.
If the additional amount makes you ineligible for some credits, a difference of $3000 in income would not have this much effect. If you're getting the EIC, it could reduce it by hundreds, but not thousands, of dollars.
Whoever told you that getting the $3000 additional income would cost you $6000 more in taxes doesn't sound like they have their facts straight. If you are calculating the taxes yourself, check your calculation again, sounds like you have an error someplace.
If you still think this is true, please post more details so people can try to help you. |
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been_there_done_that
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Put it in an IRA. And try to find all of the deductions you can. |
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Kristy
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Ask them to give you gift cards or Visa/American Express cash instead of cash or a check. |
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